New Risk • May 21
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €525k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Significant insider selling over the past 3 months (€525k sold). Announcement • Apr 30
Federal Realty Investment Trust (NYSE:FRT) acquired Kingstowne Retail in Washington, DC of BXP, Inc. (NYSE:BXP) for $19.7 million. Federal Realty Investment Trust (NYSE:FRT) acquired Kingstowne Retail in Washington, DC of BXP, Inc. (NYSE:BXP) for $19.7 million on April 17, 2026. A team from Avison Young including Joe French, James Nelson, Erik Edeen, Kyle Borda and Kimberly Troeller marketed the 100%-leased movie theater property on BXP's behalf.
Federal Realty Investment Trust (NYSE:FRT) completed the acquisition of Kingstowne Retail in Washington, DC of BXP, Inc. (NYSE:BXP) on April 17, 2026. Announcement • Apr 13
BXP, Inc., Annual General Meeting, May 21, 2026 BXP, Inc., Annual General Meeting, May 21, 2026. Location: 200 club, 200 clarendon street, 3rd floor, massachusetts 02116., boston United States Announcement • Apr 07
BXP, Inc. to Report Q1, 2026 Results on Apr 28, 2026 BXP, Inc. announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on Apr 28, 2026 Announcement • Mar 19
BXP, Inc. Declares A Regular Quarterly Cash Dividend for the Period January 1, 2026 to March 31, 2026, Payable on April 30, 2026 BXP, Inc. announced that its Board of Directors declared a regular quarterly cash dividend of $0.70 per share of common stock for the period January 1, 2026 to March 31, 2026, payable on April 30, 2026 to shareholders of record as of the close of business on March 31, 2026. Announcement • Jan 29
An undisclosed buyer acquired 50% stake in Gateway Commons located in South San Francisco from BXP, Inc. (NYSE:BXP). An undisclosed buyer acquired 50% stake in Gateway Commons located in South San Francisco from BXP, Inc. (NYSE:BXP) on January 2, 2026. BXP sold 140 Kendrick Street in Needham, Massachusetts, and BXP’s ownership interests in Gateway Commons in South San Francisco, California and Market Square North in Washington, DC, generated aggregate net proceeds of approximately $397.2 million and an aggregate gain on sale of approximately $65.6 million.
An undisclosed buyer completed the acquisition of 50% stake in Gateway Commons located in South San Francisco from BXP, Inc. (NYSE:BXP) on January 2, 2026. Announcement • Jan 28
BXP, Inc. Provides Earnings Guidance for the First Quarter and Full Year 2026 BXP, Inc. provided earnings guidance for the first quarter and full year 2026. For the quarter, the company expects EPS of $0.32 - $0.34.
For the full year, the company expects EPS of $2.08 - $2.29. Announcement • Jan 16
An undisclosed buyer agreed to acquire Two residential properties in Cambridge, Massachusetts and Reston, Virginia from BXP, Inc. (NYSE:BXP) for approximately $410 million. An undisclosed buyer agreed to acquire Two residential properties in Cambridge, Massachusetts and Reston, Virginia from BXP, Inc. (NYSE:BXP) for approximately $410 million recently. The sale of the two residential properties generated an aggregate net proceeds of approximately $405 million. Announcement • Jan 07
BXP, Inc. to Report Q4, 2025 Results on Jan 27, 2026 BXP, Inc. announced that they will report Q4, 2025 results After-Market on Jan 27, 2026 Announcement • Dec 19
BXP, Inc. Declares a Regular Quarterly Cash Dividend for the Period October 1, 2025 to December 31, 2025, Payable on January 29, 2026 BXP, Inc. announced that its Board of Directors declared a regular quarterly cash dividend of $0.70 per share of common stock for the period October 1, 2025 to December 31, 2025, payable on January 29, 2026 to shareholders of record as of the close of business on December 31, 2025. Announcement • Oct 29
BXP, Inc. Provides Earnings Guidance for Full Year 2025 BXP, Inc. provided earnings guidance for full year 2025. The company expects EPS of $0.99 - $1.02 for full year 2025. Announcement • Oct 01
BXP, Inc. to Report Q3, 2025 Results on Oct 28, 2025 BXP, Inc. announced that they will report Q3, 2025 results After-Market on Oct 28, 2025 Announcement • Sep 22
BXP, Inc.(NYSE:BXP) dropped from FTSE All-World Index (USD) BXP, Inc.(NYSE:BXP) dropped from FTSE All-World Index (USD) Announcement • Sep 08
BXP, Inc. Declares Regular Quarterly Dividend for the Period July 1, 2025 to September 30, 2025, Payable on October 31, 2025 As part of this strategy, BXP, Inc.’s Board of Directors declared a quarterly cash dividend of $0.70 per share of common stock for the period July 1, 2025 to September 30, 2025, payable on October 31, 2025 to shareholders of record as of the close of business on September 30, 2025. Announcement • Jul 01
BXP, Inc. to Report Q2, 2025 Results on Jul 29, 2025 BXP, Inc. announced that they will report Q2, 2025 results After-Market on Jul 29, 2025 Announcement • Jun 21
BXP, Inc. Declares Regular Quarterly Dividend for the Period April 1, 2025 to June 30, 2025, Payable on July 31, 2025 BXP, Inc. announced that its Board of Directors declared a regular quarterly cash dividend of $0.98 per share of common stock for the period April 1, 2025 to June 30, 2025, payable on July 31, 2025 to shareholders of record as of the close of business on June 30, 2025. Announcement • Apr 30
BXP, Inc. Provides Earnings Guidance for the Second Quarter and Full Year 2025 BXP, Inc. provided earnings guidance for the Second Quarter and Full Year 2025. For the quarter, the company expects EPS (diluted) of $0.38 to $0.40
For the full year, the company expects EPS (diluted) of $1.60 to $1.72. Announcement • Apr 11
BXP, Inc., Annual General Meeting, May 20, 2025 BXP, Inc., Annual General Meeting, May 20, 2025. Location: 2100 pennsylvania avebue, nw 3rd floor conference center, dc 20037, washington United States Announcement • Mar 20
BXP, Inc. Declares Regular Quarterly Dividend for the Period January 1, 2025 to March 31, 2025, Payable on April 30, 2025 BXP, Inc. announced that its Board of Directors declared a regular quarterly cash dividend of $0.98 per share of common stock for the period January 1, 2025 to March 31, 2025, payable on April 30, 2025 to shareholders of record as of the close of business on March 31, 2025. Announcement • Jan 29
BXP, Inc. Provides Earnings Guidance for the First Quarter of 2025 and Fiscal Year 2025 BXP, Inc. provided earnings guidance for the first quarter of 2025 and fiscal year 2025. The company provided guidance for first quarter 2025 EPS of $0.33 to $0.3.
For the full year 2025 EPS of $1.57 to $1.75. The midpoint of guidance for 2025 EPS is projected to be higher than full year 2024 EPS primarily due to the 2024 non-cash impairment charges related to BXP’s investments in its unconsolidated joint ventures that are not projected to reoccur in 2025. Announcement • Jan 03
BXP, Inc. to Report Q4, 2024 Results on Jan 28, 2025 BXP, Inc. announced that they will report Q4, 2024 results After-Market on Jan 28, 2025 Announcement • Dec 19
BXP, Inc. Declares Quarterly Cash Dividend for the Period October 1, 2024 to December 31, 2024, Payable on January 30, 2025 BXP, Inc. announced that its Board of Directors declared a regular quarterly cash dividend of $0.98 per share of common stock for the period October 1, 2024 to December 31, 2024, payable on January 30, 2025 to shareholders of record as of the close of business on December 31, 2024. Announcement • Oct 30
BXP, Inc. Updates Earnings Guidance for the Full Year of 2024 BXP, Inc. updated earnings guidance for the full year of 2024. For full year 2024 EPS of $2.05 - $2.07. The midpoint of the guidance for full year 2024 EPS represents a decrease of approximately $0.03 per share compared to the midpoint of BXP’s updated guidance and is primarily due to greater projected depreciation and amortization expense. Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: US$0.53 (vs US$0.71 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.53 (up from US$0.71 loss in 3Q 2023). Revenue: US$859.2m (up 48% from 3Q 2023). Net income: US$83.6m (up US$195.5m from 3Q 2023). Profit margin: 9.7% (up from net loss in 3Q 2023). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Oct 21
Now 21% undervalued Over the last 90 days, the stock has risen 27% to €80.94. The fair value is estimated to be €102, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to grow by 2.2% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Announcement • Oct 03
BXP, Inc. to Report Q3, 2024 Results on Oct 29, 2024 BXP, Inc. announced that they will report Q3, 2024 results After-Market on Oct 29, 2024 Declared Dividend • Sep 16
Second quarter dividend of US$0.98 announced Shareholders will receive a dividend of US$0.98. Ex-date: 30th September 2024 Payment date: 31st October 2024 Dividend yield will be 5.1%, which is lower than the industry average of 5.8%. Recent Insider Transactions • Sep 12
Senior Executive Vice President recently sold €1.5m worth of stock On the 9th of September, Raymond Ritchey sold around 22k shares on-market at roughly €67.25 per share. This transaction amounted to 61% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €2.6m more than they bought in the last 12 months. Reported Earnings • Jul 31
Second quarter 2024 earnings released: EPS: US$0.51 (vs US$0.67 in 2Q 2023) Second quarter 2024 results: EPS: US$0.51 (down from US$0.67 in 2Q 2023). Revenue: US$850.5m (up 4.6% from 2Q 2023). Net income: US$79.6m (down 24% from 2Q 2023). Profit margin: 9.4% (down from 13% in 2Q 2023). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Jul 09
BXP, Inc. to Report Q2, 2024 Results on Jul 30, 2024 BXP, Inc. announced that they will report Q2, 2024 results After-Market on Jul 30, 2024 Declared Dividend • Jun 17
First quarter dividend of US$0.98 announced Shareholders will receive a dividend of US$0.98. Ex-date: 28th June 2024 Payment date: 31st July 2024 Dividend yield will be 6.4%, which is higher than the industry average of 5.8%. Announcement • Jun 15
Boston Properties, Inc. Declares Quarterly Cash Dividend for the Period April 1, 2024 to June 30, 2024, Payable on July 31, 2024 Boston Properties, Inc. announced that its Board of Directors declared a regular quarterly cash dividend of $0.98 per share of common stock for the period April 1, 2024 to June 30, 2024, payable on July 31, 2024 to shareholders of record as of the close of business on June 28, 2024. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: US$0.51 (vs US$0.50 in 1Q 2023) First quarter 2024 results: EPS: US$0.51 (up from US$0.50 in 1Q 2023). Revenue: US$839.4m (up 6.1% from 1Q 2023). Net income: US$79.9m (up 2.6% from 1Q 2023). Profit margin: 9.5% (in line with 1Q 2023). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Announcement • May 01
Boston Properties, Inc. Provides Earnings Guidance for the Second Quarter of Fiscal 2024 and Full Year 2024 Boston Properties, Inc. provides earnings guidance for the second quarter of fiscal 2024 and full year 2024. For the quarter, the company provided guidance - EPS of $0.45 - $0.47.For the full year 2024 EPS of $1.97 - $2.09. 2024 EPS has been adjusted primarily due to $0.18 per diluted share in greater depreciation and amortization expense and $0.08 per diluted share in the aforementioned non-cash impairment charge. Announcement • Apr 13
Boston Properties, Inc., Annual General Meeting, May 22, 2024 Boston Properties, Inc., Annual General Meeting, May 22, 2024, at 09:00 Pacific Standard Time. Location: Salesforce Tower 415 Mission Street, 55th Floor San Francisco California United States Agenda: To elect the eleven (11) nominees for director named in the proxy statement, each to serve for a one-year term and until their respective successors are duly elected and qualified; to hold a non-binding, advisory vote on named executive officer compensation; to approve the Fourth Amendment to the Boston Properties, Inc. 1999 Non-Qualified Employee Stock Purchase Plan; to ratify the Audit Committee’s appointment of PricewaterhouseCoopers LLP as independent registered public accounting firm for the fiscal year ending December 31, 2024; and to consider and act upon any other matters that are properly brought by or at the direction of the Board of Directors before the annual meeting and at any adjournments or postponements thereof. Announcement • Apr 03
Boston Properties, Inc. to Report Q1, 2024 Results on Apr 30, 2024 Boston Properties, Inc. announced that they will report Q1, 2024 results After-Market on Apr 30, 2024 Declared Dividend • Mar 20
Fourth quarter dividend of US$0.98 announced Shareholders will receive a dividend of US$0.98. Ex-date: 27th March 2024 Payment date: 30th April 2024 Dividend yield will be 6.4%, which is higher than the industry average of 5.8%. Announcement • Mar 19
Boston Properties, Inc. Declares Regular Quarterly Dividend, Payable on April 30, 2024 Boston Properties, Inc. announced that its Board of Directors declared a regular quarterly cash dividend of $0.98 per share of common stock for the period January 1, 2024 to March 31, 2024, payable on April 30, 2024 to shareholders of record as of the close of business on March 28, 2024. Recent Insider Transactions • Mar 10
Senior Executive Vice President recently sold €816k worth of stock On the 6th of March, Raymond Ritchey sold around 14k shares on-market at roughly €57.64 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €4.5m more than they bought in the last 12 months. Reported Earnings • Feb 29
Full year 2023 earnings released: FFO per share: US$7.3 (vs US$7.55 in FY 2022) Full year 2023 results: FFO per share: US$7.3 (down from US$7.55 in FY 2022). Revenue: US$3.24b (up 4.7% from FY 2022). Funds from operations (FFO): US$1.14b (down 3.4% from FY 2022). FFO margin: 35% (down from 38% in FY 2022). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year. Announcement • Feb 02
Boston Properties, Inc. Provides Earnings Guidance for the First Quarter of 2024 and Fiscal Year 2024 Boston Properties, Inc. provided earnings guidance for the first quarter of 2024 and fiscal year 2024. BXP also provided guidance for first quarter 2024 EPS of $0.66 - $0.68.Full-year 2024 EPS of $2.26 - $2.46. The mid-point of guidance for 2024 EPS is projected to be 95% higher than full year 2023 EPS primarily due to: 2023 non-cash impairment charges of $1.56 per diluted share offset by $0.23 per diluted share of gains related to BXP’s investments in its unconsolidated joint ventures that are not projected to reoccur in 2024. Reported Earnings • Feb 01
Full year 2023 earnings released: FFO per share: US$7.3 (vs US$7.55 in FY 2022) Full year 2023 results: FFO per share: US$7.3 (down from US$7.55 in FY 2022). Revenue: US$2.99b (down 3.4% from FY 2022). Funds from operations (FFO): US$1.14b (down 3.4% from FY 2022). FFO margin: 38% (in line with FY 2022). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 7% per year. Buy Or Sell Opportunity • Jan 31
Now 22% undervalued Over the last 90 days, the stock has risen 23% to €64.48. The fair value is estimated to be €82.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has declined by 5.8%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Announcement • Jan 09
Boston Properties, Inc. to Report Q4, 2023 Results on Jan 30, 2024 Boston Properties, Inc. announced that they will report Q4, 2023 results After-Market on Jan 30, 2024 Buying Opportunity • Dec 19
Now 21% undervalued Over the last 90 days, the stock is up 5.0%. The fair value is estimated to be €81.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has declined by 5.8%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Announcement • Dec 19
Boston Properties, Inc. Declares Regular Quarterly Cash Dividend, Payable on January 30, 2024 Boston Properties, Inc. announced that its Board of Directors declared a regular quarterly cash dividend of $0.98 per share of common stock for the period October 1, 2023 to December 31, 2023, payable on January 30, 2024 to shareholders of record as of the close of business on December 29, 2023. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €57.64, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 23x in the Office REITs industry globally. Total loss to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €80.77 per share. Announcement • Nov 15
Norges Bank Investment Management entered into agreement to acquire 45% stake in Life Sciences Development Properties Located in Kendall Square in Cambridge, Massachusetts from Boston Properties, Inc. (NYSE:BXP) for $210 million. Norges Bank Investment Management entered into agreement to acquire 45% stake in Life Sciences Development Properties Located in Kendall Square in Cambridge, Massachusetts from Boston Properties, Inc. (NYSE:BXP) for $210 million on November 13, 2023. In a related transaction, Norges Bank Investment Management also acquired 45% stake in 290 Binney Street Located in Kendall Square in Cambridge, Massachusetts on November 13, 2023. BXP will retain the remaining 55 percent interest in the both properties and will manage the properties on behalf of the partnership.
Norges Bank Investment Management completed the acquisition of 45% stake in Life Sciences Development Properties Located in Kendall Square in Cambridge, Massachusetts from Boston Properties, Inc. (NYSE:BXP) on November 13, 2023. Reported Earnings • Nov 02
Third quarter 2023 earnings released: US$0.71 loss per share (vs US$2.30 profit in 3Q 2022) Third quarter 2023 results: US$0.71 loss per share (down from US$2.30 profit in 3Q 2022). Revenue: US$824.3m (up 5.1% from 3Q 2022). Net loss: US$111.8m (down 131% from profit in 3Q 2022). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 7% per year. Announcement • Nov 02
Boston Properties, Inc. Provides Updated Earnings Guidance for Full Year 2023 Boston Properties, Inc. announced that the company provided updated guidance for full year 2023 EPS of $1.05 - $1.07. Announcement • Oct 21
Clark Construction Group Joins Representatives from BXP to Celebrate the Topping Out of Skymark Reston Town Center On October 19, Clark Construction Group joined representatives from BXP to celebrate the topping out of Skymark Reston Town Center, the tallest mixed-use residential tower in the Capital Region. The project is part of the next phase of BXP’s new transit-oriented development that expands Reston Town Center in Fairfax County, Virginia. SCB is the project architect. The residential high-rise will deliver 464 units and is built over a podium containing ground-floor retail, 44 loft-style residential units, and 80,000 square feet of office space across four stories. The building will also feature five levels of above- and below-grade parking. Since breaking ground, concrete crews from Baker Concrete Construction have placed a combined 46,000 cubic yards of concrete to shape the 40-story tower. With this milestone complete, the team will shift its focus to completing the building envelope and interior work. Skymark comes on the heels of the successful delivery of 1950 and 2000 Opportunity Way, the first two office buildings at the expansion of BXP’s Reston Town Center. In addition to the two office towers, the 1.1 million square foot development project includes street retail, a shared below-grade parking facility, a public plaza, and multiple outdoor amenity and green spaces. Announcement • Sep 22
Boston Properties, Inc. to Report Q3, 2023 Results on Nov 01, 2023 Boston Properties, Inc. announced that they will report Q3, 2023 results on Nov 01, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of US$0.98 per share at 6.0% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 31 October 2023. Trailing yield: 6.0%. Within top quartile of German dividend payers (4.8%). In line with average of industry peers (5.9%). Recent Insider Transactions • Sep 07
Senior Executive Vice President recently sold €4.1m worth of stock On the 5th of September, Raymond Ritchey sold around 65k shares on-market at roughly €62.64 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €3.7m more than they bought in the last 12 months. Announcement • Sep 06
Boston Properties, Inc. Declares Regular Quarterly Dividend, Payable on October 31, 2023 Boston Properties, Inc. announced that its Board of Directors declared a regular quarterly cash dividend of $0.98 per share of common stock for the period July 1, 2023 to September 30, 2023, payable on October 31, 2023 to shareholders of record as of the close of business on September 29, 2023. Announcement • Aug 02
BXP Announces Executive Changes Bob Pester, the longtime San Francisco head of BXP and one of the region's most influential commercial real estate executives, will retire in early 2024, ending a 25-year-tenure with the publicly traded Boston developer. Pester, who joined BXP in 1998 and was appointed executive vice president for the San Francisco region in 2016, oversaw development of Salesforce Tower, the city's tallest building, which BXP built with Hines and later bought outright. The company named Pester's successor: Rod Diehl, who currently serves as its San Francisco-based senior vice president of leasing, will be promoted to head BXP's West Coast operations. The new role involves a reorganization that joins the San Francisco, Los Angeles and Seattle regions under one management structure. BXP currently owns and operates some 11.5 million square feet in those three markets collectively. The company said in a statement that Pester and Diehl will jointly lead its West Coast operations through the end of the year. Diehl, a 30-year commercial real estate industry veteran who got his start as a research analyst with Cushman & Wakefield, joined BXP in 2005. Since then, he's secured more than 13 million square feet of leases in the Bay Area and also oversee leasing efforts for the company's 2021 expansion in Seattle and more recently, in Los Angeles. Diehl worked for Bedford Property investors as a senior vice president of acquisitions and regional manager for Northern California before joining BXP. Pester is just the latest leader of developers with local offices to retire or leave their positions. Earlier this year, prolific Los Angeles-based developer and investor John B. Kilroy Jr. announced that he will retire as CEO of Kilroy Realty Corp. at the end of the year. And in March, Paul Paradis, who has represented Texas developer Hines in San Francisco and the rest of the West for nearly 34 years, quietly retired from his post as senior managing director. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: US$0.67 (vs US$1.42 in 2Q 2022) Second quarter 2023 results: EPS: US$0.67 (down from US$1.42 in 2Q 2022). Revenue: US$817.2m (up 5.9% from 2Q 2022). Net income: US$104.3m (down 53% from 2Q 2022). Profit margin: 13% (down from 29% in 2Q 2022). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Office REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 7% per year. Announcement • Jul 06
Boston Properties, Inc. to Report Q2, 2023 Results on Aug 01, 2023 Boston Properties, Inc. announced that they will report Q2, 2023 results at 4:00 PM, US Eastern Standard Time on Aug 01, 2023 Announcement • Jun 21
Boston Properties, Inc. Declares Regular Quarterly Cash Dividend for the Period April 1, 2023 to June 30, 2023, Payable on July 31, 2023 Boston Properties, Inc. announced that its Board of Directors declared a regular quarterly cash dividend of $0.98 per share of common stock for the period April 1, 2023 to June 30, 2023, payable on July 31, 2023 to shareholders of record as of the close of business on June 30, 2023. New Risk • Jun 15
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €534k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (€534k sold). Recent Insider Transactions • Jun 09
Insider recently sold €534k worth of stock On the 7th of June, Peter Otteni sold around 10k shares on-market at roughly €51.00 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €412k more than they sold in the last 12 months. Recent Insider Transactions • May 31
Independent Director recently bought €443k worth of stock On the 26th of May, Carol Einiger bought around 10k shares on-market at roughly €44.30 per share. This transaction increased Carol's direct individual holding by 1x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth €502k. Insiders have collectively bought €945k more in shares than they have sold in the last 12 months. Board Change • May 28
High number of new directors Independent Director Tony West was the last director to join the board, commencing their role in 2023. Reported Earnings • Apr 26
First quarter 2023 earnings released: EPS: US$0.50 (vs US$0.91 in 1Q 2022) First quarter 2023 results: EPS: US$0.50 (down from US$0.91 in 1Q 2022). Revenue: US$803.2m (up 6.6% from 1Q 2022). Net income: US$77.9m (down 46% from 1Q 2022). Profit margin: 9.7% (down from 19% in 1Q 2022). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Office REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Recent Insider Transactions • Mar 16
Independent Director recently bought €502k worth of stock On the 15th of March, Matthew Lustig bought around 10k shares on-market at roughly €50.22 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €52.29, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 10x in the REITs industry in Europe. Total loss to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €69.64 per share. Buying Opportunity • Mar 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €68.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.7%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings is forecast to decline by 14% per annum over the same time period. Reported Earnings • Feb 02
Full year 2022 earnings released: EPS: US$5.42 (vs US$3.18 in FY 2021) Full year 2022 results: EPS: US$5.42 (up from US$3.18 in FY 2021). Revenue: US$3.11b (up 8.5% from FY 2021). Net income: US$848.9m (up 71% from FY 2021). Profit margin: 27% (up from 17% in FY 2021). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Announcement • Feb 01
Boston Properties, Inc. Revised Earnings Guidance for the Full Year of 2023 Boston Properties, Inc. revised earnings guidance for the full year of 2023. Full year 2023 EPS of $2.36 - $2.46. The mid-point of the updated guidance for full year 2023 EPS is projected to be $0.07 per share greater than the guidance provided on October 25, 2022, primarily due to decreased depreciation and amortization expense. Announcement • Jan 05
Boston Properties, Inc. to Report Q4, 2022 Results on Jan 31, 2023 Boston Properties, Inc. announced that they will report Q4, 2022 results After-Market on Jan 31, 2023 Reported Earnings • Oct 28
Third quarter 2022 earnings released: FFO per share: US$1.9 (vs US$1.73 in 3Q 2021) Third quarter 2022 results: FFO per share: US$1.9 (up from US$1.73 in 3Q 2021). Revenue: US$783.1m (up 8.4% from 3Q 2021). Funds from operations (FFO): US$299.8m (up 11% from 3Q 2021). FFO margin: 38% (in line with 3Q 2021). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the REITs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Sep 22
Upcoming dividend of US$0.98 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 31 October 2022. Trailing yield: 5.1%. Within top quartile of German dividend payers (5.1%). In line with average of industry peers (5.4%). Reported Earnings • Jul 27
Second quarter 2022 earnings released: EPS: US$1.42 (vs US$0.72 in 2Q 2021) Second quarter 2022 results: EPS: US$1.42 (up from US$0.72 in 2Q 2021). Revenue: US$773.9m (up 9.2% from 2Q 2021). Net income: US$223.0m (up 100% from 2Q 2021). Profit margin: 29% (up from 16% in 2Q 2021). Over the next year, revenue is forecast to grow 4.8%, compared to a 1.8% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 10% per year. Upcoming Dividend • Jun 22
Upcoming dividend of US$0.98 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 29 July 2022. Trailing yield: 4.3%. Lower than top quartile of German dividend payers (4.4%). In line with average of industry peers (4.7%). Reported Earnings • May 04
First quarter 2022 earnings released: FFO: US$753.6m per share (vs US$1.57 in 1Q 2021) First quarter 2022 results: FFO: US$753.6m per share (up from US$1.57 in 1Q 2021). Revenue: US$753.6m (up 6.7% from 1Q 2021). Funds from operations (FFO): US$286.1m (up 17% from 1Q 2021). FFO margin: 38% (up from 35% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.6% while the industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Buying Opportunity • Mar 31
Now 20% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be €147, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 6.2%. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings is also forecast to grow by 8.4% per annum over the same time period. Reported Earnings • Feb 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: FFO: US$2.87b per share (up from US$6.29 in FY 2020). Revenue: US$2.87b (up 4.7% from FY 2020). Funds from operations (FFO): US$1.03b (up 4.9% from FY 2020). FFO margin: 36% (in line with FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 4.3% while thereits industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 2% per year. Reported Earnings • Jan 26
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$3.18 (down from US$5.54 in FY 2020). Revenue: US$2.89b (up 5.5% from FY 2020). Net income: US$496.2m (down 42% from FY 2020). Profit margin: 17% (down from 32% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 4.6%, compared to a 4.8% growth forecast for the reits industry in Germany. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 4% per year. Recent Insider Transactions • Nov 11
Insider recently sold €419k worth of stock On the 8th of November, Jake Stroman sold around 4k shares on-market at roughly €102 per share. In the last 3 months, there was an even bigger sale from another insider worth €4.3m. Insiders have been net sellers, collectively disposing of €5.4m more than they bought in the last 12 months. Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS US$0.69 (vs US$0.58 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$730.1m (up 6.4% from 3Q 2020). Net income: US$108.3m (up 21% from 3Q 2020). Profit margin: 15% (up from 13% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Sep 22
Upcoming dividend of US$0.98 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 29 October 2021. Trailing yield: 3.6%. Within top quartile of German dividend payers (3.2%). In line with average of industry peers (3.3%). Recent Insider Transactions • Sep 08
Senior Executive Vice President recently sold €4.3m worth of stock On the 3rd of September, Raymond Ritchey sold around 45k shares on-market at roughly €95.21 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €5.0m more than they bought in the last 12 months. Recent Insider Transactions • Sep 01
Insider recently sold €483k worth of stock On the 27th of August, Peter Otteni sold around 5k shares on-market at roughly €96.14 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €685k more than they bought in the last 12 months. Reported Earnings • Jul 28
Second quarter 2021 earnings released: EPS US$0.72 (vs US$1.71 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: US$713.8m (up 9.7% from 2Q 2020). Net income: US$111.7m (down 58% from 2Q 2020). Profit margin: 16% (down from 41% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 22
Upcoming dividend of US$0.98 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 30 July 2021. Trailing yield: 3.3%. Within top quartile of German dividend payers (3.1%). In line with average of industry peers (3.4%). Recent Insider Transactions • Jun 12
Senior VP recently sold €202k worth of stock On the 10th of June, Frank Burt sold around 2k shares on-market at roughly €101 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Executive Departure • May 18
Executive Vice President of Washington DC Region Peter Johnston has left the company On the 15th of May, Peter Johnston's tenure in the role of Executive Vice President of Washington DC Region ended. We don't have any record of a personal shareholding under Peter's name. Peter is the only executive to leave the company over the last 12 months. Reported Earnings • Apr 30
First quarter 2021 earnings released: FFO US$1.57 per share (vs US$1.53 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: US$705.2m (down 6.1% from 1Q 2020). Funds from operations (FFO): US$243.8m (up US$480.7m from 1Q 2020). FFO margin: 35% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming Dividend of US$0.98 Per Share Will be paid on the 30th of April to those who are registered shareholders by the 30th of March. The trailing yield of 3.8% is in the top quartile of German dividend payers (3.3%), and it is in line with industry peers (3.6%). Is New 90 Day High Low • Mar 08
New 90-day high: €89.50 The company is up 7.0% from its price of €84.00 on 08 December 2020. The German market is also up 7.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the REITs industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €112 per share.