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
|Historical stock prices|
|Current Share Price||US$105.58|
|52 Week High||US$133.11|
|52 Week Low||US$102.49|
|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 IPO||294.69%|
Recent News & Updates
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.
|BXP||US REITs||US Market|
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.
|BXP Average Weekly Movement||4.0%|
|REITs Industry Average Movement||4.4%|
|Market Average Movement||7.8%|
|10% most volatile stocks in US Market||16.8%|
|10% least volatile stocks in US Market||2.9%|
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
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
|BXP fundamental statistics|
Is BXP overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|BXP income statement (TTM)|
|Cost of Revenue||US$1.05b|
Last Reported Earnings
Mar 31, 2022
Next Earnings Date
|Earnings per share (EPS)||3.49|
|Net Profit Margin||18.80%|
How did BXP perform over the long term?See historical performance and comparison
3.7%Current Dividend Yield
Is Boston Properties undervalued compared to its fair value and its price relative to the market?
Valuation Score 3/6
Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PB vs Industry
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).
How is Boston Properties forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?
Future Growth Score1/6
Future Growth Score 1/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
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%).
How has Boston Properties performed over the past 5 years?
Past Performance Score4/6
Past Performance Score 4/6
Growing Profit Margin
Earnings vs Industry
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.
How is Boston Properties's financial position?
Financial Health Score1/6
Financial Health Score 1/6
Short Term Liabilities
Long Term Liabilities
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 ($13.9B).
Debt to Equity History and Analysis
Debt Level: BXP's net debt to equity ratio (156.4%) is considered high.
Reducing Debt: BXP's debt to equity ratio has increased from 124.9% to 161.8% over the past 5 years.
Debt Coverage: BXP's debt is not well covered by operating cash flow (9.2%).
Interest Coverage: BXP's interest payments on its debt are not well covered by EBIT (2.5x coverage).
What is Boston Properties's current dividend yield, its reliability and sustainability?
Dividend Score 5/6
Future Dividend Coverage
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: BXP's dividend (3.71%) is higher than the bottom 25% of dividend payers in the US market (1.57%).
High Dividend: BXP's dividend (3.71%) is low compared to the top 25% of dividend payers in the US market (4.05%).
Stability and Growth of Payments
Stable Dividend: BXP's dividends per share have been stable in the past 10 years.
Growing Dividend: BXP's dividend payments have increased over the past 10 years.
Earnings Payout to Shareholders
Earnings Coverage: With its reasonable payout ratio (63.9%), BXP's dividend payments are covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: With its reasonable cash payout ratio (57.1%), BXP's dividend payments are covered by cash flows.
Discover strong dividend paying companies
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Owen Thomas (59 yo)
Mr. Owen David Thomas is Global Chairman of the Urban Land Institute, Director of the Real Estate Roundtable, a member of the Executive Board of NAREIT and the former Chairman of the Pension Real Estate As...
CEO Compensation Analysis
Compensation vs Market: Owen's total compensation ($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.
Experienced Management: BXP's management team is seasoned and experienced (14.5 years average tenure).
Experienced Board: BXP's board of directors are considered experienced (7.5 years average tenure).
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
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Boston Properties, Inc.'s employee growth, exchange listings and data sources
- 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
- Boston Properties, Inc.
- Prudential Center
- 800 Boylston Street
- United States
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/05/24 00:00|
|End of Day Share Price||2022/05/24 00:00|
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.