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.

FFO should not be considered as an alternative to net income attributable to Boston Properties, Inc. (determined in accordance with GAAP) as an indication of our performance. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and is not a measure of liquidity or an indicator of our ability to make cash distributions. We believe that to further understand our performance, FFO should be compared with our reported net income attributable to Boston Properties, Inc. and considered in addition to cash flows in accordance with GAAP, as presented in our consolidated financial statements.

(2) Real estate depreciation and amortization consists of depreciation and amortization from the Consolidated Statements of Operations of $120,550, $108,511, $453,068 and $436,612, our share of unconsolidated joint venture real estate depreciation and amortization of $21,778, $24,592, $90,076 and $103,970, and depreciation and amortization from discontinued operations of $0, $670, $976 and $2,572, less corporate-related depreciation and amortization of $299, $358, $1,367 and $1,363 for the three months and year ended December 31, 2012 and 2011, respectively.

(3) Consists of the portion of income from unconsolidated joint ventures related to the gain on sale of real estate from (1) the sale of the Company's Value-Added Fund's 300 Billerica Road property during the year ended December 31, 2012 and (2) the sale of Two Grand Central Tower during the three months and year ended December 31, 2011.
 
BOSTON PROPERTIES, INC.
PORTFOLIO LEASING PERCENTAGES
     
 
 
% Leased by Location
December 31, 2012 December 31, 2011
Boston 90.5% 87.1%
New York 93.7% 97.8%
Princeton 78.2% 75.8%
San Francisco 90.1% 87.9%
Washington, DC 94.3% 96.9%
Total Portfolio 91.4% 91.3%
 
 
 
 
% Leased by Type
December 31, 2012 December 31, 2011
Class A Office Portfolio 91.4% 91.3%
Office/Technical Portfolio 90.6% 92.6%
Total Portfolio 91.4% 91.3%

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