Boston Properties, Inc.

Schedule 3 - Real Estate and Accumulated Depreciation

December 31, 2012

(dollars in thousands)



Property Name	Type	Location	Encumbrances		Original				Costs Capitalized Subsequent to Acquisition			Land and Improvements		Building and Improvements		Land Held for Development		Development and Construction in Progress		Total		Accumulated Depreciation		Year(s) Built/ Renovated	Depreciable Lives (Years)
					Original
					Land		Building
Embarcadero Center	Office	San Francisco, CA	$	365,263	$	179,697	$	847,410	$	299,360		$	195,984	$	1,130,483	$	—	$	—	$	1,326,467	$	431,933	1970/1989	(1)
Prudential Center	Office	Boston, MA	—		92,077		734,594		339,363			107,426		1,042,589		16,019		—		1,166,034		363,098		1965/1993/2002	(1)
399 Park Avenue	Office	New York, NY	—		339,200		700,358		91,986			354,107		777,437		—		—		1,131,544		197,783		1961	(1)
601 Lexington Avenue	Office	New York, NY	725,000		241,600		494,782		216,384			289,639		663,127		—		—		952,766		184,225		1977/1997	(1)
The John Hancock Tower and Garage	Office	Boston, MA	656,572		219,543		667,884		43,528			219,616		711,339		—		—		930,955		51,483		1976	(1)
Times Square Tower	Office	New York, NY	—		165,413		380,438		84,227			169,193		460,885		—		—		630,078		124,896		2004	(1)
100 Federal Street	Office	Boston, MA	—		131,067		435,954		566			131,067		436,520		—		—		567,587		12,712		1971-1975	(1)
Carnegie Center	Office	Princeton, NJ	—		105,107		377,259		59,196			103,062		436,434		2,066		—		541,562		155,643		1983-1999/2009	(1)
Atlantic Wharf	Office	Boston, MA	—		63,988		454,537		8,735			63,988		463,272		—		—		527,260		24,700		2011	(1)
Fountain Square	Office	Reston, VA	232,916		56,853		306,298		825			56,853		307,123		—		—		363,976		3,088		1986-1990	(1)
510 Madison Avenue	Office	New York, NY	—		103,000		253,665		—			103,000		253,665		—		—		356,665		7,485		2012	(1)
599 Lexington Avenue	Office	New York, NY	750,000		81,040		100,507		120,936			87,852		214,631		—		—		302,483		138,001		1986	(1)
Gateway Center	Office	San Francisco, CA	—		28,255		139,245		50,792			30,627		187,665		—		—		218,292		72,672		1984/1986/2002	(1)
Bay Colony Corporate Center	Office	Waltham, MA	—		18,789		148,451		25,031			18,789		173,482		—		—		192,271		13,499		1985-1989	(1)
South of Market	Office	Reston, VA	—		13,603		164,144		9,359			13,687		173,419		—		—		187,106		31,984		2008	(1)
2200 Pennsylvania Avenue	Office	Washington, DC	—		—		183,541		2,274			—		185,815		—		—		185,815		11,068		2011	(1)
One Patriots Park (formerly known as 12310 Sunrise Valley Drive)	Office	Reston, VA	—		9,367		67,431		63,039			11,343		128,494		—		—		139,837		50,376		1987/1988/2012	(1)
Reservoir Place	Office	Waltham, MA	—		18,605		92,619		26,487			20,118		117,593		—		—		137,711		48,183		1955/1987	(1)
3200 Zanker Road	Office	San Jose, CA	—		36,705		82,863		15,492			36,997		94,320		3,743		—		135,060		20,684		1988	(1)
505 9th Street	Office	Washington, DC	123,666		38,885		83,719		5,692			42,082		86,214		—		—		128,296		17,117		2007	(1)
1333 New Hampshire Avenue	Office	Washington, DC	—		34,032		85,660		8,407			35,382		92,717		—		—		128,099		27,928		1996	(1)
Kingstowne Towne Center	Office	Alexandria, VA	52,292		18,021		109,038		174			18,062		109,171		—		—		127,233		22,981		2003-2006	(1)
Capital Gallery	Office	Washington, DC	—		4,725		29,565		90,761			8,662		116,389		—		—		125,051		50,572		1981/2006	(1)
1330 Connecticut Avenue	Office	Washington, DC	—		25,982		82,311		16,248			27,135		97,406		—		—		124,541		26,291		1984	(1)
601 Massachusetts Avenue	Office	Washington, DC	—		95,281		22,221		4,300			95,293		22,257		4,252		—		121,802		18,123		1968/1992	(1)
Weston Corporate Center	Office	Weston, MA	—		25,753		92,312		(149		)	25,852		92,064		—		—		117,916		7,870		2010	(1)
One Freedom Square	Office	Reston, VA	—		9,929		84,504		22,960			11,293		106,100		—		—		117,393		39,586		2000	(1)
One and Two Reston Overlook	Office	Reston, VA	—		16,456		66,192		23,463			17,561		88,550		—		—		106,111		26,959		1999	(1)
Two Freedom Square	Office	Reston, VA	—		13,930		77,739		13,797			15,420		90,046		—		—		105,466		34,233		2001	(1)
Seven Cambridge Center	Office	Cambridge, MA	—		3,457		97,136		2,880			4,125		99,348		—		—		103,473		41,528		2006	(1)
Discovery Square	Office	Reston, VA	—		11,198		71,782		15,501			12,533		85,948		—		—		98,481		25,842		2001	(1)



140 Kendrick Street	Office	Needham, MA	48,358	18,095	66,905	8,424		19,092	74,332	—	—	93,424	15,474	2000	(1)
Five Cambridge Center	Office	Cambridge, MA	—	18,863	53,346	19,288		18,938	63,619	—	8,940	91,497	17,480	1981/1996	(1)
77 CityPoint	Office	Waltham, MA	—	13,847	60,383	3,123		13,875	63,478	—	—	77,353	9,936	2008	(1)
North First Business Park	Office	San Jose, CA	—	58,402	13,069	3,793		23,377	16,010	35,877	—	75,264	8,217	1981	(1)
230 CityPoint	Office	Waltham, MA	—	13,189	49,823	11,694		13,593	61,113	—	—	74,706	15,128	1992	(1)
Four Cambridge Center	Office	Cambridge, MA	—	19,104	52,078	3,514		19,148	55,548	—	—	74,696	9,118	1983/1998	(1)
Waltham Weston Corporate Center	Office	Waltham, MA	—	10,385	60,694	2,987		11,097	62,969	—	—	74,066	19,278	2003	(1)
Democracy Tower	Office	Reston, VA	—	—	73,335	431		—	73,766	—	—	73,766	8,914	2009	(1)
2440 West El Camino Real	Office	Mountain View, CA	—	16,741	51,285	491		16,741	51,776	—	—	68,517	2,268	1987/2003	(1)
Wisconsin Place	Office	Chevy Chase, MD	—	—	53,349	13,661		—	67,010	—	—	67,010	8,838	2009	(1)
Reston Corporate Center	Office	Reston, VA	—	9,135	50,857	5,334		10,148	55,178	—	—	65,326	19,527	1984	(1)
New Dominion Technology Park, Bldg. Two	Office	Herndon, VA	63,000	5,584	51,868	3,894		6,510	54,836	—	—	61,346	14,760	2004	(1)
One Preserve Parkway	Office	Rockville, MD	—	5,357	42,186	8,699		5,357	50,885	—	—	56,242	6,768	2009	(1)
Sumner Square	Office	Washington, DC	—	624	28,745	23,161		1,478	51,052	—	—	52,530	21,422	1985	(1)
New Dominion Technology Park, Bldg. One	Office	Herndon, VA	45,418	3,880	43,227	3,882		4,583	46,406	—	—	50,989	17,984	2001	(1)
303 Almaden Boulevard	Office	San Jose, CA	—	10,836	35,606	4,060		10,947	39,555	—	—	50,502	8,994	1995	(1)
200 West Street	Office	Waltham, MA	—	16,148	24,983	8,100		16,813	32,418	—	—	49,231	13,499	1999	(1)
1301 New York Avenue	Office	Washington, DC	—	9,250	18,750	20,590		9,867	38,723	—	—	48,590	15,486	1983/1998	(1)
191 Spring Street	Office	Lexington, MA	—	2,850	27,166	18,403		3,151	45,268	—	—	48,419	28,197	1971/1995	(1)
University Place	Office	Cambridge, MA	15,000	—	37,091	6,785		390	43,486	—	—	43,876	19,225	1985	(1)
2600 Tower Oaks Boulevard	Office	Rockville, MD	—	4,243	31,125	7,676		4,785	38,259	—	—	43,044	15,306	2001	(1)
Quorum Office Park	Office	Chelmsford, MA	—	3,750	32,454	5,273		5,187	36,290	—	—	41,477	11,890	2001	(1)
One Cambridge Center	Office	Cambridge, MA	—	134	25,110	14,982		548	39,678	—	—	40,226	22,594	1987	(1)
Three Patriots Park (formerly known as 12290 Sunrise Valley Drive)	Office	Reston, VA	—	3,594	32,977	1,374		4,009	33,936	—	—	37,945	11,798	2006	(1)
500 E Street	Office	Washington, DC	—	109	22,420	12,418		2,379	32,568	—	—	34,947	19,595	1987	(1)
Eight Cambridge Center	Office	Cambridge, MA	—	850	25,042	8,507		1,323	33,076	—	—	34,399	9,673	1999	(1)
10 and 20 Burlington Mall Road	Office	Burlington, MA	—	930	6,928	13,806		802	20,862	—	—	21,664	13,534	1984-1989/1996	(1)
Ten Cambridge Center	Office	Cambridge, MA	—	1,299	12,943	6,109		2,395	17,956	—	—	20,351	10,729	1990	(1)
Three Cambridge Center	Office	Cambridge, MA	—	174	12,200	5,855		367	17,862	—	—	18,229	9,315	1987	(1)
201 Spring Street	Office	Lexington, MA	—	2,849	15,303	(154	)	3,124	14,874	—	—	17,998	5,558	1997	(1)
Montvale Center	Office	Gaithersburg, MD	25,000	1,574	9,786	6,558		2,555	15,363	—	—	17,918	10,307	1987	(1)
40 Shattuck Road	Office	Andover, MA	—	709	14,740	2,268		893	16,824	—	—	17,717	4,928	2001	(1)
Lexington Office Park	Office	Lexington, MA	—	998	1,426	13,503		1,264	14,663	—	—	15,927	9,714	1982	(1)
92-100 Hayden Avenue	Office	Lexington, MA	—	594	6,748	7,819		802	14,359	—	—	15,161	9,160	1985	(1)
6601 & 6605 Springfield Center Drive	Office	Springfield, VA	—	14,041	2,375	(1,836	)	3,777	714	10,089	—	14,580	714	1990	(1)
181 Spring Street	Office	Lexington, MA	—	1,066	9,520	1,950		1,160	11,376	—	—	12,536	3,704	1999	(1)
195 West Street	Office	Waltham, MA	—	1,611	6,652	4,175		1,858	10,580	—	—	12,438	5,749	1990	(1)
Waltham Office Center	Office	Waltham, MA	—	422	2,719	9,266		165	8,445	3,797	—	12,407	8,051	1968-1970/1988	(1)
91 Hartwell Avenue	Office	Lexington, MA	—	784	6,464	4,706		941	11,013	—	—	11,954	7,069	1985	(1)
Eleven Cambridge Center	Office	Cambridge, MA	—	121	5,535	4,975		324	10,307	—	—	10,631	6,961	1984	(1)
7501 Boston Boulevard, Building Seven	Office	Springfield, VA	—	665	9,273	544		791	9,691	—	—	10,482	3,653	1997	(1)
33 Hayden Avenue	Office	Lexington, MA	—	266	3,234	6,073		425	9,148	—	—	9,573	7,011	1979	(1)
7435 Boston Boulevard, Building One	Office	Springfield, VA	—	392	3,822	3,894		659	7,449	—	—	8,108	5,144	1982	(1)
7450 Boston Boulevard, Building Three	Office	Springfield, VA	—	1,165	4,681	1,915		1,430	6,331	—	—	7,761	2,743	1987	(1)
8000 Grainger Court, Building Five	Office	Springfield, VA	—	366	4,282	2,944		601	6,991	—	—	7,592	4,840	1984	(1)



453 Ravendale Drive	Office	Mountain View, CA	—				5,477		1,090		172			5,477		1,262		—		—		6,739		67		1977	(1)
7500 Boston Boulevard, Building Six	Office	Springfield, VA	—				138		3,749		2,597			406		6,078		—		—		6,484		3,945		1985	(1)
7601 Boston Boulevard, Building Eight	Office	Springfield, VA	—				200		878		4,875			551		5,402		—		—		5,953		3,415		1986	(1)
Fourteen Cambridge Center	Office	Cambridge, MA	—				110		4,483		1,223			273		5,543		—		—		5,816		3,667		1983	(1)
7300 Boston Boulevard, Building Thirteen	Office	Springfield, VA	—				608		4,773		230			661		4,950		—		—		5,611		3,580		2002	(1)
8000 Corporate Court, Building Eleven	Office	Springfield, VA	—				136		3,071		1,484			775		3,916		—		—		4,691		2,222		1989	(1)
7374 Boston Boulevard, Building Four	Office	Springfield, VA	—				241		1,605		1,899			398		3,347		—		—		3,745		2,220		1984	(1)
7375 Boston Boulevard, Building Ten	Office	Springfield, VA	—				23		2,685		1,007			93		3,622		—		—		3,715		2,156		1988	(1)
7451 Boston Boulevard, Building Two	Office	Springfield, VA	—				249		1,542		1,313			613		2,491		—		—		3,104		2,074		1982	(1)
32 Hartwell Avenue	Office	Lexington, MA	—				168		1,943		440			314		2,237		—		—		2,551		1,438		1968-1979/1987	(1)
164 Lexington Road	Office	Billerica, MA	—				592		1,370		319			643		1,638		—		—		2,281		662		1982	(1)
17 Hartwell Avenue	Office	Lexington, MA	—				26		150		1,002			65		1,113		—		—		1,178		563		1968	(1)
Residences on The Avenue, 2221 I St., NW	Residential	Washington, DC	—				—		119,874		(39		)	—		119,835		—		—		119,835		4,857		2011	(1)
The Lofts at Atlantic Wharf	Residential	Boston, MA	—				3,529		54,891		971			3,529		55,862		—		—		59,391		2,111		2011	(1)
Cambridge Center Marriott	Hotel	Cambridge, MA	—				478		37,918		34,595			1,201		71,790		—		—		72,991		44,011		1986	(1)
Cambridge Center East Garage	Garage	Cambridge, MA	—				—		35,035		1,487			103		36,419		—		—		36,522		5,721		1984	(1)
Cambridge Center West Garage	Garage	Cambridge, MA	—				1,256		15,697		1,221			1,434		16,740		—		—		18,174		2,951		2006	(1)
Cambridge Center North Garage	Garage	Cambridge, MA	—				1,163		11,633		2,750			1,579		13,967		—		—		15,546		7,745		1990	(1)
250 West 55th Street	Development	New York, NY	—				—		—		714,451			—		—		—		714,451		714,451		—		N/A	N/A
680 Folsom Street	Development	San Francisco, CA	—				—		—		147,815			—		—		3,058		144,757		147,815		—		N/A	N/A
Two Patriots Park (formerly known as 12300 Sunrise Valley Drive)	Development	Reston, VA	—				9,062		58,884		54,309			11,009		65,426		—		45,820		122,255		43,278		1987/1988	N/A
The Avant at Reston Town Center Residential	Development	Reston, VA	—				—		—		67,548			—		—		—		67,548		67,548		—		N/A	N/A
17 Cambridge Center	Development	Cambridge, MA	—				—		—		55,264			—		—		—		55,264		55,264		—		N/A	N/A
Plaza at Almaden	Land	San Jose, CA	—				—		—		37,306			—		—		37,306		—		37,306		—		N/A	N/A
Springfield Metro Center	Land	Springfield, VA	—				—		—		31,965			—		—		31,965		—		31,965		—		N/A	N/A
Tower Oaks Master Plan	Land	Rockville, MD	—				—		—		28,624			—		—		28,624		—		28,624		—		N/A	N/A
Prospect Hill	Land	Waltham, MA	—				—		—		23,800			—		667		23,133		—		23,800		—		N/A	N/A
Washingtonian North	Land	Gaithersburg, MD	—				—		—		17,891			—		—		17,891		—		17,891		—		N/A	N/A
103 4th Avenue	Land	Waltham, MA	—				—		—		11,911			—		—		11,911		—		11,911		—		N/A	N/A
Cambridge Master Plan	Land	Cambridge, MA	—				—		—		10,896			—		—		10,896		—		10,896		—		N/A	N/A
Reston Gateway	Land	Reston, VA	—				—		—		9,521			—		—		9,521		—		9,521		—		N/A	N/A
Reston Eastgate	Land	Reston, VA	—				—		—		8,801			—		—		8,801		—		8,801		—		N/A	N/A
Crane Meadow	Land	Marlborough, MA	—				—		—		8,725			—		—		8,725		—		8,725		—		N/A	N/A
Broad Run Business Park	Land	Loudon County, VA	—				—		—		7,851			1,621		—		6,230		—		7,851		—		N/A	N/A
30 Shattuck Road	Land	Andover, MA	—				—		—		1,190			—		—		1,190		—		1,190		—		N/A	N/A
			$	3,102,485	(2	)	$	2,500,010	$	9,097,935	$	3,271,942		$	2,605,162	$	10,952,851	$	275,094	$	1,036,780	$	14,869,887	$	2,919,479

Note: Total Real Estate does not include Furniture, Fixtures and Equipment totaling approximately $23,441. Accumulated Depreciation does not include approximately $16,662 of accumulated depreciation related to Furniture, Fixtures and Equipment.

The aggregate cost and accumulated depreciation for tax purposes was approximately $12.2 billion and $2.2 billion, respectively.


(1)	Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years.


(2)	Includes the unamortized balance of the historical fair value adjustment totaling approximately $38.6 million.

Boston Properties, Inc.

Real Estate and Accumulated Depreciation

December 31, 2012

(dollars in thousands)

A summary of activity for real estate and accumulated depreciation is as follows:



	2012			2011			2010
Real Estate:
Balance at the beginning of the year	$	13,363,113		$	12,740,892		$	11,075,879
Additions to/improvements of real estate	1,602,583			668,084			1,669,926
Assets sold/written-off	(95,809		)	(45,863		)	(4,913		)
Balance at the end of the year	$	14,869,887		$	13,363,113		$	12,740,892
Accumulated Depreciation:
Balance at the beginning of the year	$	2,626,324		$	2,308,665		$	2,020,056
Depreciation expense	367,625			362,636			292,561
Assets sold/written-off	(74,470		)	(44,977		)	(3,952		)
Balance at the end of the year	$	2,919,479		$	2,626,324		$	2,308,665

Note: Real Estate and Accumulated Depreciation amounts do not include Furniture, Fixtures and Equipment.