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Boston Properties Announces Tax Treatment of 2001 Distributions

    BOSTON, Jan. 15 /PRNewswire-FirstCall/ -- Boston Properties, Inc.
(NYSE: BXP), a real estate investment trust, announced today the tax treatment
of its 2001 distributions as described in the chart below. The common stock
distribution with a record date of 12/28/2001 is a split dividend, as
indicated below in the status column, with the amount of $0.0584 per common
share taxable in 2001 and $0.5216 per common share taxable in 2002.
Shareholders are encouraged to consult with their personal tax advisors as to
their specific tax treatment of Boston Properties distributions.


                 Income
              Allocations
                F=Final      Security               Ticker Issuer Declaration
    Status    E=Estimated  Description    CUSIP     Symbol  Class.   Date
                              Common    101121101    BXP      1     12/15/00
                              Common    101121101    BXP      1      3/20/01
                              Common    101121101    BXP      1       5/2/01
                              Common    101121101    BXP      1      9/17/01
                              Common    101121101    BXP      1     12/18/01
    Split                     Common    101121101    BXP      1     12/18/01
                    F   Totals for 2001 Common Stock

                            Preferred   101121200    BXP      1     12/15/00
                            Preferred   101121200    BXP      1      3/20/01
                            Preferred   101121200    BXP      1       5/2/01
                            Preferred   101121200    BXP      1      9/17/01
                    F  Totals for 2001 Preferred Stock


                 Income
              Allocations                             Cash      Taxable
                F=Final        Record     Payable Distribution  Ordinary
    Status    E=Estimated       Date       Date     Per Share   Dividend
                              12/29/00    1/29/01    $0.2672    $0.2672
                               3/30/01    4/30/01    $0.5300    $0.5300
                               6/29/01    7/30/01    $0.5800    $0.5800
                               9/28/01   10/30/01    $0.5800    $0.5800
                              12/28/01    1/29/02    $0.0584    $0.0584
    Split                     12/28/01    1/29/02    $0.5216    $0.5216
                    F  Totals for 2001 Common Stock  $2.0156    $2.0156

                              12/29/00    2/15/01    $0.7320    $0.7320
                               3/30/01    5/15/01    $0.7315    $0.7315
                               6/29/01    8/15/01    $0.7612    $0.7612
                               9/28/01   11/15/01    $0.7612    $0.7612
                    F  Totals for 2001 Preferred     $2.9859   $2.9859
                                     Stock

    Boston Properties is a fully integrated, self-administered and self-
managed real estate investment trust that develops, redevelops, acquires,
manages, operates and owns a diverse portfolio of Class-A office, industrial
and hotel properties.  The Company is one of the largest owners and developers
of Class-A office properties in the United States, concentrated in four core
markets -- Boston, Midtown Manhattan, Washington, DC and San Francisco.
    Visit the Company's web site at http://www.bostonproperties.com .  Also
see http://www.frbinc.com .



SOURCE Boston Properties, Inc.




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Related links:
  • http://www.bostonproperties.com
    CONTACT:
    Douglas T. Linde, Chief Financial Officer of
    Boston Properties, Inc., +1-617-236-3300, or General, Marilynn
    Meek, +1-212-445-8451, or Media, Judith Sylk-Siegel,
    +1-212-445-8431, both of FRB Weber Shandwick