<SEC-DOCUMENT>0001193125-20-129878.txt : 20200501
<SEC-HEADER>0001193125-20-129878.hdr.sgml : 20200501
<ACCEPTANCE-DATETIME>20200501091626
ACCESSION NUMBER:		0001193125-20-129878
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20200501
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200501
DATE AS OF CHANGE:		20200501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BOSTON PROPERTIES INC
		CENTRAL INDEX KEY:			0001037540
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				042473675
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13087
		FILM NUMBER:		20838641

	BUSINESS ADDRESS:	
		STREET 1:		800 BOYLSTON STREET
		STREET 2:		SUITE 1900
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02199
		BUSINESS PHONE:		6172363300

	MAIL ADDRESS:	
		STREET 1:		800 BOYLSTON STREET
		STREET 2:		SUITE 1900
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02199

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BOSTON PROPERTIES LTD PARTNERSHIP
		CENTRAL INDEX KEY:			0001043121
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50209
		FILM NUMBER:		20838640

	BUSINESS ADDRESS:	
		STREET 1:		800 BOYLSTON STREET
		STREET 2:		SUITE 1900
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02199
		BUSINESS PHONE:		6172363300

	MAIL ADDRESS:	
		STREET 1:		800 BOYLSTON STREET
		STREET 2:		SUITE 1900
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02199
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<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;;">&#160;</td>
<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(State or Other Jurisdiction<br/>of Incorporation) </div></div></td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;;">&#160;</td>
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<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(IRS Employer<br/>Identification No.) </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 5pt; margin-bottom: 0px;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><ix:nonNumeric name="dei:EntityAddressAddressLine1" contextRef="P05_01_2020To05_01_2020">800 Boylston Street, Suite 1900</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressCityOrTown" contextRef="P05_01_2020To05_01_2020">Boston</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressStateOrProvince" contextRef="P05_01_2020To05_01_2020" format="ixt-sec:stateprovnameen">Massachusetts</ix:nonNumeric> <ix:nonNumeric name="dei:EntityAddressPostalZipCode" contextRef="P05_01_2020To05_01_2020">02199</ix:nonNumeric> </div></div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(Address of principal executive offices) (Zip Code) </div></div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 5pt; margin-bottom: 0px;"><div style="font-weight:bold;display:inline;">(<ix:nonNumeric name="dei:CityAreaCode" contextRef="P05_01_2020To05_01_2020">617</ix:nonNumeric>) <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><ix:nonNumeric name="dei:LocalPhoneNumber" contextRef="P05_01_2020To05_01_2020">236-3300</ix:nonNumeric> </div></div></div><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 5pt; margin-bottom: 0px;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(Registrant&#8217;s telephone number, including area code) </div></div></div><div style="text-align: center;"><div style="width: 100%; line-height: 3pt; margin-top: 8pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 8pt; margin-bottom: 0px;">Check the appropriate box below if the Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">8-K</div> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<div style="text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">see</div></div> General Instruction A.2. below):</div><div style="margin-top: 6pt; margin-bottom: 0px;"></div>
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<td style="width: 5%; vertical-align: top; white-space: nowrap;"><ix:nonNumeric name="dei:WrittenCommunications" contextRef="P05_01_2020To05_01_2020" format="ixt:booleanfalse">&#9744;</ix:nonNumeric></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 6pt; margin-bottom: 0px;"></div>
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<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Soliciting material pursuant to Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">14a-12</div> under the Exchange Act (17 CFR <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">240.14a-12) </div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 6pt; margin-bottom: 0px;"></div>
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<td style="width: 5%; vertical-align: top; white-space: nowrap;"><ix:nonNumeric name="dei:PreCommencementTenderOffer" contextRef="P05_01_2020To05_01_2020" format="ixt:booleanfalse">&#9744;</ix:nonNumeric></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Pre-commencement</div> communications pursuant to Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">14d-2(b)</div> under the Exchange Act (17 CFR <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">240.14d-2(b)) </div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 6pt; margin-bottom: 0px;"></div>
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<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Pre-commencement</div> communications pursuant to Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">13e-4(c)</div> under the Exchange Act (17 CFR <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">240.13e-4(c)) </div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Securities registered pursuant to Section&#160;12(b) of the Act: </div></div>
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<td style="border: 0.5pt solid rgb(0, 0, 0); vertical-align: bottom; font-size: 10pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Registrant </div></div></div></td>
<td style="vertical-align: bottom; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;;">&#160;</td>
<td style="vertical-align: bottom; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0); font-size: 10pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Title of each class </div></div></div></td>
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<td style="vertical-align: bottom; border-top: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0); font-size: 10pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Trading&#160;Symbol(s) </div></div></div></td>
<td style="vertical-align: bottom; border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;;">&#160;</td>
<td style="vertical-align: bottom; border-top: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0); font-size: 10pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Name of exchange on which registered </div></div></div></td></tr>
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<td style="padding: 0px; vertical-align: top; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0); border-left: 0.5pt solid rgb(0, 0, 0); font-size: 10pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Boston Properties, Inc. </div></div></td>
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<td style="padding: 0px; vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0); font-size: 10pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><ix:nonNumeric name="dei:Security12bTitle" contextRef="P05_01_2020To05_01_2020_CommonStockMemberusgaapStatementClassOfStockAxis">Common Stock, par value $.01 per share</ix:nonNumeric> </div></div></td>
<td style="vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0); border-left: 0.5pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;;">&#160;</td>
<td style="padding: 0px; vertical-align: top; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0); font-size: 10pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><ix:nonNumeric name="dei:TradingSymbol" contextRef="P05_01_2020To05_01_2020_CommonStockMemberusgaapStatementClassOfStockAxis">BXP</ix:nonNumeric> </div></div></td>
<td style="vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;;">&#160;</td>
<td style="padding: 0px; vertical-align: top; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0); font-size: 10pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="P05_01_2020To05_01_2020_CommonStockMemberusgaapStatementClassOfStockAxis" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric> </div></div></td></tr>
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<td style="padding: 0px; vertical-align: top; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0); border-left: 0.5pt solid rgb(0, 0, 0); font-size: 10pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Boston Properties, Inc. </div></div></td>
<td style="vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;;">&#160;</td>
<td style="padding: 0px; vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0); font-size: 10pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><ix:nonNumeric name="dei:Security12bTitle" contextRef="P05_01_2020To05_01_2020_A525SeriesBCumulativeRedeemablePreferredStockParvalue001PershareMemberusgaapStatementClassOfStockAxis">Depository Shares Each Representing<br/>1/100th of a share</ix:nonNumeric>&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; of 5.25% Series B<br/>Cumulative Redeemable Preferred<br/>Stock, par value $0.01 per share </div></div></td>
<td style="vertical-align: top; border-bottom: 0.5pt solid rgb(0, 0, 0); border-left: 0.5pt solid rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;;">&#160;</td>
<td style="padding: 0px; vertical-align: top; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0); font-size: 10pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><ix:nonNumeric name="dei:TradingSymbol" contextRef="P05_01_2020To05_01_2020_A525SeriesBCumulativeRedeemablePreferredStockParvalue001PershareMemberusgaapStatementClassOfStockAxis">BXP PRB</ix:nonNumeric> </div></div></td>
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<td colspan="2" style="padding: 0px; vertical-align: top; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0); font-size: 10pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="P05_01_2020To05_01_2020_A525SeriesBCumulativeRedeemablePreferredStockParvalue001PershareMemberusgaapStatementClassOfStockAxis" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 8pt; margin-bottom: 0px;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">12b-2</div> of the Securities Exchange Act of 1934 (&#167;<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">240.12b-2</div> of this chapter).</div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 5pt; margin-bottom: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Boston Properties, Inc.: </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 5pt; margin-bottom: 0px; margin-left: 0%;">Emerging growth company <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="P05_01_2020To05_01_2020" format="ixt:booleanfalse">&#9744;</ix:nonNumeric></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 5pt; margin-bottom: 0px;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act. <div style="font-family: &quot;Times New Roman&quot;; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9744;</div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 5pt; margin-bottom: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Boston Properties Limited Partnership: </div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 5pt; margin-bottom: 0px; margin-left: 0%;">Emerging growth company <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="P05_01_2020To05_01_2020_SubsidiariesMembersrtConsolidatedEntitiesAxis" format="ixt:booleanfalse">&#9744;</ix:nonNumeric></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 5pt; margin-bottom: 0px;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act. <div style="font-family: &quot;Times New Roman&quot;; font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9744;</div></div><div></div><div style="margin-top: 1em; margin-bottom: 0em;"></div></div><div style="margin-top: 1em; margin-bottom: 0em; page-break-before: always;"></div><hr style="width: 100%; height: 3px; color: rgb(153, 153, 153);"/><div style="margin: 0px auto; width: 8.5in; font-size: 10pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Item&#160;8.01. Other Events. </div></div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On April&#160;28, 2020, Boston Properties, Inc. (the &#8220;Company&#8221;), the general partner of Boston Properties Limited Partnership, issued a press release announcing its unaudited financial results for the first quarter of 2020 (the &#8220;Press Release&#8221;). Selected financial results and related information of the Company from the Press Release are filed as Exhibit 99.1 hereto and incorporated by reference herein. </div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px;">Additionally, the information set forth below contains business updates pertaining to the current <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic, including information discussed on the conference call held by the Company on April&#160;29, 2020. Information set forth below regarding percentages of April collections is based on all rent billed by the Company, including all amounts from consolidated operations and all unconsolidated joint ventures, other than Gateway Commons for which the Company does not handle billing. To the extent these collections related to consolidated or unconsolidated joint ventures, the impact on the Company&#8217;s net income attributable to Boston Properties, Inc. will depend, among other things, on the Company&#8217;s percentage interests in these joint ventures.</div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px;">Additional business updates pertaining to the current <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic include:</div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">During 2019, approximately 86% of the aggregate amount of the Company&#8217;s consolidated revenues and the Company&#8217;s share of revenues from unconsolidated joint ventures, were derived from office leases, 6% of these revenues were derived from retail leases and the remainder were primarily derived from residential leases, parking, the Company&#8217;s hotel property and development and management services.</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">For the month of April, as of April&#160;28, 2020, the Company had collected 95% of its total commercial rent payments due April&#160;1 from office tenants. As a result of the impact of the current environment, the Company expects a reduction from its prior revenue expectations as a result of the slowdown in new leasing activity for vacant and expiring space and the impact of construction delays on the Company&#8217;s revenue recognition related to tenants who are currently building out space.</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">As of April&#160;28, 2020, the Company had collected 35% of its total commercial rent payments due in April from retail tenants. The Company is actively working on lease amendments with retail tenants in this category that the Company believes have justifiable financial needs. The Company is considering a number of alternative structures, but expects most amendments to provide for relief from the requirement to pay cash rent for a period of time followed by a future increase in rent, an extension of the term of the lease or both. The result of any such amendments is expected to be a loss of near-term cash revenue from these leases but a less significant impact on GAAP revenues due to the expected straightlining of lease revenues for those tenants the Company believes will resume operations.&#160;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Parking revenue generally consists of two primary components: revenue from monthly passes and hourly/daily parking revenue. During 2019, total parking revenue for the Company was approximately $100&#160;million and the Company&#8217;s share of total parking revenue from unconsolidated joint ventures was approximately $13&#160;million. Approximately $40&#160;million of this aggregate amount of consolidated and unconsolidated parking revenue was derived from hourly/daily parking. In April, with <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">stay-at-home</div> orders and business closures, the Company generated minimal hourly/daily parking revenue and this trend may continue for as long as these <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">stay-at-home</div> orders and business closures continue. Some of the Company&#8217;s monthly parking revenues are contractual agreements embedded in its leases, and some are at will individual agreements.</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">The Company&#8217;s Boston Marriott Cambridge hotel property has been closed since March&#160;22, 2020, and the hotel is currently running at a monthly deficit. It is unclear when the hotel will open.</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px;">The Company is supplementing the risk factors described under &#8220;Item 1A. Risk Factors&#8221; in the Company&#8217;s Annual Report on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">10-K</div> for the year ended December 31, 2019 (the &#8220;Annual Report&#8221;) with the following risk factor, which should be read in conjunction with the other risk factors presented in the Annual Report. All references to &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; in this risk factor refer to the Company.</div><div></div><div style="margin-top: 1em; margin-bottom: 0em;"></div><div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2</div></div><div></div></div></div><div style="margin-top: 1em; margin-bottom: 0em; page-break-before: always;"></div><hr style="width: 100%; height: 3px; color: rgb(153, 153, 153);"/><div style="margin: 0px auto; width: 8.5in; font-size: 10pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">The <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic has caused severe disruptions in the United States and global economies and we expect it will continue to materially and adversely affect our financial condition, results of operations, cash flows, liquidity and performance and that of our tenants. </div></div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px;">Since being reported in December 2019, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> has spread globally, including to every state in the United States. On March&#160;11, 2020, the World Health Organization declared <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> a global pandemic, and on March&#160;13, 2020, the United States declared a national emergency with respect to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19. </div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px;">The global impact of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic is continually evolving and public health officials and governmental authorities, including those in all of the markets in which we operate, have reacted by taking measures such as prohibiting people from congregating in heavily populated areas, instituting quarantines, restricting travel, issuing <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">&#8220;stay-at-home&#8221;</div> orders, restricting the types of businesses that may continue to operate (including the types of construction projects that may proceed) and closing schools, among many others. Most of these restrictions began in earnest in March 2020 and they quickly had a material adverse impact on economic and market conditions around the world, including the United States and the markets in which our properties are located, and on us. It is possible that public health officials and governmental authorities in the markets in which we operate may impose additional restrictions in an effort to slow the spread of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> or may relax or revoke existing restrictions too quickly, which could, in either case, exacerbate the severity of these adverse impacts on the economy. There is great uncertainty regarding the duration and breadth of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic, as well as possible future responses, which makes it impossible for us to predict with certainty the impact that <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> will have on us and our tenants at this time. Factors related to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> that have had, or could have, a material adverse effect on our results of operations and financial condition, include:</div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">a complete or partial closure of, or other operational issues at, one or more of our properties resulting from government or tenant action, which could adversely affect our operations and those of our tenants;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">reduced economic activity impacting the businesses, financial condition and liquidity of our tenants has caused, and is expected to continue to cause, one or more of our tenants to be unable to meet their obligations to us, including their ability to make rental payments, in full or at all, or to otherwise seek modifications of such obligations, including rent concessions, deferrals or abatements, or to declare bankruptcy;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">the failure of our tenants to properly implement or deploy their business continuity plans, or if those plans are ineffective, it could have a material adverse effect on our tenants&#8217; businesses and their ability to pay rent;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">the impact of new or continued complete or partial shutdowns of the operations of one or more of our tenants&#8217; businesses, including office, hotel and retail tenants, and parking operators, temporary or long-term disruptions in our tenants&#8217; supply chains from local, national and international suppliers or delays in the delivery of products, services or other materials necessary for our tenants&#8217; operations, could force our tenants to reduce, delay or eliminate offerings of their products and services, which could result in less revenue, income and cash flow, and possibly their bankruptcy or insolvency, which in turn could:</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;">o</td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">reduce our cash flows,</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;">o</td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">adversely impact our ability to finance, refinance or sell a property,</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;">o</td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">adversely impact our ability to continue paying dividends to our stockholders at current levels, or at all, and</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;">o</td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">result in additional legal and other costs to enforce our rights, collect rent and/or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">re-lease</div> the space occupied by the distressed tenant;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div></div><div style="margin-top: 1em; margin-bottom: 0em;"></div><div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">3</div></div><div></div></div></div><div style="margin-top: 1em; margin-bottom: 0em; page-break-before: always;"></div><hr style="width: 100%; height: 3px; color: rgb(153, 153, 153);"/><div style="margin: 0px auto; width: 8.5in; font-size: 10pt;">
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">the duration and scope of the mandatory business closures and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">&#8220;stay-at-home&#8221;</div> orders have had, and are expected to continue to have, a severe negative impact on our retail tenants that depend on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in-person</div> interactions with their customers to generate revenues and have resulted, and are expected to continue to result, in most retail tenants being unable to make timely rental payments in full or at all;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">the extent to which <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> decreases customers&#8217; willingness to frequent, or prevents customers from frequenting, our tenants&#8217; businesses in the future, may result in our retail tenants&#8217; continued inability to make timely rental payments to us under their leases;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; text-align: left;">&#160;</td>
<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">many of our retail and some of our office tenants have approached us seeking either rent concessions, deferrals or abatements, and the extent to which we grant these requests or instead seek to enforce our legal remedies could have a material adverse effect on our results of operations, liquidity and cash flows;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">the degree to which our tenants&#8217; businesses have been and continue to be negatively impacted may require us to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">write-off</div> a tenant&#8217;s accrued rent balance and this could have a material adverse effect on our results of operations and liquidity;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; text-align: left;">&#160;</td>
<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">if new or existing actions or measures implemented to prevent the spread of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> continue to result in increasing unemployment, it may negatively affect the ability of our residential tenants to generate sufficient income to pay, or make them unwilling to pay rent, in full or at all, in a timely manner;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; text-align: left;">&#160;</td>
<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">the impact of prolonged restrictions on freedom of movement and business operations, such as travel bans, business closures and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">&#8220;stay-at-home&#8221;</div> orders have had, and are expected to continue to have, a material adverse effect on the operators of our parking garages and our hotel property, which negatively impacts our revenues and may also result in a decrease in demand for hotel stays even after the travel bans and other restrictions are lifted;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">our failure, or that of any of our joint venture partners&#8217;, to meet our or their, as applicable, responsibilities or obligations to the other or to third parties, such as lenders, including a failure to contribute additional capital needed by the ventures or a default by a party under a joint venture agreement or other agreement relating to a joint venture, each of which, in our case, could result in dilution of our interest or a loss of our management and other rights relating to our joint ventures, and in the case of a joint venture partner, could result in our payment of the partner&#8217;s share of the additional capital;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">the impact of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> could result in an event or change in circumstances that results in an impairment in the value of our properties or our investments in unconsolidated joint ventures, and any such impairment could have a material adverse effect on our results of operations in the periods in which the charge is taken;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">we may be unable to restructure or amend leases with certain of our tenants on terms favorable to us or at all;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">the impact and validity of interpretations of lease provisions and related claims by tenants regarding their obligations to pay rent as a result of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19,</div> and any court rulings or decisions interpreting these provisions, could have a material adverse effect on our results of operations and liquidity;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">restrictions intended to prevent the spread of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> have limited, and are expected to continue to limit, our leasing activities, such as property tours, and may have a material adverse effect on our ability to renew leases, lease vacant space or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">re-lease</div> available space as leases expire in our properties on favorable terms, or at all;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">COVID 19 has caused a material decline in general business activity and demand for real estate transactions, and if this persists, it would adversely affect our ability or desire to make strategic acquisitions or dispositions;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div></div><div style="margin-top: 1em; margin-bottom: 0em;"></div><div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">4</div></div><div></div></div></div><div style="margin-top: 1em; margin-bottom: 0em; page-break-before: always;"></div><hr style="width: 100%; height: 3px; color: rgb(153, 153, 153);"/><div style="margin: 0px auto; width: 8.5in; font-size: 10pt;">
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">the impact of recent and future efforts by state, local, federal and industry groups to enact laws and regulations have restricted, and may further restrict, the ability of landlords, such as us, to collect rent, enforce remedies for the failure to pay rent, or otherwise enforce the terms of the lease agreements, such as a rent freeze for tenants or a suspension of a landlord&#8217;s ability to enforce evictions;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">the extent of construction delays on our development/redevelopment projects due to work-stoppage orders, disruptions in the supply of materials, delays in permitting or inspections, or other factors could result in our failure to meet the development milestones set forth in any applicable lease agreement, which could provide the tenant the right to terminate its lease or entitle the tenant to monetary damages, delay the commencement or completion of construction and our anticipated <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">lease-up</div> plans for a development/redevelopment project or our overall development pipeline, including recognizing revenue for new leases, that may cause returns on investment to be less than projected, and/or increase the costs of construction of new or existing projects, any of which could adversely affect our investment returns, profitability and/or our future growth;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">we may be unable to access debt and equity capital on attractive terms, or at all, and a further disruption and instability in the global financial markets or deteriorations in credit and financing conditions may affect our tenants&#8217; and our access to capital and other sources of funding necessary to fund our respective operations or address maturing liabilities on a timely basis;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">the financial effects of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic on our future financial results, cash flows and financial condition could adversely impact our compliance with the financial covenants of our credit facility and other debt agreements and could result in an event of default and the acceleration of indebtedness, which could negatively impact our financial condition, results of operations and our ability to make additional borrowings and pay dividends;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">adaptions made by companies in response to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">&#8220;stay-at-home&#8221;</div> orders and future limitations on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in-person</div> work environments could lead to a sustained shift away from collective <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in-person</div> work environments and adversely affect the overall demand for office space across our portfolio over the long term;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, including some of our tenants, that have suffered significant declines in revenues as a result of mandatory business shut-downs, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">&#8220;stay-at-home&#8221;</div> orders and social distancing practices, and the potential for a prolonged, severe recession, could have a material adverse impact on our financial condition and results of operations;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">increased vulnerability to cyber-security threats and potential breaches, including phishing attacks, malware and impersonation tactics, resulting from the increase in numbers of individuals working from home;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">the potential that business interruption, loss of rental income and/or other associated expenses related to our operations will not be covered in whole or in part by our insurance policies, which may increase unreimbursed liabilities;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">if the health of our employees, particularly our key personnel and property management teams, are negatively impacted, we may be unable to ensure business continuity and be exposed to lawsuits from tenants;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">if we choose to pay dividends in our stock instead of cash, our stockholders may have to pay income taxes on the dividends without receiving a corresponding amount of cash;</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
<table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;">
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">uncertainly as to what conditions must be satisfied before government authorities lift <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">&#8220;stay-at-home&#8221;</div> orders and public health officials begin the process of gradually returning Americans to work and whether government authorities will impose (or suggest) requirements on landlords, such as us, to protect the health and safety of tenants and visitors to our buildings could result in increased operating costs and demands on our property management teams to ensure compliance with any such requirements, as well as increased</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div></div><div style="margin-top: 1em; margin-bottom: 0em;"></div><div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">5</div></div><div></div></div></div><div style="margin-top: 1em; margin-bottom: 0em; page-break-before: always;"></div><hr style="width: 100%; height: 3px; color: rgb(153, 153, 153);"/><div style="margin: 0px auto; width: 8.5in; font-size: 10pt;">
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<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">costs associated with protecting against potential liability arising from these measures, such as claims by tenants that the measures violate their leases and claims by visitors that the measures caused them damages; and</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-top: 12pt; margin-bottom: 0px;"></div>
<table border="0" cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse; border-spacing: 0px; table-layout: fixed;">
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<td style="width: 3%; vertical-align: top;"><div style="font-weight: normal; letter-spacing: 0px; top: 0px;;display:inline;">&#9679;</div></td>
<td style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">limited access to our facilities, management, tenants, support staff and professional advisors could decrease the effectiveness of our disclosure controls and procedures, internal controls over financial reporting and other risk mitigation strategies, increase our susceptibility to security breaches, hamper our ability to comply with regulatory obligations and prevent us from conducting our business as efficiently and effectively as we otherwise would have.</td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px;">The full extent to which the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic impacts our operations and those of our tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence at this time. The fluidity of the situation presents material uncertainty and risk with respect to our financial condition, results of operations, cash flows, liquidity and overall performance. Moreover, many risk factors set forth in our Annual Report on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">10-K</div> for the year ended December&#160;31, 2019 are heightened risks as a result of the impact of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic.</div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px;">The preliminary financial data included in this Current Report on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">8-K</div> and within Exhibit 99.1 filed herewith has been prepared by, and is the responsibility of, management of the Company. PricewaterhouseCoopers LLP has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of assurance with respect thereto.</div><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-style: normal; margin-top: 12pt; margin-bottom: 0px;"><div style="font-style:italic;display:inline;">This Current Report on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">8-K</div> contains &#8220;forward-looking statements&#8221; as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words &#8220;believes,&#8221; &#8220;budgeted,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;guidance,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;projects&#8221; and similar expressions that do not relate to historical matters. These statements are based on our current expectations of future events. 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 the Company&#8217;s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statement. These factors include, without limitation, uncertainties and risks related to the impact of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> global pandemic, including the duration, scope and severity of the pandemic domestically and internationally; federal, state and local government actions or restrictive measures implemented in response to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19,</div> the effectiveness of such measures and the direct and indirect impact of such measures on our and our tenants&#8217; businesses, financial condition, results of operations, cash flows, liquidity and performance, and the U.S. and international economy and economic activity generally; whether new or existing actions and measures continue to result in increasing unemployment that impacts the ability of our residential tenants to generate sufficient income to pay, or make them unwilling to pay rent in a timely manner, in full, or at all; the health, continued service and availability of our personnel, including our key personnel and property management teams; and the effectiveness or lack of effectiveness of governmental relief in providing assistance to individuals and large and small businesses, including our tenants, that have suffered significant adverse effects from <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19.</div> In addition to the risks specific to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19,</div> other factors include, without limitation, the Company&#8217;s ability to satisfy the closing conditions to the pending transactions described above, the Company&#8217;s ability to enter into new leases or renew leases on favorable terms, dependence on tenants&#8217; financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company&#8217;s accounting policies and on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">period-to-period</div> comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Company&#8217;s filings with the Securities and Exchange Commission. The Company does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise. </div></div><div></div><div style="margin-top: 1em; margin-bottom: 0em;"></div><div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">6</div></div><div></div></div></div><div style="margin-top: 1em; margin-bottom: 0em; page-break-before: always;"></div><hr style="width: 100%; height: 3px; color: rgb(153, 153, 153);"/><div style="margin: 0px auto; width: 8.5in; font-size: 10pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Item&#160;9.01. 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<td style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); font-size: 10pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Description </div></div></div></td></tr>
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<td style="padding: 0px; vertical-align: top; white-space: nowrap; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">99.1* </div></div></td>
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<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; text-indent: 0em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><a href="d898587dex991.htm">Selected financial and related information of the Company for the three months ended March&#160;31, 2020. </a> </div></div></td></tr>
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<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Inline XBRL Taxonomy Extension Schema Document. </div></div></td></tr>
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<td style="padding: 0px; vertical-align: top; white-space: nowrap; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">101.CAL*</div></div></td>
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<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Inline XBRL Taxonomy Extension Calculation Linkbase Document. </div></div></td></tr>
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<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Inline XBRL Taxonomy Extension Label Linkbase Document. </div></div></td></tr>
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<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Inline XBRL Taxonomy Extension Presentation Linkbase Document. </div></div></td></tr>
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<td style="padding: 0px; vertical-align: top; white-space: nowrap; font-size: 10pt;"><div style="text-align: left; text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">101.DEF*</div></div></td>
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<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Inline XBRL Taxonomy Extension Definition Linkbase Document. </div></div></td></tr>
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<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: justify; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*). </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="text-align: center;"><div style="width: 100%; line-height: 3pt; margin-top: 8pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5px; border-bottom-style: solid;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">* Filed herewith. </div></div><div></div><div style="margin-top: 1em; margin-bottom: 0em;"></div><div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">7</div></div><div></div></div></div><div style="margin-top: 1em; margin-bottom: 0em; page-break-before: always;"></div><hr style="width: 100%; height: 3px; color: rgb(153, 153, 153);"/><div style="margin: 0px auto; width: 8.5in; font-size: 10pt;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: normal; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-weight:bold;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">SIGNATURES </div></div></div><div style="text-align: left; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized. </div></div><div style="width: 100%; float: right;">
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<td colspan="3" style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">BOSTON PROPERTIES, INC. </div></div></td></tr>
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<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; border-bottom: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">/s/ Michael E. LaBelle </div></div></td></tr>
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<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Michael E. LaBelle </div></div></td></tr>
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<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">By:&#160;&#160;&#160;&#160;&#160;&#160;</div></div></td>
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<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Boston Properties, Inc., its General Partner </div></div></td></tr>
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<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">By: </div></div></td>
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<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 1pt; border-bottom: 1px solid rgb(0, 0, 0); line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">/s/ Michael E. LaBelle </div></div></td></tr>
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<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"></div></td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;;">&#160;</td>
<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Michael E. LaBelle </div></div></td></tr>
<tr style="font-size: 10pt; page-break-inside: avoid;">
<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"></div></td>
<td style="vertical-align: top; font-family: &quot;Times New Roman&quot;;">&#160;</td>
<td style="padding: 0px; vertical-align: top; font-size: 10pt;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Executive Vice President, Chief Financial Officer<br/>and Treasurer </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div></div><div style="clear: both; max-height: 0px;"></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="text-align: left; text-indent: 0%; font-family: Times New Roman; font-size: 10pt; margin-top: 24pt; margin-bottom: 0px; margin-left: 0%;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Date: May 1, 2020 </div></div><div></div><div style="margin-top: 1em; margin-bottom: 0em;"></div><div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">8</div></div><div></div></div></div></div>
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<DESCRIPTION>EX-99.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g898587g20k10.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">On April&nbsp;28, 2020, Boston Properties, Inc. (the &#147;Company&#148; or &#147;Boston
Properties&#148;) reported results for the first quarter ended March&nbsp;31, 2020. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">Financial highlights for the first
quarter 2020 (unaudited) include: </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282">Revenue grew 4% to $752.6&nbsp;million as compared to revenue of $725.8&nbsp;million for the first
quarter ended March&nbsp;31, 2019. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282">Net income attributable to common shareholders was $497.5&nbsp;million, or $3.20 per diluted share
(EPS), compared to $98.1&nbsp;million, or $0.63 per diluted share, for the quarter ended March&nbsp;31, 2019, primarily due to $2.37 per diluted share from gains on asset sales in the first quarter of 2020. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282">Funds from Operations (FFO) was $284.1&nbsp;million, or $1.83 per diluted share, reflecting growth
of 7% compared to FFO of $266.0&nbsp;million, or $1.72 per diluted share, for the quarter ended March&nbsp;31, 2019. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282">FFO in the first quarter of $1.83 per diluted share was $0.02 per share greater than the midpoint
of the Company&#146;s first quarter guidance provided on January&nbsp;28, 2020 due primarily to $0.02 per share of greater-than-projected portfolio performance. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">The Company provided a business update pertaining to the current <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic
including: </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282">&#149;</FONT></TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282">The safety of Boston Properties&#146; tenants and employees remains the Company&#146;s highest
priority. The Company has formed a Heath and Security Task Force to prepare buildings for <FONT STYLE="white-space:nowrap">re-occupancy</FONT> and will implement a number of processes, technologies and communications to provide a safe environment at
the Company&#146;s properties. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282">&#149;</FONT></TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282">All office properties throughout the Boston Properties portfolio remain open for tenants, although
physical occupancy is low due to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">shelter-in-place</FONT></FONT> orders. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282">&#149;</FONT></TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282">For the month of April, the Company collected 90% of its total commercial rent payments due
April&nbsp;1 from retail and office tenants. Rent collections from office tenants, excluding retail, were 95% in total. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282">&#149;</FONT></TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282">The Company continues to maintain a strong liquidity position with $2.1&nbsp;billion of total
liquidity as of March&nbsp;31, 2020 consisting of $661&nbsp;million of cash, $151&nbsp;million of cash held in 1031 exchange escrow as well as $1.25&nbsp;billion available under its unsecured revolving credit facility. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282">&#149;</FONT></TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282">Although the Company&#146;s office rent collections were strong in April, due to the uncertainty
of the impacts of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, including the unknown duration and impact of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">shelter-in-place</FONT></FONT> requirements and the
uncertain economic climate, the Company believes it is prudent to withdraw its guidance for full year 2020 EPS and FFO. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="justify"><FONT
 COLOR="#828282">Recent business highlights include: </FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282">Completed and fully placed <FONT STYLE="white-space:nowrap">in-service</FONT> 17Fifty Presidents
Street located in Reston, Virginia on March&nbsp;26, 2020. 17Fifty Presidents Street is a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">build-to-suit</FONT></FONT> project with approximately 276,000 net rentable square feet of
Class&nbsp;A office space that is 100% leased to an affiliate of Leidos Holdings, Inc. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282">&#150;more&#150; </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282">Completed the sale of New Dominion Technology Park located in Herndon, Virginia on
February&nbsp;20, 2020, for a gross sale price of $256.0&nbsp;million, resulting in net proceeds of approximately $254.0&nbsp;million and reported gain on sale of approximately $192.3&nbsp;million. New Dominion Technology Park is comprised of two
Class&nbsp;A office properties aggregating approximately 493,000 net rentable square feet. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282">Completed the acquisition of the land underlying the ground lease at Platform 16 located in San
Jose, California on February&nbsp;20, 2020, for a purchase price of approximately $74.0&nbsp;million at BXP&#146;s Share. Platform 16 is a joint venture in which the Company owns 55%. Platform 16 consists of a parcel of land totaling approximately
5.6 acres that is expected to support the development of approximately 1.1&nbsp;million square feet of commercial office space. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:12pt"><FONT COLOR="#828282">Entered into a joint venture with Alexandria Real Estate Equities to develop, own and operate
approximately 1.1&nbsp;million square feet of existing office and life science lab properties in South San Francisco, California, with the opportunity for approximately 640,000 square feet of additional future development. The Company contributed
three office properties totaling approximately 768,000 square feet and development rights resulting in a <FONT STYLE="white-space:nowrap">non-cash</FONT> gain on sale of real estate of approximately $217.7&nbsp;million. Upon completion, the joint
venture is expected to own an approximately 1.7&nbsp;million square foot life science campus including a mix of office and lab buildings.&nbsp;Boston Properties will have a 50% ownership interest in the joint venture. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282"><I>These selected financial results and related information of the Company contain &#147;forward-looking statements&#148; as
defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words &#147;believes,&#148; &#147;budgeted,&#148; &#147;estimates,&#148; &#147;expects,&#148; &#147;guidance,&#148;
&#147;intends,&#148; &#147;plans,&#148; &#147;projects&#148; and similar expressions that do not relate to historical matters. These statements are based on our current expectations of future events. 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 the Company&#146;s control. If our underlying assumptions prove inaccurate, or known or unknown
risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statement. These factors include, without limitation, uncertainties and risks related to the impact of the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> global pandemic, including the duration, scope and severity of the pandemic domestically and internationally; federal, state and local government actions or restrictive measures implemented in response to <FONT
STYLE="white-space:nowrap">COVID-19,</FONT> the effectiveness of such measures and the direct and indirect impact of such measures on our and our tenants&#146; businesses, financial condition, results of operations, cash flows, liquidity and
performance, and the U.S. and international economy and economic activity generally; whether new or existing actions and measures continue to result in increasing unemployment that impacts the ability of our residential tenants to generate
sufficient income to pay, or make them unwilling to pay rent in a timely manner, in full, or at all; the health, continued service and availability of our personnel, including our key personnel and property management teams; and the effectiveness or
lack of effectiveness of governmental relief in providing assistance to individuals and large and small businesses, including our tenants, that have suffered significant adverse effects from <FONT STYLE="white-space:nowrap">COVID-19.</FONT> In
addition to the risks specific to <FONT STYLE="white-space:nowrap">COVID-19,</FONT> other factors include, without limitation, the Company&#146;s ability to satisfy the closing conditions to the pending transactions described above, the
Company&#146;s ability to enter into new leases or renew leases on favorable terms, dependence on tenants&#146; financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively
integrate acquisitions, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the
effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company&#146;s
accounting policies and on <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">period-to-period</FONT></FONT> comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the
Company&#146;s filings with the Securities and Exchange Commission. The Company does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise. </I></FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282">&#150;more&#150; </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282">Financial tables follow. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282">&#150;more&#150; </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"><B>BOSTON PROPERTIES, INC. </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"><B>CONSOLIDATED BALANCE SHEETS </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"><B>(Unaudited) </B></FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT COLOR="#828282"><B>March&nbsp;31,<BR>2020</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT COLOR="#828282"><B>December&nbsp;31,<BR>2019</B></FONT></TD>
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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><FONT COLOR="#828282"><B>(in&nbsp;thousands,&nbsp;except&nbsp;for&nbsp;share<BR>and par value amounts)</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"><B>ASSETS</B></FONT></P></TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Real estate, at cost</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">21,273,137</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">21,458,412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Construction in progress</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">804,179</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">789,736</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Land held for future development</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">264,893</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">254,828</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Right of use assets - finance leases</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">237,394</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">237,394</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Right of use assets - operating leases</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">148,057</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">148,640</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Less: accumulated depreciation</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(5,209,487</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(5,266,798</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Total real estate</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">17,518,173</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">17,622,212</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">660,733</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">644,950</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Cash held in escrows</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">197,845</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">46,936</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Investments in securities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">28,101</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">36,747</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Tenant and other receivables, net</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">89,431</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">112,807</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Related party note receivable, net</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">78,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">80,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Note receivable, net</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">15,794</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">15,920</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Accrued rental income, net</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,059,677</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,038,788</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Deferred charges, net</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">667,076</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">689,213</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Prepaid expenses and other assets</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">136,730</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">41,685</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Investments in unconsolidated joint ventures</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,377,338</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">955,647</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Total assets</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">21,829,698</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">21,284,905</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"><B>LIABILITIES AND EQUITY</B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Liabilities:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Mortgage notes payable, net</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,919,157</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,922,408</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Unsecured senior notes, net</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">8,393,009</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">8,390,459</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Unsecured line of credit</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">250,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Unsecured term loan, net</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">499,058</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">498,939</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Lease liabilities - finance leases</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">227,067</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">224,042</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Lease liabilities - operating leases</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">200,573</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">200,180</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Accounts payable and accrued expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">293,831</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">377,553</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Dividends and distributions payable</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">171,026</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">170,713</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Accrued interest payable</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">82,388</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">90,016</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">366,852</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">387,994</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Total liabilities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">13,402,961</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">13,262,304</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Commitments and contingencies</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Redeemable deferred stock units</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">5,854</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">8,365</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Equity:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Stockholders&#146; equity attributable to Boston Properties, Inc.:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or
outstanding</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282">&#150;more&#150; </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"><B>BOSTON PROPERTIES, INC. </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"><B>CONSOLIDATED BALANCE SHEETS </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"><B>(Unaudited) </B></FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="78%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT COLOR="#828282"><B>March&nbsp;31,<BR>2020</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT COLOR="#828282"><B>December&nbsp;31,<BR>2019</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><FONT COLOR="#828282"><B>(in&nbsp;thousands,&nbsp;except&nbsp;for&nbsp;share<BR>and par value amounts)</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Preferred stock, $0.01 par value, 50,000,000 shares authorized; 5.25% Series B
cumulative redeemable preferred stock, $0.01 par value, liquidation preference $2,500 per share, 92,000 shares authorized, 80,000 shares issued and outstanding at March&nbsp;31, 2020 and December&nbsp;31, 2019</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Common stock, $0.01 par value, 250,000,000 shares authorized, 155,393,455 and
154,869,198 issued and 155,314,555 and 154,790,298 outstanding at March&nbsp;31, 2020 and December&nbsp;31, 2019, respectively</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,553</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,548</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">6,321,475</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">6,294,719</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Dividends in excess of earnings</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(416,740</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(760,523</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Treasury common stock at cost, 78,900 shares at March&nbsp;31, 2020 and
December&nbsp;31, 2019</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(2,722</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(2,722</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Accumulated other comprehensive loss</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(55,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(48,335</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Total stockholders&#146; equity attributable to Boston Properties, Inc.</FONT></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">6,047,866</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">5,684,687</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Noncontrolling interests:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Common units of the Operating Partnership</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">636,572</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">600,860</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Property partnerships</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,736,445</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1,728,689</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Total equity</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">8,420,883</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">8,014,236</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Total liabilities and equity</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">21,829,698</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">21,284,905</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282">&#150;more&#150; </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"><B>BOSTON PROPERTIES, INC. </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"><B>CONSOLIDATED STATEMENTS OF OPERATIONS </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"><B>(Unaudited) </B></FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="77%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT COLOR="#828282"><B>&nbsp;&nbsp;Three&nbsp;months&nbsp;ended&nbsp;March&nbsp;31,&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT COLOR="#828282"><B>2020</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT COLOR="#828282"><B>2019</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><FONT COLOR="#828282"><B>(in&nbsp;thousands,&nbsp;except&nbsp;for&nbsp;per<BR>share amounts)</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#828282">Revenue</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Lease</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">710,111</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">679,251</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Parking and other</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">24,504</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">24,906</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Hotel revenue</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">6,825</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">8,938</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Development and management services</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">7,879</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">9,277</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Direct reimbursements of payroll and related costs from management services
contracts</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,237</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,395</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Total revenue</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">752,556</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">725,767</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#828282">Expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Operating</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Rental</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">262,966</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">257,517</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Hotel</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">6,821</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">7,863</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">General and administrative</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">36,454</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">41,762</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Payroll and related costs from management services contracts</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,237</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,395</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Transaction costs</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">615</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">460</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Depreciation and amortization</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">171,094</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">164,594</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Total expenses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">481,187</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">475,591</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#828282">Other income (expense)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Income (loss) from unconsolidated joint ventures</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(369</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">213</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Gains (losses) on sales of real estate</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">410,165</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(905</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Interest and other income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,017</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3,753</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Gains (losses) from investments in securities</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(5,445</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,969</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Impairment losses</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(24,038</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Interest expense</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(101,591</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(101,009</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#828282">Net income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">577,146</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">131,159</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#828282">Net income attributable to noncontrolling interests</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Noncontrolling interests in property partnerships</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(19,486</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(18,830</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Noncontrolling interest&#151;common units of the Operating Partnership</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(57,539</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(11,599</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#828282">Net income attributable to Boston Properties, Inc.</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">500,121</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">100,730</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Preferred dividends</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(2,625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(2,625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#828282">Net income attributable to Boston Properties, Inc. common shareholders</FONT></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">497,496</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">98,105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#828282">Basic earnings per common share attributable to Boston Properties, Inc. common
shareholders:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Net income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">0.63</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Weighted average number of common shares outstanding</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">155,011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">154,525</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#828282">Diluted earnings per common share attributable to Boston Properties, Inc. common
shareholders:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Net income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">3.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">0.63</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Weighted average number of common and common equivalent shares
outstanding</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">155,258</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">154,844</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282">&#150;more&#150; </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"><B>BOSTON PROPERTIES, INC. </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#9b9b9b"><B>FUNDS FROM OPERATIONS (1) </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#9b9b9b"><B>(Unaudited) </B></FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="74%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT COLOR="#828282"><B>Three&nbsp;months&nbsp;ended&nbsp;March&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT COLOR="#828282"><B>2020</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT COLOR="#828282"><B>2019</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><FONT COLOR="#828282"><B>(in&nbsp;thousands,&nbsp;except&nbsp;for&nbsp;per&nbsp;share<BR>amounts)</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Net income attributable to Boston Properties, Inc. common shareholders</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">497,496</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">98,105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Add:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Preferred dividends</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Noncontrolling interest - common units of the Operating Partnership</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">57,539</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">11,599</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Noncontrolling interests in property partnerships</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">19,486</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">18,830</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Net income</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">577,146</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">131,159</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Add:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Depreciation and amortization expense</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">171,094</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">164,594</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Noncontrolling interests in property partnerships&#146; share of depreciation and
amortization</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(17,627</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(18,002</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Company&#146;s share of depreciation and amortization from unconsolidated joint
ventures</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">18,332</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">15,470</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Corporate-related depreciation and amortization</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(469</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(395</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Impairment loss</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&#151;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">24,038</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Less:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Gains (losses) on sales of real estate</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">410,165</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">(905</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">)&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Noncontrolling interests in property partnerships</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">19,486</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">18,830</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Preferred dividends</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">2,625</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Funds from operations (FFO) attributable to the Operating Partnership common
unitholders (including Boston Properties, Inc.)</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">316,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">296,314</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Less:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Noncontrolling interest - common units of the Operating Partnership&#146;s share of
funds from operations</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">32,138</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">30,307</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Funds from operations attributable to Boston Properties, Inc. common
shareholders</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284,062</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266,007</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Boston Properties, Inc.&#146;s percentage share of funds from operations -
basic</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">89.84</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">89.77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Weighted average shares outstanding - basic</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">155,011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">154,525</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">FFO per share basic</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1.83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1.72</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">Weighted average shares outstanding - diluted</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">155,258</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">154,844</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#828282">FFO per share diluted</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1.83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">1.72</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282">&#150;more&#150; </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT COLOR="#828282">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="justify"><FONT COLOR="#828282">Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of
the National Association of Real Estate Investment Trusts (&#147;Nareit&#148;), we calculate Funds from Operations, or &#147;FFO,&#148; by adjusting net income (loss) attributable to Boston Properties, Inc. common shareholders (computed in
accordance with GAAP) for gains (or losses) from sales of properties, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable
decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure, but we believe the
presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more
meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate
assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help
investors compare the operating performance of a company&#146;s real estate across reporting periods and to the operating performance of other companies. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">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. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:ARIAL" ALIGN="justify"><FONT COLOR="#828282">In order to facilitate a clear understanding of the Company&#146;s operating results, FFO should be examined in
conjunction with net income attributable to Boston Properties, Inc. common shareholders as presented in the Company&#146;s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to Boston
Properties, Inc. common shareholders (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company&#146;s financial information prepared in accordance with
GAAP. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282">&#150;more&#150; </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"><B>BOSTON PROPERTIES, INC. </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"><B>PORTFOLIO LEASING PERCENTAGES </B></FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT COLOR="#828282"><B>% Leased by Location</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT COLOR="#828282"><B>March&nbsp;31,&nbsp;2020</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT COLOR="#828282"><B>December&nbsp;31,&nbsp;2019</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#828282">Boston</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">96.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">95.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#828282">Los Angeles</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">95.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">96.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#828282">New York</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">94.1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">92.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">%&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#828282">San Francisco</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">93.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">93.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#828282">Washington, DC</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">84.7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">87.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#828282">Total Portfolio</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">%&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#828282">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT COLOR="#828282">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#828282"># # #
</FONT></P>

</DIV></Center>

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<import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
<import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />
<import namespace="http://fasb.org/us-gaap/2019-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd" />
<import namespace="http://xbrl.sec.gov/country/2017-01-31" schemaLocation="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd" />
<import namespace="http://xbrl.sec.gov/currency/2019-01-31" schemaLocation="https://xbrl.sec.gov/currency/2019/currency-2019-01-31.xsd" />
<import namespace="http://xbrl.sec.gov/exch/2019-01-31" schemaLocation="https://xbrl.sec.gov/exch/2019/exch-2019-01-31.xsd" />
<import namespace="http://xbrl.sec.gov/naics/2017-01-31" schemaLocation="http://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd" />
<import namespace="http://xbrl.sec.gov/sic/2011-01-31" schemaLocation="http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd" />
<import namespace="http://xbrl.sec.gov/stpr/2018-01-31" schemaLocation="https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd" />
<import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd" />
<import namespace="http://www.xbrl.org/2009/role/net" schemaLocation="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd" />
<import namespace="http://www.xbrl.org/2009/arcrole/fact-explanatoryFact" schemaLocation="http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd" />
<import namespace="http://xbrl.sec.gov/dei/2019-01-31" schemaLocation="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd" />
<import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
<import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
<import namespace="http://fasb.org/us-types/2019-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2019/elts/us-types-2019-01-31.xsd" />
<import namespace="http://fasb.org/srt/2019-01-31" schemaLocation="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd" />
<import namespace="http://fasb.org/srt-types/2019-01-31" schemaLocation="http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd" />
<element name="A525SeriesBCumulativeRedeemablePreferredStockParvalue001PershareMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" id="bxp_A525SeriesBCumulativeRedeemablePreferredStockParvalue001PershareMember" substitutionGroup="xbrli:item" />
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</TEXT>
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<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>4
<FILENAME>bxp-20200501_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<!--Generated by DFIN XBRL Instance Document - http://www.dfinsolutions.com/ - Version R3.0 - on 30-April-2020 [10:58:47] {PM}-->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<roleRef xlink:type="simple" xlink:href="bxp-20200501.xsd#CoverPage" roleURI="http://www.bostonproperties.com/role/CoverPage" />
<calculationLink xlink:type="extended" xlink:role="http://www.bostonproperties.com/role/CoverPage">
</calculationLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>5
<FILENAME>bxp-20200501_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<!--Generated by DFIN XBRL Instance Document - http://www.dfinsolutions.com/ - Version R3.0 - on 30-April-2020 [10:58:47] {PM}-->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:xbrldt="http://xbrl.org/2005/xbrldt">
<roleRef xlink:type="simple" xlink:href="bxp-20200501.xsd#CoverPage" roleURI="http://www.bostonproperties.com/role/CoverPage" />
<arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/all" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" />
<arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" />
<arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" />
<arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" />
<arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" />
<arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/notAll" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#notAll" />
<definitionLink xlink:type="extended" xlink:role="http://www.bostonproperties.com/role/CoverPage">
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityInformationLineItems" xlink:label="loc_dei_EntityInformationLineItems_684461" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntitiesTable" xlink:label="loc_dei_EntitiesTable_684460" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_EntitiesTable_684460" xbrldt:contextElement="segment" xbrldt:closed="true" use="optional" order="1" />
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ConsolidatedEntitiesAxis" xlink:label="loc_srt_ConsolidatedEntitiesAxis_684488" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_dei_EntitiesTable_684460" xlink:to="loc_srt_ConsolidatedEntitiesAxis_684488" use="optional" order="2" />
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ConsolidatedEntitiesDomain" xlink:label="loc_srt_ConsolidatedEntitiesDomain_684489" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_srt_ConsolidatedEntitiesAxis_684488" xlink:to="loc_srt_ConsolidatedEntitiesDomain_684489" use="optional" order="3" />
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ConsolidatedEntitiesDomain" xlink:label="loc_srt_ConsolidatedEntitiesDomain_684489_default" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_srt_ConsolidatedEntitiesAxis_684488" xlink:to="loc_srt_ConsolidatedEntitiesDomain_684489_default" use="optional" order="4" />
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_SubsidiariesMember" xlink:label="loc_srt_SubsidiariesMember_684490" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_srt_ConsolidatedEntitiesDomain_684489" xlink:to="loc_srt_SubsidiariesMember_684490" use="optional" order="5" />
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis_684491" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_dei_EntitiesTable_684460" xlink:to="loc_us-gaap_StatementClassOfStockAxis_684491" use="optional" order="6" />
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_684493" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_684491" xlink:to="loc_us-gaap_ClassOfStockDomain_684493" use="optional" order="7" />
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain_684493_default" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_684491" xlink:to="loc_us-gaap_ClassOfStockDomain_684493_default" use="optional" order="8" />
<loc xlink:type="locator" xlink:href="bxp-20200501.xsd#bxp_A525SeriesBCumulativeRedeemablePreferredStockParvalue001PershareMember" xlink:label="loc_bxp_A525SeriesBCumulativeRedeemablePreferredStockParvalue001PershareMember_684495" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_684493" xlink:to="loc_bxp_A525SeriesBCumulativeRedeemablePreferredStockParvalue001PershareMember_684495" use="optional" order="9" />
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_684496" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_684493" xlink:to="loc_us-gaap_CommonStockMember_684496" use="optional" order="10" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType_684462" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_DocumentType_684462" use="optional" order="11" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate_684463" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_DocumentPeriodEndDate_684463" use="optional" order="12" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName_684464" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_EntityRegistrantName_684464" use="optional" order="13" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_dei_EntityIncorporationStateCountryCode_684465" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_EntityIncorporationStateCountryCode_684465" use="optional" order="14" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:label="loc_dei_EntityFileNumber_684466" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_EntityFileNumber_684466" use="optional" order="15" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_dei_EntityTaxIdentificationNumber_684467" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_EntityTaxIdentificationNumber_684467" use="optional" order="16" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_dei_EntityAddressAddressLine1_684468" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_EntityAddressAddressLine1_684468" use="optional" order="17" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_dei_EntityAddressCityOrTown_684470" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_EntityAddressCityOrTown_684470" use="optional" order="18" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_dei_EntityAddressStateOrProvince_684471" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_EntityAddressStateOrProvince_684471" use="optional" order="19" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_dei_EntityAddressPostalZipCode_684472" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_EntityAddressPostalZipCode_684472" use="optional" order="20" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:label="loc_dei_CityAreaCode_684474" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_CityAreaCode_684474" use="optional" order="21" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:label="loc_dei_LocalPhoneNumber_684476" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_LocalPhoneNumber_684476" use="optional" order="22" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_WrittenCommunications" xlink:label="loc_dei_WrittenCommunications_684478" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_WrittenCommunications_684478" use="optional" order="23" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:label="loc_dei_SolicitingMaterial_684479" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_SolicitingMaterial_684479" use="optional" order="24" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_dei_PreCommencementTenderOffer_684480" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_PreCommencementTenderOffer_684480" use="optional" order="25" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_dei_PreCommencementIssuerTenderOffer_684481" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_PreCommencementIssuerTenderOffer_684481" use="optional" order="26" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_dei_EntityEmergingGrowthCompany_684482" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_EntityEmergingGrowthCompany_684482" use="optional" order="27" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey_684483" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_EntityCentralIndexKey_684483" use="optional" order="28" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag_684484" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_AmendmentFlag_684484" use="optional" order="29" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="loc_dei_Security12bTitle_684485" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_Security12bTitle_684485" use="optional" order="30" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="loc_dei_TradingSymbol_684486" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_TradingSymbol_684486" use="optional" order="31" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:label="loc_dei_SecurityExchangeName_684487" />
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_684461" xlink:to="loc_dei_SecurityExchangeName_684487" use="optional" order="32" />
</definitionLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>bxp-20200501_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<!--Generated by DFIN XBRL Instance Document - http://www.dfinsolutions.com/ - Version R3.0 - on 30-April-2020 [10:58:47] {PM}-->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
<labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CoverAbstract" xlink:label="loc_dei_CoverAbstract" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_CoverAbstract" xml:lang="en-US">Cover [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CoverAbstract" xlink:to="lab_dei_CoverAbstract" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntitiesTable" xlink:label="loc_dei_EntitiesTable" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntitiesTable" xml:lang="en-US">Entities [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntitiesTable" xlink:to="lab_dei_EntitiesTable" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityInformationLineItems" xlink:label="loc_dei_EntityInformationLineItems" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityInformationLineItems" xml:lang="en-US">Entity Information [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInformationLineItems" xlink:to="lab_dei_EntityInformationLineItems" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentType" xml:lang="en-US">Document Type</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_DocumentType" xml:lang="en-US">Document Type</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_dei_EntityIncorporationStateCountryCode" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xml:lang="en-US">Entity Incorporation, State or Country Code</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xml:lang="en-US">Entity Incorporation, State or Country Code</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:label="loc_dei_EntityFileNumber" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityFileNumber" xml:lang="en-US">Entity File Number</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntityFileNumber" xml:lang="en-US">Entity File Number</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_dei_EntityTaxIdentificationNumber" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityTaxIdentificationNumber" xml:lang="en-US">Entity Tax Identification Number</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntityTaxIdentificationNumber" xml:lang="en-US">Entity Tax Identification Number</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber" xlink:to="lab_dei_EntityTaxIdentificationNumber" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_dei_EntityAddressAddressLine1" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityAddressAddressLine1" xml:lang="en-US">Entity Address, Address Line One</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntityAddressAddressLine1" xml:lang="en-US">Entity Address, Address Line One</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_dei_EntityAddressCityOrTown" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityAddressCityOrTown" xml:lang="en-US">Entity Address, City or Town</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntityAddressCityOrTown" xml:lang="en-US">Entity Address, City or Town</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_dei_EntityAddressStateOrProvince" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityAddressStateOrProvince" xml:lang="en-US">Entity Address, State or Province</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntityAddressStateOrProvince" xml:lang="en-US">Entity Address, State or Province</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince" xlink:to="lab_dei_EntityAddressStateOrProvince" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_dei_EntityAddressPostalZipCode" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityAddressPostalZipCode" xml:lang="en-US">Entity Address, Postal Zip Code</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntityAddressPostalZipCode" xml:lang="en-US">Entity Address, Postal Zip Code</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:label="loc_dei_CityAreaCode" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_CityAreaCode" xml:lang="en-US">City Area Code</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_CityAreaCode" xml:lang="en-US">City Area Code</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode" xlink:to="lab_dei_CityAreaCode" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:label="loc_dei_LocalPhoneNumber" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_LocalPhoneNumber" xml:lang="en-US">Local Phone Number</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_LocalPhoneNumber" xml:lang="en-US">Local Phone Number</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber" xlink:to="lab_dei_LocalPhoneNumber" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_WrittenCommunications" xlink:label="loc_dei_WrittenCommunications" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_WrittenCommunications" xml:lang="en-US">Written Communications</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_WrittenCommunications" xml:lang="en-US">Written Communications</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_WrittenCommunications" xlink:to="lab_dei_WrittenCommunications" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:label="loc_dei_SolicitingMaterial" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_SolicitingMaterial" xml:lang="en-US">Soliciting Material</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_SolicitingMaterial" xml:lang="en-US">Soliciting Material</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SolicitingMaterial" xlink:to="lab_dei_SolicitingMaterial" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_dei_PreCommencementTenderOffer" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_PreCommencementTenderOffer" xml:lang="en-US">Pre-commencement Tender Offer</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_PreCommencementTenderOffer" xml:lang="en-US">Pre-commencement Tender Offer</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementTenderOffer" xlink:to="lab_dei_PreCommencementTenderOffer" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_dei_PreCommencementIssuerTenderOffer" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_PreCommencementIssuerTenderOffer" xml:lang="en-US">Pre-commencement Issuer Tender Offer</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_PreCommencementIssuerTenderOffer" xml:lang="en-US">Pre-commencement Issuer Tender Offer</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementIssuerTenderOffer" xlink:to="lab_dei_PreCommencementIssuerTenderOffer" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_dei_EntityEmergingGrowthCompany" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityEmergingGrowthCompany" xml:lang="en-US">Entity Emerging Growth Company</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntityEmergingGrowthCompany" xml:lang="en-US">Entity Emerging Growth Company</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="loc_dei_Security12bTitle" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_Security12bTitle" xml:lang="en-US">Title of 12(b) Security</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_Security12bTitle" xml:lang="en-US">Title of 12(b) Security</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle" xlink:to="lab_dei_Security12bTitle" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="loc_dei_TradingSymbol" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_TradingSymbol" xml:lang="en-US">Trading Symbol</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_TradingSymbol" xml:lang="en-US">Trading Symbol</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol" />
<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:label="loc_dei_SecurityExchangeName" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_SecurityExchangeName" xml:lang="en-US">Security Exchange Name</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_SecurityExchangeName" xml:lang="en-US">Security Exchange Name</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName" xlink:to="lab_dei_SecurityExchangeName" />
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ConsolidatedEntitiesAxis" xlink:label="loc_srt_ConsolidatedEntitiesAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_srt_ConsolidatedEntitiesAxis" xml:lang="en-US">Consolidated Entities [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesAxis" xlink:to="lab_srt_ConsolidatedEntitiesAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ConsolidatedEntitiesDomain" xlink:label="loc_srt_ConsolidatedEntitiesDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xml:lang="en-US">Consolidated Entities [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesDomain" xlink:to="lab_srt_ConsolidatedEntitiesDomain" />
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_SubsidiariesMember" xlink:label="loc_srt_SubsidiariesMember" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_srt_SubsidiariesMember" xml:lang="en-US">Subsidiaries [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_srt_SubsidiariesMember" xml:lang="en-US">Boston Properties Limited Partnership</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_SubsidiariesMember" xlink:to="lab_srt_SubsidiariesMember" />
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaap_StatementClassOfStockAxis" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xml:lang="en-US">Class of Stock [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementClassOfStockAxis" xlink:to="lab_us-gaap_StatementClassOfStockAxis" />
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaap_ClassOfStockDomain" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ClassOfStockDomain" xml:lang="en-US">Class of Stock [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockDomain" xlink:to="lab_us-gaap_ClassOfStockDomain" />
<loc xlink:type="locator" xlink:href="bxp-20200501.xsd#bxp_A525SeriesBCumulativeRedeemablePreferredStockParvalue001PershareMember" xlink:label="loc_bxp_A525SeriesBCumulativeRedeemablePreferredStockParvalue001PershareMember" />
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6701167232">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover Page<br></strong></div></th>
<th class="th"><div>May 01, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">May  01,  2020<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">BOSTON PROPERTIES, INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-13087<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">04-2473675<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">800 Boylston Street, Suite 1900<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Boston<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">02199<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">617<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">236-3300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001037540<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=srt_SubsidiariesMember', window );">Boston Properties Limited Partnership</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">BOSTON PROPERTIES LIMITED PARTNERSHIP<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">0-50209<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">04-3372948<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001043121<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=bxp_A525SeriesBCumulativeRedeemablePreferredStockParvalue001PershareMember', window );">5.25% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Depository Shares Each Representing1/100th of a share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">BXP PRB<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, par value $.01 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">BXP<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ConsolidatedEntitiesAxis=srt_SubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidatedEntitiesAxis=srt_SubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=bxp_A525SeriesBCumulativeRedeemablePreferredStockParvalue001PershareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=bxp_A525SeriesBCumulativeRedeemablePreferredStockParvalue001PershareMember</td>
</tr>
<tr>
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