company background image
BXP

Boston Properties NYSE:BXP Stock Report

Last Price

US$105.58

Market Cap

US$18.5b

7D

-8.0%

1Y

-7.7%

Updated

24 May, 2022

Data

Company Financials +
BXP fundamental analysis
Snowflake Score
Valuation3/6
Future Growth1/6
Past Performance4/6
Financial Health1/6
Dividends5/6

BXP Stock Overview

Boston Properties (NYSE:BXP) is the largest publicly-held developer and owner of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC.

Boston Properties Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Boston Properties
Historical stock prices
Current Share PriceUS$105.58
52 Week HighUS$133.11
52 Week LowUS$102.49
Beta1.09
1 Month Change-16.00%
3 Month Change-10.83%
1 Year Change-7.73%
3 Year Change-20.47%
5 Year Change-12.61%
Change since IPO294.69%

Recent News & Updates

Apr 06

Boston Properties Is A World-Class REIT But Currently Overvalued

Boston Properties is the largest office REIT in the US and one of the best managed in our opinion. Its high-quality class A offices have been performing relatively well despite the pandemic, and they have long leases that give the company time to work out the potential impact of work-from-home. The company is generating significant value with its development pipeline, as well as its life sciences buildings platform. Unfortunately, shares are no longer cheap, and we currently rate them a Sell based mostly on valuation, but also uncertainty around the impact of work-from-home.

Shareholder Returns

BXPUS REITsUS Market
7D-8.0%-0.7%-4.0%
1Y-7.7%-1.3%-13.2%

Return vs Industry: BXP underperformed the US REITs industry which returned -2.1% over the past year.

Return vs Market: BXP exceeded the US Market which returned -12.3% over the past year.

Price Volatility

Is BXP's price volatile compared to industry and market?
BXP volatility
BXP Average Weekly Movement4.0%
REITs Industry Average Movement4.4%
Market Average Movement7.8%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market2.9%

Stable Share Price: BXP is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: BXP's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1970743Owen Thomashttps://www.bostonproperties.com

Boston Properties (NYSE:BXP) is the largest publicly-held developer and owner of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space. The Company’s portfolio totals 51.2 million square feet and 196 properties, including six properties under construction/redevelopment.

Boston Properties Fundamentals Summary

How do Boston Properties's earnings and revenue compare to its market cap?
BXP fundamental statistics
Market CapUS$18.48b
Earnings (TTM)US$547.65m
Revenue (TTM)US$2.91b

30.2x

P/E Ratio

5.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BXP income statement (TTM)
RevenueUS$2.91b
Cost of RevenueUS$1.05b
Gross ProfitUS$1.86b
Other ExpensesUS$1.31b
EarningsUS$547.65m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)3.49
Gross Margin63.80%
Net Profit Margin18.80%
Debt/Equity Ratio161.8%

How did BXP perform over the long term?

See historical performance and comparison

Dividends

3.7%

Current Dividend Yield

64%

Payout Ratio

Valuation

Is Boston Properties undervalued compared to its fair value and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • PE vs Industry

  • PE vs Market

  • PEG Ratio

  • PB vs Industry


28.0%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: BXP ($105.58) is trading below our estimate of fair value ($146.64)

Significantly Below Fair Value: BXP is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: BXP is good value based on its Price-To-Earnings Ratio (30.2x) compared to the US REITs industry average (32.4x).

PE vs Market: BXP is poor value based on its Price-To-Earnings Ratio (30.2x) compared to the US market (15.1x).


Price to Earnings Growth Ratio

PEG Ratio: BXP is poor value based on its PEG Ratio (3x)


Price to Book Ratio

PB vs Industry: BXP is overvalued based on its Price-To-Book Ratio (2.8x) compared to the US REITs industry average (1.6x).


Future Growth

How is Boston Properties forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


10.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BXP's forecast earnings growth (10.1% per year) is above the savings rate (1.9%).

Earnings vs Market: BXP's earnings (10.1% per year) are forecast to grow slower than the US market (12.3% per year).

High Growth Earnings: BXP's earnings are forecast to grow, but not significantly.

Revenue vs Market: BXP's revenue (4.5% per year) is forecast to grow slower than the US market (7.8% per year).

High Growth Revenue: BXP's revenue (4.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BXP's Return on Equity is forecast to be low in 3 years time (9.6%).


Past Performance

How has Boston Properties performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


4.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BXP has high quality earnings.

Growing Profit Margin: BXP's current net profit margins (18.8%) are higher than last year (17%).


Past Earnings Growth Analysis

Earnings Trend: BXP's earnings have grown by 4.1% per year over the past 5 years.

Accelerating Growth: BXP's earnings growth over the past year (19.9%) exceeds its 5-year average (4.1% per year).

Earnings vs Industry: BXP earnings growth over the past year (19.9%) underperformed the REITs industry 69.5%.


Return on Equity

High ROE: BXP's Return on Equity (8.5%) is considered low.


Financial Health

How is Boston Properties's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: BXP's short term assets ($2.0B) exceed its short term liabilities ($566.3M).

Long Term Liabilities: BXP's short term assets ($2.0B) do not cover its long term liabilities ($13.9B).


Debt to Equity History and Analysis

Debt Level: BXP's net debt to equity ratio (156.4%) is considered high.

Reducing Debt: BXP's debt to equity ratio has increased from 124.9% to 161.8% over the past 5 years.

Debt Coverage: BXP's debt is not well covered by operating cash flow (9.2%).

Interest Coverage: BXP's interest payments on its debt are not well covered by EBIT (2.5x coverage).


Balance Sheet


Dividend

What is Boston Properties's current dividend yield, its reliability and sustainability?

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


3.71%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: BXP's dividend (3.71%) is higher than the bottom 25% of dividend payers in the US market (1.57%).

High Dividend: BXP's dividend (3.71%) is low compared to the top 25% of dividend payers in the US market (4.05%).


Stability and Growth of Payments

Stable Dividend: BXP's dividends per share have been stable in the past 10 years.

Growing Dividend: BXP's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (63.9%), BXP's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (57.1%), BXP's dividend payments are covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

14.5yrs

Average management tenure


CEO

Owen Thomas (59 yo)

9.08yrs

Tenure

US$12,894,537

Compensation

Mr. Owen David Thomas is Global Chairman of the Urban Land Institute, Director of the Real Estate Roundtable, a member of the Executive Board of NAREIT and the former Chairman of the Pension Real Estate As...


CEO Compensation Analysis

Compensation vs Market: Owen's total compensation ($USD12.89M) is about average for companies of similar size in the US market ($USD13.26M).

Compensation vs Earnings: Owen's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: BXP's management team is seasoned and experienced (14.5 years average tenure).


Board Members

Experienced Board: BXP's board of directors are considered experienced (7.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Boston Properties, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Boston Properties, Inc.
  • Ticker: BXP
  • Exchange: NYSE
  • Founded: 1970
  • Industry: Office REITs
  • Sector: Real Estate
  • Implied Market Cap: US$18.483b
  • Market Cap: US$16.546b
  • Shares outstanding: 174.98m
  • Website: https://www.bostonproperties.com

Number of Employees


Location

  • Boston Properties, Inc.
  • Prudential Center
  • 800 Boylston Street
  • Boston
  • Massachusetts
  • 2199
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/05/24 00:00
End of Day Share Price2022/05/24 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.