Boston Properties, Inc., a real estate investment trust (REIT), together with its subsidiaries, engages in the ownership and development of office properties. Its properties are located in Boston, Massachusetts; Washington, D.C.; midtown Manhattan, New York; San Francisco, California; and Princeton, New Jersey. As of December 31, 2008, the company owned interests in 147 properties, totaling approximately 49.8 million net rentable square feet and structured parking for vehicles containing approximately 11.2 million square feet. Its properties also included 143 office properties, 1 hotel, and 3 retail properties. In addition, the company owned or controlled an undeveloped land totaling approximately 509.3 acres. Boston Properties, Inc. has elected to be taxed as REIT under the Internal Revenue Code and would not be subject to federal income taxes, if it distributes approximately at least 90% of its taxable income to its shareholders. The company was founded in 1970 and is based in Boston, Massachusetts.