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. Reported Earnings • Apr 29
First quarter 2026 earnings released: EPS: US$0.64 (vs US$0.39 in 1Q 2025) First quarter 2026 results: EPS: US$0.64 (up from US$0.39 in 1Q 2025). Revenue: US$872.1m (up 2.0% from 1Q 2025). Net income: US$101.6m (up 66% from 1Q 2025). Profit margin: 12% (up from 7.2% in 1Q 2025). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 4.7% decline forecast for the Office REITs industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. 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 Declared Dividend • Mar 23
Fourth quarter dividend of US$0.70 announced Shareholders will receive a dividend of US$0.70. Ex-date: 31st March 2026 Payment date: 30th April 2026 Dividend yield will be 5.9%, which is higher than the industry average of 5.3%. 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. Reported Earnings • Mar 01
Full year 2025 earnings released: FFO per share: US$6.9 (vs US$7.12 in FY 2024) Full year 2025 results: FFO per share: US$6.9 (down from US$7.12 in FY 2024). Revenue: US$3.36b (flat on FY 2024). Funds from operations (FFO): US$1.09b (down 2.8% from FY 2024). FFO margin: 32% (in line with FY 2024). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 6.0% decline forecast for the Office REITs industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. New Risk • Feb 08
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x 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 (US$4.2m sold). 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. Reported Earnings • Jan 28
Full year 2025 earnings released: EPS: US$1.75 (vs US$0.091 in FY 2024) Full year 2025 results: EPS: US$1.75 (up from US$0.091 in FY 2024). Revenue: US$3.48b (up 3.0% from FY 2024). Net income: US$276.8m (up US$262.5m from FY 2024). Profit margin: 7.9% (up from 0.4% in FY 2024). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, while revenues in the Office REITs industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. 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 Declared Dividend • Dec 21
Third quarter dividend of US$0.70 announced Shareholders will receive a dividend of US$0.70. Ex-date: 31st December 2025 Payment date: 29th January 2026 Dividend yield will be 4.9%, which is lower than the industry average of 5.3%. 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. Recent Insider Transactions • Dec 03
Insider recently sold US$2.6m worth of stock On the 1st of December, Raymond Ritchey sold around 36k shares on-market at roughly US$72.18 per share. This transaction amounted to 72% 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 US$6.1m more than they bought in the last 12 months. Recent Insider Transactions • Nov 11
Executive VP recently sold US$971k worth of stock On the 7th of November, Michael LaBelle sold around 13k shares on-market at roughly US$72.34 per share. This transaction amounted to 59% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Oct 29
Now 16% undervalued Over the last 90 days, the stock has risen 8.4% to US$71.83. The fair value is estimated to be US$85.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Oct 29
Third quarter 2025 earnings released: US$0.77 loss per share (vs US$0.53 profit in 3Q 2024) Third quarter 2025 results: US$0.77 loss per share (down from US$0.53 profit in 3Q 2024). Revenue: US$871.5m (up 3.0% from 3Q 2024). Net loss: US$121.7m (down 246% from profit in 3Q 2024). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, while revenues in the Office REITs industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. 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 Upcoming Dividend • Sep 25
Upcoming dividend of US$0.70 per share Eligible shareholders must have bought the stock before 30 September 2025. Payment date: 31 October 2025. Trailing yield: 5.2%. Lower than top quartile of British dividend payers (5.4%). In line with average of industry peers (5.2%). 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) Declared Dividend • Sep 11
Second quarter dividend reduced to US$0.70 Dividend of US$0.70 is 29% lower than last year. Ex-date: 30th September 2025 Payment date: 31st October 2025 Dividend yield will be 4.8%, which is lower than the industry average of 5.3%. 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. Buy Or Sell Opportunity • Aug 11
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.9% to US$62.62. The fair value is estimated to be US$81.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has declined by 81%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 30% per annum over the same time period. Reported Earnings • Jul 30
Second quarter 2025 earnings released: EPS: US$0.56 (vs US$0.51 in 2Q 2024) Second quarter 2025 results: EPS: US$0.56 (up from US$0.51 in 2Q 2024). Revenue: US$868.5m (up 2.9% from 2Q 2024). Net income: US$89.0m (up 12% from 2Q 2024). Profit margin: 10% (in line with 2Q 2024). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, while revenues in the Office REITs industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. 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 Declared Dividend • Jun 25
First quarter dividend of US$0.98 announced Dividend of US$0.98 is the same as last year. Ex-date: 30th June 2025 Payment date: 31st July 2025 Dividend yield will be 5.6%, which is higher than the industry average of 5.3%. Buy Or Sell Opportunity • Jun 24
Now 22% undervalued Over the last 90 days, the stock has risen 2.3% to US$69.84. The fair value is estimated to be US$89.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Meanwhile, the company became loss making. 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. Reported Earnings • Apr 30
First quarter 2025 earnings released: EPS: US$0.39 (vs US$0.51 in 1Q 2024) First quarter 2025 results: EPS: US$0.39 (down from US$0.51 in 1Q 2024). Revenue: US$865.2m (up 3.2% from 1Q 2024). Net income: US$61.2m (down 23% from 1Q 2024). Profit margin: 7.1% (down from 9.5% in 1Q 2024). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.0% decline forecast for the Office REITs industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. 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 Buy Or Sell Opportunity • Apr 03
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to US$63.47. The fair value is estimated to be US$81.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has declined by 47%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Declared Dividend • Mar 22
Fourth quarter dividend of US$0.98 announced Dividend of US$0.98 is the same as last year. Ex-date: 31st March 2025 Payment date: 30th April 2025 Dividend yield will be 5.7%, which is higher than the industry average of 5.3%. 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. Buy Or Sell Opportunity • Mar 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to US$66.57. The fair value is estimated to be US$84.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has declined by 47%. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Reported Earnings • Mar 03
Full year 2024 earnings released: FFO per share: US$7.1 (vs US$7.29 in FY 2023) Full year 2024 results: FFO per share: US$7.1 (down from US$7.29 in FY 2023). Revenue: US$3.38b (up 4.5% from FY 2023). Funds from operations (FFO): US$1.12b (down 2.0% from FY 2023). FFO margin: 33% (down from 35% in FY 2023). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Office REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Feb 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to US$68.20. The fair value is estimated to be US$85.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has declined by 47%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Recent Insider Transactions • Feb 06
Insider recently sold US$892k worth of stock On the 4th of February, Hilary Spann sold around 12k shares on-market at roughly US$72.02 per share. This transaction amounted to 63% 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 US$3.8m more than they bought in the last 12 months. 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. Reported Earnings • Jan 29
Full year 2024 earnings released: EPS: US$0.091 (vs US$1.21 in FY 2023) Full year 2024 results: EPS: US$0.091 (down from US$1.21 in FY 2023). Revenue: US$3.41b (up 5.3% from FY 2023). Net income: US$14.3m (down 93% from FY 2023). Profit margin: 0.4% (down from 5.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, while revenues in the Office REITs industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. 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 Declared Dividend • Dec 23
Third quarter dividend of US$0.98 announced Dividend of US$0.98 is the same as last year. Ex-date: 31st December 2024 Payment date: 30th January 2025 Dividend yield will be 5.2%, which is about the same as the industry average. 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. Buy Or Sell Opportunity • Nov 01
Now 20% undervalued Over the last 90 days, the stock has risen 21% to US$80.92. The fair value is estimated to be US$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 6.6% over the last 3 years. Earnings per share has declined by 26%. For the next 3 years, revenue is forecast to grow by 0.9% per annum. Earnings are forecast to decline by 0.5% per annum over the same time period. 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 the United Kingdom 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 10% per year, which means it has not declined as severely as earnings. 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 Buy Or Sell Opportunity • Sep 21
Now 21% undervalued Over the last 90 days, the stock has risen 32% to US$80.92. The fair value is estimated to be US$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 14% per annum over the same time period. Declared Dividend • Sep 16
Second quarter dividend of US$0.98 announced Dividend of US$0.98 is the same as last year. Ex-date: 30th September 2024 Payment date: 31st October 2024 Dividend yield will be 4.9%, which is lower than the industry average of 5.3%. Recent Insider Transactions • Sep 12
Senior Executive Vice President recently sold US$1.6m worth of stock On the 9th of September, Raymond Ritchey sold around 22k shares on-market at roughly US$74.25 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 US$2.9m 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 the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 15% per year. Buy Or Sell Opportunity • Jul 19
Now 21% undervalued Over the last 90 days, the stock has risen 12% to US$67.30. The fair value is estimated to be US$85.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has declined by 6.7%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. 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 Dividend of US$0.98 is the same as last year. Ex-date: 28th June 2024 Payment date: 31st July 2024 Dividend yield will be 6.3%, which is higher than the industry average of 5.3%. 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 03
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, compared to a 2.9% decline forecast for the Office REITs industry in the United Kingdom. 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 18% 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 Dividend of US$0.98 is the same as last year. Ex-date: 27th March 2024 Payment date: 30th April 2024 Dividend yield will be 6.2%, which is higher than the industry average of 5.3%. 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 09
Senior Executive Vice President recently sold US$889k worth of stock On the 6th of March, Raymond Ritchey sold around 14k shares on-market at roughly US$62.84 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 US$4.8m 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, compared to a 1.8% decline forecast for the Office REITs industry in the United Kingdom. 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 15% per year, which means it is performing significantly worse than earnings. 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. New Risk • Feb 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (6.4% net profit margin). 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, compared to a 1.6% decline forecast for the Office REITs industry in the United Kingdom. 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 9% per year. Buy Or Sell Opportunity • Feb 01
Now 22% undervalued Over the last 90 days, the stock has risen 22% to US$67.94. The fair value is estimated to be US$87.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 4.2%. Buying Opportunity • Jan 17
Now 21% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be US$83.38, 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 2.9% per annum. Earnings is also forecast to grow by 15% 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 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 17% After last week's 17% share price gain to US$62.93, 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 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$84.35 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. New Risk • Nov 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.9% Last year net profit margin: 30% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (5.9% net profit margin). Significant insider selling over the past 3 months (US$4.4m sold). 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%. Lower than top quartile of British dividend payers (6.2%). In line with average of industry peers (5.5%). Recent Insider Transactions • Sep 07
Senior Executive Vice President recently sold US$4.4m worth of stock On the 5th of September, Raymond Ritchey sold around 65k shares on-market at roughly US$67.11 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 US$3.9m 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, while revenues in the Office REITs industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Buying Opportunity • Aug 01
Now 21% undervalued Over the last 90 days, the stock is up 27%. The fair value is estimated to be US$82.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Earnings per share has declined by 7.3%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings is forecast to decline by 12% per annum over the same time period. 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. Buying Opportunity • Jun 15
Now 20% undervalued Over the last 90 days, the stock is up 6.1%. The fair value is estimated to be US$68.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Earnings per share has declined by 7.3%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings is forecast to decline by 14% per annum over the same time period. 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: US$571k 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 (US$571k sold). Recent Insider Transactions • Jun 09
Insider recently sold US$571k worth of stock On the 7th of June, Peter Otteni sold around 10k shares on-market at roughly US$54.60 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 US$432k more than they sold in the last 12 months. 
