BOSTON-- Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, reported results for the third quarter ended September 30, 2006.

Funds from Operations (FFO) for the quarter ended September 30, 2006 were $137.3 million, or $1.19 per share basic and $1.16 per share diluted. This compares to FFO for the quarter ended September 30, 2005 of $123.7 million, or $1.11 per share basic and $1.07 per share diluted. The weighted average number of basic and diluted shares outstanding totaled 115,431,903 and 120,726,865, respectively, for the quarter ended September 30, 2006 and 111,775,512 and 119,176,703, respectively, for the quarter ended September 30, 2005.

Net income available to common shareholders was $108.0 million for the three months ended September 30, 2006, compared to $57.6 million for the quarter ended September 30, 2005. Net income available to common shareholders per share (EPS) for the quarter ended September 30, 2006 was $0.93 basic and $0.91 on a diluted basis. This compares to EPS for the third quarter of 2005 of $0.51 basic and $0.50 on a diluted basis. EPS for the quarter ended September 30, 2006 includes $0.28, on a diluted basis, related to (1) gains on sales of real estate of $0.15 and (2) our share of the gain on sale of 265 Franklin Street of $0.13 which is included in income from unconsolidated joint ventures.

The reported results are un-audited and there can be no assurance that the results will not vary from the final information for the quarter ended September 30, 2006. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.