Boston Properties, Inc., a real estate investment trust (REIT), together with its subsidiaries, engages in the ownership and development of office properties in the United States. As on December 31, 2005, the company owned or had interests in a portfolio of 121 commercial real estate properties, including 117 office properties, 2 hotels, and 2 retail properties. It also owned or controlled undeveloped land totaling approximately 527.1 acres, as of the above date. The company has elected to be taxed as REIT under the Internal Revenue Code of 1986. As a REIT, it would not be subject to federal income tax purposes, provided that it distributes at least 90% of its REIT taxable income to its...