Boston Properties
Market Cap
US$12.3b
Last Updated
2020/10/31 00:20 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
Earnings are forecast to decline by an average of 9.1% per year for the next 3 years
Snowflake Analysis
6 star dividend payer and good value.
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's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
-6.8%
BXP
-5.0%
US REITs
-5.3%
US Market
1 Year Return
-47.3%
BXP
-18.4%
US REITs
10.4%
US Market
Return vs Industry: BXP underperformed the US REITs industry which returned -18% over the past year.
Return vs Market: BXP underperformed the US Market which returned 12% over the past year.
Shareholder returns
| BXP | Industry | Market | |
|---|---|---|---|
| 7 Day | -6.8% | -5.0% | -5.3% |
| 30 Day | -12.6% | -4.6% | -2.1% |
| 90 Day | -18.7% | -6.5% | 1.7% |
| 1 Year | -45.1%-47.3% | -15.1%-18.4% | 12.9%10.4% |
| 3 Year | -33.8%-40.0% | 7.8%-4.9% | 34.3%25.4% |
| 5 Year | -32.1%-41.7% | 36.0%8.8% | 73.7%54.3% |
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
1 day ago | Simply Wall St
Results: Boston Properties, Inc. Exceeded Expectations And The Consensus Has Updated Its Estimates1 week ago | Simply Wall St
Is Boston Properties, Inc.'s (NYSE:BXP) ROE Of 14% Impressive?1 month ago | Simply Wall St
What Can We Make Of Boston Properties' (NYSE:BXP) CEO Compensation?Valuation
Is Boston Properties undervalued compared to its fair value and its price relative to the market?
46.8%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: BXP ($72.41) is trading below our estimate of fair value ($136.02)
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 PE Ratio (11.3x) compared to the US REITs industry average (34x).
PE vs Market: BXP is good value based on its PE Ratio (11.3x) compared to the US market (18.1x).
Price to Earnings Growth Ratio
PEG Ratio: BXP's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: BXP is overvalued based on its PB Ratio (1.9x) compared to the US REITs industry average (1.4x).
Next Steps
Future Growth
How is Boston Properties forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?
-9.1%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: BXP's earnings are forecast to decline over the next 3 years (-9.1% per year).
Earnings vs Market: BXP's earnings are forecast to decline over the next 3 years (-9.1% per year).
High Growth Earnings: BXP's earnings are forecast to decline over the next 3 years.
Revenue vs Market: BXP's revenue (2.9% per year) is forecast to grow slower than the US market (10% per year).
High Growth Revenue: BXP's revenue (2.9% 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 (8.3%).
Next Steps
Past Performance
How has Boston Properties performed over the past 5 years?
9.7%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: BXP has a large one-off gain of $671.6M impacting its September 30 2020 financial results.
Growing Profit Margin: BXP's current net profit margins (35.9%) are higher than last year (17.8%).
Past Earnings Growth Analysis
Earnings Trend: BXP's earnings have grown by 9.7% per year over the past 5 years.
Accelerating Growth: BXP's earnings growth over the past year (91.9%) exceeds its 5-year average (9.7% per year).
Earnings vs Industry: BXP earnings growth over the past year (91.9%) exceeded the REITs industry 8.1%.
Return on Equity
High ROE: BXP's Return on Equity (13.8%) is considered low.
Next Steps
Financial Health
How is Boston Properties's financial position?
Financial Position Analysis
Short Term Liabilities: BXP's short term assets ($3.2B) exceed its short term liabilities ($605.9M).
Long Term Liabilities: BXP's short term assets ($3.2B) do not cover its long term liabilities ($13.9B).
Debt to Equity History and Analysis
Debt Level: BXP's debt to equity ratio (153.5%) is considered high.
Reducing Debt: BXP's debt to equity ratio has increased from 123% to 153.5% over the past 5 years.
Debt Coverage: BXP's debt is not well covered by operating cash flow (9%).
Interest Coverage: BXP's interest payments on its debt are not well covered by EBIT (2.2x coverage).
Balance Sheet
Next Steps
Dividend
What is Boston Properties's current dividend yield, its reliability and sustainability?
5.41%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: BXP's dividend (5.41%) is higher than the bottom 25% of dividend payers in the US market (1.69%).
High Dividend: BXP's dividend (5.41%) is in the top 25% of dividend payers in the US market (4.78%)
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 (57.5%), 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 (52.4% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
13.1yrs
Average management tenure
CEO
Owen Thomas (58 yo)
7.42yrs
Tenure
US$11,917,600
Compensation
Owen David Thomas has served as Chief Executive Officer of Boston Properties, Inc. since April 2013 and serves as its Director. Mr. Thomas served as Chairman of the Board of Directors of Lehman Brothers Ho ...
CEO Compensation Analysis
Compensation vs Market: Owen's total compensation ($USD11.92M) is about average for companies of similar size in the US market ($USD11.21M).
Compensation vs Earnings: Owen's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 7.42yrs | US$11.92m | 0.0059% $ 728.5k | |
| President & Director | 10.75yrs | US$8.09m | 0.12% $ 14.6m | |
| Executive VP | 12.83yrs | US$3.75m | 0.0078% $ 959.8k | |
| Senior Executive Vice President | 22.42yrs | US$6.58m | no data | |
| Executive Vice President of Boston Region | 4.75yrs | US$3.05m | 0.0017% $ 204.3k | |
| Co-Founder & Chairman Emeritus | 4.42yrs | US$654.66k | no data | |
| Senior VP & Chief Accounting Officer | 4.25yrs | no data | no data | |
| Vice President | no data | no data | no data | |
| Senior VP | 17.75yrs | no data | no data | |
| Senior VP & Chief Human Resources Officer | no data | no data | no data | |
| Executive Vice President of San Francisco Region | 4.75yrs | US$1.46m | no data | |
| Senior Vice President of Leasing-New York | 15.58yrs | no data | no data |
13.1yrs
Average Tenure
59.5yo
Average Age
Experienced Management: BXP's management team is seasoned and experienced (13.1 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 7.42yrs | US$11.92m | 0.0059% $ 728.5k | |
| President & Director | 10.75yrs | US$8.09m | 0.12% $ 14.6m | |
| Co-Founder & Chairman Emeritus | 4.42yrs | US$654.66k | no data | |
| Independent Director | 4.42yrs | US$274.19k | 0.013% $ 1.7m | |
| Independent Director | 4.42yrs | US$260.00k | 0.0045% $ 548.8k | |
| Independent Director | 1.42yrs | US$196.26k | no data | |
| Independent Director | 9.75yrs | US$255.00k | no data | |
| Independent Non-Executive Chairman | 1.42yrs | US$320.00k | no data | |
| Independent Director | 16.42yrs | US$235.85k | 0.0051% $ 632.5k | |
| Independent Director | 17.42yrs | US$280.00k | 0.0049% $ 601.7k | |
| Independent Director | 1.42yrs | US$208.20k | 0.0018% $ 225.2k | |
| Independent Director | 2.42yrs | US$240.00k | no data |
4.4yrs
Average Tenure
62yo
Average Age
Experienced Board: BXP's board of directors are considered experienced (4.4 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$12.305b
- Market Cap: US$11.150b
- Shares outstanding: 171.76m
- Website: https://www.bostonproperties.com
Number of Employees
Location
- Boston Properties, Inc.
- Prudential Center
- 800 Boylston Street
- Boston
- Massachusetts
- 2199
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| BXP | NYSE (New York Stock Exchange) | Yes | Common Stock | US | USD | Jun 1997 |
| BO9 | DB (Deutsche Boerse AG) | Yes | Common Stock | DE | EUR | Jun 1997 |
| 0HOX | LSE (London Stock Exchange) | Yes | Common Stock | GB | USD | Jun 1997 |
| BXP * | BMV (Bolsa Mexicana de Valores) | Yes | Common Stock | MX | MXN | Jun 1997 |
| BXP.PRB | NYSE (New York Stock Exchange) | DEP 1/100 PF B | US | USD | Mar 2013 | |
| BOXP34 | BOVESPA (Bolsa de Valores de Sao Paulo) | BDR REPR 1/10 COM USD0.01 | BR | BRL | Jul 2015 |
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 | 2020/10/31 00:20 |
| End of Day Share Price | 2020/10/30 00:00 |
| Earnings | 2020/09/30 |
| Annual Earnings | 2019/12/31 |
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.