Boston Properties, Inc. Announces First Quarter 2001 Results

Reports Diluted FFO Per Share of $0.85 Before Non-Cash Accounting

Charge Related to FAS 133 of ($0.02) Per Share



Apr 24, 2001, 01:00 ET from Boston Properties, Inc.

    BOSTON, April 24 /PRNewswire Interactive News Release/ -- Boston
 Properties, Inc. (NYSE:   BXP) today reported results for the first quarter
 ended March 31, 2001.
     Funds from Operations (FFO) for the quarter ended March 31, 2001 were
 $79.2 million, or $0.89 per share basic and $0.85 per share diluted before a
 non-cash accounting charge of approximately ($0.02) per share on a diluted
 basis related to the application of FAS 133, "Accounting for Derivative
 Instruments and Hedging Activities" for the quarter ended March 31, 2001.  The
 FAS 133 charge relates to the change in fair value during the quarter for
 certain interest rate protection contracts and other derivatives.  This
 compares to FFO of $54.6 million, or $0.80 per share basic and $0.78 per share
 diluted for the quarter ended March 31, 2000.  This represents a 9.0% year to
 year increase in diluted FFO per share excluding the charge related to FAS
 133.  FFO including the charge for the application of FAS 133 was $0.87 per
 share basic and $0.83 per share diluted for the quarter ended March 31, 2001.
 The weighted average amount of basic and diluted shares outstanding totaled
 88,687,900 and 104,160,181, respectively, for the quarter ended March 31, 2001
 and 67,942,675 and 81,380,969, respectively, for the same quarter last year.
     Revenues were  $233.5 million for the quarter ended March 31, 2001,
 compared to revenues of $210.3 million for the same period in 2000.  Net
 income available to common shareholders for the quarter ended March 31, 2001
 was $45.6 million, compared to $31.0 million for the same period in 2000.
 Income before gain on sale and cumulative effect of a change in accounting
 principle (related to the adoption of FAS 133) for the quarter ended March 31,
 2001 was $0.54 per share basic and $0.52 per share diluted, compared to $0.46
 per share basic and $0.45 per share diluted for the same period last year.
     The reported results are unaudited and there can be no assurance that the
 results will not vary from the final information submitted on F Form 10-Q for
 the quarter ended March 31, 2001.  In the opinion of management, all
 adjustments considered necessary for a fair presentation of these reported
 results have been made.
     As of March 31, 2001, the Company's portfolio consisted of 146 properties
 comprising more than 39.2 million square feet, including 15 properties under
 construction totaling 5.4 million square feet.  The overall occupancy rate for
 the properties in service as of March 31, 2001 was 98.4%.
 
     Additional highlights of the first quarter included:
 
     -- The acquisition of a significant interest in Skyline Holdings LLC.
        Skyline signed a contract on February 7, 2001 to acquire Citigroup
        Center in New York City from Dai-Ichi Life Investment Properties, Inc.
        The acquisition of Citigroup Center, a 1.6 million square foot building
        in Midtown Manhattan, is expected to close on April 25, 2001.
     -- The acquisition of a 4.3 acre site known as 77 Fourth Avenue in
        Waltham, Massachusetts for approximately $13.0 million on February 13,
        2001. The site is expected to support a development of 202,000 square
        feet.
     -- The disposition of 25-33 Dartmouth Street, an industrial building
        totaling 78,045 square feet, on March 30, 2001 for  net proceeds of
        approximately $6.6 million.  The property was sold using a like-kind
        exchange technique with the acquisition of a parcel of land known as
        Crane Meadow in 2001.
     -- The closing of a construction loan secured by the Waltham Weston
        Corporate Center development in the amount of $70.0 million at a rate
        of LIBOR + 1.70% and maturing in February 2004.
 
     Boston Properties will conduct a conference call tomorrow, April 25, 2001
 at 9:30 a.m. (Eastern Time) to discuss the results of this year's first
 quarter.  The number to call for this interactive teleconference is
 (888) 747-3510.  A replay of the conference call will be available through May
 1, 2001 by dialing (888) 266-2086 and entering the passcode 5103224.
     Additionally, a copy of Boston Properties first quarter 2001 "Supplemental
 Operating and Financial Data" will be available on the Investor Section of the
 company's web site http://www.bostonproperties.com .  These materials are also
 available by contacting Investor Relations at (617) 236-3300 or by written
 request to:
           Investor Relations
           Boston Properties
           800 Boylston Street
           Boston, MA 02199
 
     Boston Properties, Inc. is a fully integrated, self-administered and
 self-managed real estate investment trust that develops, redevelops, acquires,
 manages, operates and owns a diverse portfolio of Class A office, industrial
 and hotel properties.  The Company is one of the largest owners and developers
 of Class A office properties in the United States, concentrated in four core
 markets -- Boston, Midtown Manhattan, Washington, D.C. and San Francisco.
     To receive Boston Properties' latest news and corporate developments via
 fax at no cost, please call 1-800-PRO-INFO; use Company code BXP.  Visit the
 Company's web site at http://www.bostonproperties.com .
 
     This press release contains forward-looking statements within the meaning
 of the Federal securities laws.  You should exercise caution in interpreting
 and relying on forward-looking statements because they involve known and
 unknown risks, uncertainties and other factors which are in some cases, beyond
 Boston Properties control and could materially affect actual results,
 performance or achievements.  These factors include, without limitation, the
 ability to enter into new leases or renew leases on favorable terms,
 dependence on tenants' financial condition, the uncertainties of real estate
 development and acquisition activity, the ability to effectively integrate
 acquisitions, the costs and availability of financing, the effects of local
 economic and market conditions, regulatory changes and other risks and
 uncertainties detailed from time to time in the Company's filings with the
 Securities and Exchange Commission.
 
 
                              BOSTON PROPERTIES, INC.
                       CONSOLIDATED STATEMENTS OF OPERATIONS
 
                                                    Three months ended
                                                        March 31,
                                                 2001              2000
                                               (unaudited and in thousands,
                                              except for per share amounts)
 
      Revenue
        Rental:
          Base rent                                 $185,691          $170,337
          Recoveries from tenants                     26,178            23,336
          Parking and other                           13,746            13,008
            Total rental revenue                     225,615           206,681
        Development and management services            3,397             2,863
        Interest and other                             4,444               710
            Total revenue                            233,456           210,254
 
      Expenses
        Operating                                     70,343            65,177
        General and administrative                     9,950             7,408
        Interest                                      47,853            55,215
        Depreciation and amortization                 34,740            32,231
            Total expenses                           162,886           160,031
      Income before net derivative losses
       (SFAS No. 133), minority interests
      and joint venture income                        70,570            50,223
      Net derivative losses (SFAS No. 133)            (3,055)              -
      Minority interest in property
       partnership                                      (255)             (196)
      Income from unconsolidated joint
       ventures                                        1,127               145
      Income before minority interest in
       Operating Partnership                          68,387            50,172
      Minority interest in Operating
       Partnership                                   (19,024)          (17,552)
      Income before gain on sale of real
       estate                                         49,363            32,620
      Gain on sale of real estate, net of
       minority interest                               4,654               -
      Income before cumulative effect of a
       change in accounting principle                 54,017            32,620
      Cumulative effect of a change in
       accounting principle, net of
       minority interest                              (6,767)              -
      Net income before preferred dividend            47,250            32,620
      Preferred dividend                              (1,643)           (1,643)
      Net income available to common
       shareholders                                  $45,607           $30,977
 
      Basic earnings per share:
        Income before gain on sale and
         cumulative effect of a change in
         accounting principle                          $0.54             $0.46
        Gain on sale, net of minority
         interest                                       0.05               -
        Cumulative effect of a change in
         accounting principle, net of
         minority interest                             (0.08)              -
        Net income available to common
         shareholders                                  $0.51             $0.46
        Weighted average number of common
         shares outstanding                            88,688            67,943
 
      Diluted earnings per share:
        Income before gain on sale and
         cumulative effect of a change in
         accounting principle                          $0.52             $0.45
        Gain on sale, net of minority
         interest                                       0.05               -
        Cumulative effect of a change in
         accounting principle, net of
         minority interest                             (0.07)              -
        Net income available to common
         shareholders                                  $0.50             $0.45
        Weighted average number of common
         and common equivalent shares outstanding     91,171            68,380
 
 
                              BOSTON PROPERTIES, INC.
                            CONSOLIDATED  BALANCE SHEETS
 
                                                March 31,         December 31,
                                                  2001               2000
                                               (unaudited)
                                       (in thousands, except for share amounts)
 
                   ASSETS
 
     Real estate:                                $6,284,655         $6,112,779
        Less: accumulated depreciation             (616,620)          (586,719)
               Total real estate                  5,668,035          5,526,060
 
     Cash and cash equivalents                      241,819            280,957
     Escrows                                         29,861             85,561
     Investments in securities                        6,060              7,012
     Tenant and other receivables, net               24,443             26,852
     Accrued rental income, net                      97,657             91,684
     Deferred charges, net                           76,209             77,319
     Prepaid expenses and other assets               73,539             41,154
     Investments in unconsolidated joint
      ventures                                       92,456             89,871
          Total assets                           $6,310,079         $6,226,470
 
       LIABILITIES AND STOCKHOLDERS'
                   EQUITY
 
     Liabilities:
        Mortgage notes and bonds payable         $3,450,347         $3,414,891
        Accounts payable and accrued
         expenses                                    58,542             57,338
        Dividends and distributions
         payable                                     71,917             71,274
        Interest rate contracts                      19,774                -
        Accrued interest payable                      8,127              5,599
        Other liabilities                            56,943             51,926
          Total liabilities                       3,665,650          3,601,028
 
     Commitments and contingencies                      -                  -
     Minority interest in Operating
      Partnership                                   821,575            877,715
     Series A Convertible Redeemable
      Preferred Stock, liquidation
        preference $50.00 per share,
         2,000,000 shares issued
        and outstanding                             100,000            100,000
     Stockholders' equity:
        Excess stock, $.01 par value,
         150,000,000 shares
          authorized, none issued or
           outstanding                                  -                  -
        Common stock, $.01 par value,
         250,000,000 shares
          authorized, 89,701,122 and
           86,630,089 issued and
          outstanding in 2001 and 2000,
           respectively                                 897                866
        Additional paid-in capital                1,759,714          1,673,349
        Dividends in excess of earnings             (15,829)           (13,895)
        Unearned compensation                        (2,531)              (848)
        Accumulated other comprehensive
         loss                                       (19,397)           (11,745)
          Total stockholders' equity              1,722,854          1,647,727
                  Total liabilities and
                   stockholders' equity          $6,310,079         $6,226,470
 
 
                              BOSTON PROPERTIES, INC.
                               FUNDS FROM OPERATIONS
                           (unaudited and in thousands)
 
                                                       Three months ended
                                                            March 31,
                                                      2001              2000
 
     Income before net derivative losses
      (SFAS No. 133), minority interests
      and joint venture income                      $70,570           $50,223
 
     Add:
       Real estate depreciation and
        amortization                                 35,557            32,052
       Income from unconsolidated joint
        ventures                                      1,127               145
     Less:
       Net derivative losses
        (SFAS No. 133)                               (3,055)              -
       Minority property partnership's
        share of funds from operations                 (303)            (224)
       Preferred dividends and
        distributions                                (8,221)          (8,250)
 
     Funds from operations                           95,675            73,946
     Add:
       Net derivative losses (SFAS No.
        133)                                          3,055               -
     Funds from operations before net
      derivative losses (SFAS No. 133)              $98,730           $73,946
 
     Funds from operations available to
      common shareholders
       before net derivative losses (SFAS
        No. 133)                                    $79,201           $54,641
 
     Weighted average shares outstanding -
      basic                                          88,688            67,943
       FFO per share basic before net derivative
        losses (SFAS No. 133)                         $0.89             $0.80
 
     Weighted average shares outstanding -
      diluted                                       104,160            81,381
       FFO per share diluted before net
        derivative losses (SFAS No. 133)              $0.85             $0.78
       FFO per share diluted after net
        derivative losses (SFAS No. 133)              $0.83             $0.78
 
 
                            BOSTON PROPERTIES, INC.
                              PORTFOLIO OCCUPANCY
 
                                                       Occupancy by Location
                                              March 31, 2001  December 31, 2000
     Greater Boston                                   98.8%               99.3%
     Greater Washington                               98.7%               98.5%
     Midtown Manhattan                                99.6%               99.9%
     Baltimore, MD                                    99.5%               99.8%
     Richmond, VA                                     99.6%              100.0%
     Princeton/East Brunswick, NJ                     98.4%               98.7%
     Greater San Francisco                            95.9%               97.9%
     Bucks County, PA                                100.0%              100.0%
          Total Portfolio                             98.4%               98.9%
 
 
 
                                                          Occupancy by Type
                                             March 31, 2001  December 31, 2000
     Class A Office Portfolio                         98.7%              99.0%
     Office/Technical Portfolio                       98.5%              98.0%
     Industrial Portfolio                             88.0%              95.9%
          Total Portfolio                             98.4%              98.9%
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X56642578
 
 

SOURCE Boston Properties, Inc.
    BOSTON, April 24 /PRNewswire Interactive News Release/ -- Boston
 Properties, Inc. (NYSE:   BXP) today reported results for the first quarter
 ended March 31, 2001.
     Funds from Operations (FFO) for the quarter ended March 31, 2001 were
 $79.2 million, or $0.89 per share basic and $0.85 per share diluted before a
 non-cash accounting charge of approximately ($0.02) per share on a diluted
 basis related to the application of FAS 133, "Accounting for Derivative
 Instruments and Hedging Activities" for the quarter ended March 31, 2001.  The
 FAS 133 charge relates to the change in fair value during the quarter for
 certain interest rate protection contracts and other derivatives.  This
 compares to FFO of $54.6 million, or $0.80 per share basic and $0.78 per share
 diluted for the quarter ended March 31, 2000.  This represents a 9.0% year to
 year increase in diluted FFO per share excluding the charge related to FAS
 133.  FFO including the charge for the application of FAS 133 was $0.87 per
 share basic and $0.83 per share diluted for the quarter ended March 31, 2001.
 The weighted average amount of basic and diluted shares outstanding totaled
 88,687,900 and 104,160,181, respectively, for the quarter ended March 31, 2001
 and 67,942,675 and 81,380,969, respectively, for the same quarter last year.
     Revenues were  $233.5 million for the quarter ended March 31, 2001,
 compared to revenues of $210.3 million for the same period in 2000.  Net
 income available to common shareholders for the quarter ended March 31, 2001
 was $45.6 million, compared to $31.0 million for the same period in 2000.
 Income before gain on sale and cumulative effect of a change in accounting
 principle (related to the adoption of FAS 133) for the quarter ended March 31,
 2001 was $0.54 per share basic and $0.52 per share diluted, compared to $0.46
 per share basic and $0.45 per share diluted for the same period last year.
     The reported results are unaudited and there can be no assurance that the
 results will not vary from the final information submitted on F Form 10-Q for
 the quarter ended March 31, 2001.  In the opinion of management, all
 adjustments considered necessary for a fair presentation of these reported
 results have been made.
     As of March 31, 2001, the Company's portfolio consisted of 146 properties
 comprising more than 39.2 million square feet, including 15 properties under
 construction totaling 5.4 million square feet.  The overall occupancy rate for
 the properties in service as of March 31, 2001 was 98.4%.
 
     Additional highlights of the first quarter included:
 
     -- The acquisition of a significant interest in Skyline Holdings LLC.
        Skyline signed a contract on February 7, 2001 to acquire Citigroup
        Center in New York City from Dai-Ichi Life Investment Properties, Inc.
        The acquisition of Citigroup Center, a 1.6 million square foot building
        in Midtown Manhattan, is expected to close on April 25, 2001.
     -- The acquisition of a 4.3 acre site known as 77 Fourth Avenue in
        Waltham, Massachusetts for approximately $13.0 million on February 13,
        2001. The site is expected to support a development of 202,000 square
        feet.
     -- The disposition of 25-33 Dartmouth Street, an industrial building
        totaling 78,045 square feet, on March 30, 2001 for  net proceeds of
        approximately $6.6 million.  The property was sold using a like-kind
        exchange technique with the acquisition of a parcel of land known as
        Crane Meadow in 2001.
     -- The closing of a construction loan secured by the Waltham Weston
        Corporate Center development in the amount of $70.0 million at a rate
        of LIBOR + 1.70% and maturing in February 2004.
 
     Boston Properties will conduct a conference call tomorrow, April 25, 2001
 at 9:30 a.m. (Eastern Time) to discuss the results of this year's first
 quarter.  The number to call for this interactive teleconference is
 (888) 747-3510.  A replay of the conference call will be available through May
 1, 2001 by dialing (888) 266-2086 and entering the passcode 5103224.
     Additionally, a copy of Boston Properties first quarter 2001 "Supplemental
 Operating and Financial Data" will be available on the Investor Section of the
 company's web site http://www.bostonproperties.com .  These materials are also
 available by contacting Investor Relations at (617) 236-3300 or by written
 request to:
           Investor Relations
           Boston Properties
           800 Boylston Street
           Boston, MA 02199
 
     Boston Properties, Inc. is a fully integrated, self-administered and
 self-managed real estate investment trust that develops, redevelops, acquires,
 manages, operates and owns a diverse portfolio of Class A office, industrial
 and hotel properties.  The Company is one of the largest owners and developers
 of Class A office properties in the United States, concentrated in four core
 markets -- Boston, Midtown Manhattan, Washington, D.C. and San Francisco.
     To receive Boston Properties' latest news and corporate developments via
 fax at no cost, please call 1-800-PRO-INFO; use Company code BXP.  Visit the
 Company's web site at http://www.bostonproperties.com .
 
     This press release contains forward-looking statements within the meaning
 of the Federal securities laws.  You should exercise caution in interpreting
 and relying on forward-looking statements because they involve known and
 unknown risks, uncertainties and other factors which are in some cases, beyond
 Boston Properties control and could materially affect actual results,
 performance or achievements.  These factors include, without limitation, the
 ability to enter into new leases or renew leases on favorable terms,
 dependence on tenants' financial condition, the uncertainties of real estate
 development and acquisition activity, the ability to effectively integrate
 acquisitions, the costs and availability of financing, the effects of local
 economic and market conditions, regulatory changes and other risks and
 uncertainties detailed from time to time in the Company's filings with the
 Securities and Exchange Commission.
 
 
                              BOSTON PROPERTIES, INC.
                       CONSOLIDATED STATEMENTS OF OPERATIONS
 
                                                    Three months ended
                                                        March 31,
                                                 2001              2000
                                               (unaudited and in thousands,
                                              except for per share amounts)
 
      Revenue
        Rental:
          Base rent                                 $185,691          $170,337
          Recoveries from tenants                     26,178            23,336
          Parking and other                           13,746            13,008
            Total rental revenue                     225,615           206,681
        Development and management services            3,397             2,863
        Interest and other                             4,444               710
            Total revenue                            233,456           210,254
 
      Expenses
        Operating                                     70,343            65,177
        General and administrative                     9,950             7,408
        Interest                                      47,853            55,215
        Depreciation and amortization                 34,740            32,231
            Total expenses                           162,886           160,031
      Income before net derivative losses
       (SFAS No. 133), minority interests
      and joint venture income                        70,570            50,223
      Net derivative losses (SFAS No. 133)            (3,055)              -
      Minority interest in property
       partnership                                      (255)             (196)
      Income from unconsolidated joint
       ventures                                        1,127               145
      Income before minority interest in
       Operating Partnership                          68,387            50,172
      Minority interest in Operating
       Partnership                                   (19,024)          (17,552)
      Income before gain on sale of real
       estate                                         49,363            32,620
      Gain on sale of real estate, net of
       minority interest                               4,654               -
      Income before cumulative effect of a
       change in accounting principle                 54,017            32,620
      Cumulative effect of a change in
       accounting principle, net of
       minority interest                              (6,767)              -
      Net income before preferred dividend            47,250            32,620
      Preferred dividend                              (1,643)           (1,643)
      Net income available to common
       shareholders                                  $45,607           $30,977
 
      Basic earnings per share:
        Income before gain on sale and
         cumulative effect of a change in
         accounting principle                          $0.54             $0.46
        Gain on sale, net of minority
         interest                                       0.05               -
        Cumulative effect of a change in
         accounting principle, net of
         minority interest                             (0.08)              -
        Net income available to common
         shareholders                                  $0.51             $0.46
        Weighted average number of common
         shares outstanding                            88,688            67,943
 
      Diluted earnings per share:
        Income before gain on sale and
         cumulative effect of a change in
         accounting principle                          $0.52             $0.45
        Gain on sale, net of minority
         interest                                       0.05               -
        Cumulative effect of a change in
         accounting principle, net of
         minority interest                             (0.07)              -
        Net income available to common
         shareholders                                  $0.50             $0.45
        Weighted average number of common
         and common equivalent shares outstanding     91,171            68,380
 
 
                              BOSTON PROPERTIES, INC.
                            CONSOLIDATED  BALANCE SHEETS
 
                                                March 31,         December 31,
                                                  2001               2000
                                               (unaudited)
                                       (in thousands, except for share amounts)
 
                   ASSETS
 
     Real estate:                                $6,284,655         $6,112,779
        Less: accumulated depreciation             (616,620)          (586,719)
               Total real estate                  5,668,035          5,526,060
 
     Cash and cash equivalents                      241,819            280,957
     Escrows                                         29,861             85,561
     Investments in securities                        6,060              7,012
     Tenant and other receivables, net               24,443             26,852
     Accrued rental income, net                      97,657             91,684
     Deferred charges, net                           76,209             77,319
     Prepaid expenses and other assets               73,539             41,154
     Investments in unconsolidated joint
      ventures                                       92,456             89,871
          Total assets                           $6,310,079         $6,226,470
 
       LIABILITIES AND STOCKHOLDERS'
                   EQUITY
 
     Liabilities:
        Mortgage notes and bonds payable         $3,450,347         $3,414,891
        Accounts payable and accrued
         expenses                                    58,542             57,338
        Dividends and distributions
         payable                                     71,917             71,274
        Interest rate contracts                      19,774                -
        Accrued interest payable                      8,127              5,599
        Other liabilities                            56,943             51,926
          Total liabilities                       3,665,650          3,601,028
 
     Commitments and contingencies                      -                  -
     Minority interest in Operating
      Partnership                                   821,575            877,715
     Series A Convertible Redeemable
      Preferred Stock, liquidation
        preference $50.00 per share,
         2,000,000 shares issued
        and outstanding                             100,000            100,000
     Stockholders' equity:
        Excess stock, $.01 par value,
         150,000,000 shares
          authorized, none issued or
           outstanding                                  -                  -
        Common stock, $.01 par value,
         250,000,000 shares
          authorized, 89,701,122 and
           86,630,089 issued and
          outstanding in 2001 and 2000,
           respectively                                 897                866
        Additional paid-in capital                1,759,714          1,673,349
        Dividends in excess of earnings             (15,829)           (13,895)
        Unearned compensation                        (2,531)              (848)
        Accumulated other comprehensive
         loss                                       (19,397)           (11,745)
          Total stockholders' equity              1,722,854          1,647,727
                  Total liabilities and
                   stockholders' equity          $6,310,079         $6,226,470
 
 
                              BOSTON PROPERTIES, INC.
                               FUNDS FROM OPERATIONS
                           (unaudited and in thousands)
 
                                                       Three months ended
                                                            March 31,
                                                      2001              2000
 
     Income before net derivative losses
      (SFAS No. 133), minority interests
      and joint venture income                      $70,570           $50,223
 
     Add:
       Real estate depreciation and
        amortization                                 35,557            32,052
       Income from unconsolidated joint
        ventures                                      1,127               145
     Less:
       Net derivative losses
        (SFAS No. 133)                               (3,055)              -
       Minority property partnership's
        share of funds from operations                 (303)            (224)
       Preferred dividends and
        distributions                                (8,221)          (8,250)
 
     Funds from operations                           95,675            73,946
     Add:
       Net derivative losses (SFAS No.
        133)                                          3,055               -
     Funds from operations before net
      derivative losses (SFAS No. 133)              $98,730           $73,946
 
     Funds from operations available to
      common shareholders
       before net derivative losses (SFAS
        No. 133)                                    $79,201           $54,641
 
     Weighted average shares outstanding -
      basic                                          88,688            67,943
       FFO per share basic before net derivative
        losses (SFAS No. 133)                         $0.89             $0.80
 
     Weighted average shares outstanding -
      diluted                                       104,160            81,381
       FFO per share diluted before net
        derivative losses (SFAS No. 133)              $0.85             $0.78
       FFO per share diluted after net
        derivative losses (SFAS No. 133)              $0.83             $0.78
 
 
                            BOSTON PROPERTIES, INC.
                              PORTFOLIO OCCUPANCY
 
                                                       Occupancy by Location
                                              March 31, 2001  December 31, 2000
     Greater Boston                                   98.8%               99.3%
     Greater Washington                               98.7%               98.5%
     Midtown Manhattan                                99.6%               99.9%
     Baltimore, MD                                    99.5%               99.8%
     Richmond, VA                                     99.6%              100.0%
     Princeton/East Brunswick, NJ                     98.4%               98.7%
     Greater San Francisco                            95.9%               97.9%
     Bucks County, PA                                100.0%              100.0%
          Total Portfolio                             98.4%               98.9%
 
 
 
                                                          Occupancy by Type
                                             March 31, 2001  December 31, 2000
     Class A Office Portfolio                         98.7%              99.0%
     Office/Technical Portfolio                       98.5%              98.0%
     Industrial Portfolio                             88.0%              95.9%
          Total Portfolio                             98.4%              98.9%
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X56642578
 
 SOURCE  Boston Properties, Inc.