Boston Properties
Market Cap
US$18.6b
Last Updated
2021/05/16 22:31 UTC
Data Sources
Company Financials +
Executive Summary
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. More Details
Rewards
Risk Analysis
Snowflake Analysis
6 star dividend payer and slightly overvalued.
Similar Companies
Share Price & News
How has Boston Properties's share price performed over time and what events caused price changes?
Latest Share Price and Events
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.
Market Performance
7 Day Return
0.04%
BXP
-1.3%
US REITs
-1.7%
US Market
1 Year Return
44.4%
BXP
41.1%
US REITs
50.8%
US Market
Return vs Industry: BXP exceeded the US REITs industry which returned 41.1% over the past year.
Return vs Market: BXP underperformed the US Market which returned 50.8% over the past year.
Shareholder returns
| BXP | Industry | Market | |
|---|---|---|---|
| 7 Day | 0.04% | -1.3% | -1.7% |
| 30 Day | 2.6% | 1.1% | -1.5% |
| 90 Day | 15.0% | 8.6% | 0.4% |
| 1 Year | 50.8%44.4% | 46.8%41.1% | 53.3%50.8% |
| 3 Year | 2.7%-7.6% | 45.2%27.8% | 61.5%51.4% |
| 5 Year | 1.3%-13.0% | 54.0%23.1% | 125.8%100.7% |
Long-Term Price Volatility Vs. Market
How volatile is Boston Properties's share price compared to the market and industry in the last 5 years?
Simply Wall St News
2 weeks ago | Simply Wall St
If You Like EPS Growth Then Check Out Boston Properties (NYSE:BXP) Before It's Too Late1 month ago | Simply Wall St
Reflecting on Boston Properties' (NYSE:BXP) Share Price Returns Over The Last Five Years2 months ago | Simply Wall St
Have Insiders Been Buying Boston Properties, Inc. (NYSE:BXP) Shares?Valuation
Is Boston Properties undervalued compared to its fair value and its price relative to the market?
6.0%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: BXP ($108.2) is trading below our estimate of fair value ($115.14)
Significantly Below Fair Value: BXP is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: BXP is good value based on its PE Ratio (36.9x) compared to the US REITs industry average (44.3x).
PE vs Market: BXP is poor value based on its PE Ratio (36.9x) compared to the US market (19.8x).
Price to Earnings Growth Ratio
PEG Ratio: BXP is poor value based on its PEG Ratio (4x)
Price to Book Ratio
PB vs Industry: BXP is overvalued based on its PB Ratio (2.9x) compared to the US REITs industry average (1.8x).
Future Growth
How is Boston Properties forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?
9.1%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: BXP's forecast earnings growth (9.1% per year) is above the savings rate (2%).
Earnings vs Market: BXP's earnings (9.1% per year) are forecast to grow slower than the US market (14.7% per year).
High Growth Earnings: BXP's earnings are forecast to grow, but not significantly.
Revenue vs Market: BXP's revenue (5.7% per year) is forecast to grow slower than the US market (9% per year).
High Growth Revenue: BXP's revenue (5.7% 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 (9.9%).
Past Performance
How has Boston Properties performed over the past 5 years?
10.7%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: BXP has a large one-off gain of $149.2M impacting its March 31 2021 financial results.
Growing Profit Margin: BXP's current net profit margins (17%) are lower than last year (30.3%).
Past Earnings Growth Analysis
Earnings Trend: BXP's earnings have grown by 10.7% per year over the past 5 years.
Accelerating Growth: BXP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: BXP had negative earnings growth (-49.8%) over the past year, making it difficult to compare to the REITs industry average (-10.7%).
Return on Equity
High ROE: BXP's Return on Equity (6.8%) is considered low.
Financial Health
How is Boston Properties's financial position?
Financial Position Analysis
Short Term Liabilities: BXP's short term assets ($2.4B) exceed its short term liabilities ($508.6M).
Long Term Liabilities: BXP's short term assets ($2.4B) do not cover its long term liabilities ($13.4B).
Debt to Equity History and Analysis
Debt Level: BXP's debt to equity ratio (150.3%) is considered high.
Reducing Debt: BXP's debt to equity ratio has increased from 129% to 150.3% over the past 5 years.
Debt Coverage: BXP's debt is not well covered by operating cash flow (9.1%).
Interest Coverage: BXP's interest payments on its debt are not well covered by EBIT (2x coverage).
Balance Sheet
Dividend
What is Boston Properties's current dividend yield, its reliability and sustainability?
3.62%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: BXP's dividend (3.62%) is higher than the bottom 25% of dividend payers in the US market (1.24%).
High Dividend: BXP's dividend (3.62%) is in the top 25% of dividend payers in the US market (3.42%)
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.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (73.4%), BXP's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: BXP's dividends in 3 years are forecast to be covered by earnings (56.4% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
10.8yrs
Average management tenure
CEO
Owen Thomas (58 yo)
8.08yrs
Tenure
US$10,737,289
Compensation
Mr. Owen David Thomas is Global Chairman of the Urban Land Institute, Director of the Real Estate Roundtable, a member of the Executive Board of NAREIT and the former Chairman of the Pension Real Estate As...
CEO Compensation Analysis
Compensation vs Market: Owen's total compensation ($USD10.74M) is about average for companies of similar size in the US market ($USD11.15M).
Compensation vs Earnings: Owen's compensation has been consistent with company performance over the past year.
Leadership Team
Experienced Management: BXP's management team is seasoned and experienced (10.8 years average tenure).
Board Members
Experienced Board: BXP's board of directors are considered experienced (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 company bio, 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$18.624b
- Market Cap: US$16.887b
- Shares outstanding: 172.13m
- Website: https://www.bostonproperties.com
Number of Employees
Location
- Boston Properties, Inc.
- Prudential Center
- 800 Boylston Street
- Boston
- Massachusetts
- 2199
- United States
Listings
Biography
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 ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/05/16 22:31 |
| End of Day Share Price | 2021/05/14 00:00 |
| Earnings | 2021/03/31 |
| Annual Earnings | 2020/12/31 |
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.