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Boston Properties

NYSE:BXP
Snowflake Description

Established dividend payer with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BXP
NYSE
$23B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Boston Properties (NYSE: BXP) is one of the largest publicly-held developers and owners of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC. The last earnings update was 15 days ago. More info.


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BXP Share Price and Events
7 Day Returns
-2.3%
NYSE:BXP
-0.3%
US REITs
0.2%
US Market
1 Year Returns
10.1%
NYSE:BXP
13.3%
US REITs
2.9%
US Market
BXP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Boston Properties (BXP) -2.3% -2.4% -3% 10.1% 5.4% 10.1%
US REITs -0.3% 3.5% 3.2% 13.3% 11.3% 24.8%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • BXP underperformed the REITs industry which returned 13.3% over the past year.
  • BXP outperformed the Market in United States of America which returned 2.9% over the past year.
Price Volatility
BXP
Industry
5yr Volatility vs Market

BXP Value

 Is Boston Properties undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Boston Properties to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Boston Properties.

NYSE:BXP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:BXP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (50.13%))
0.825
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.825 * 5.96%)
7.65%

Discounted Cash Flow Calculation for NYSE:BXP using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Boston Properties is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Boston Properties is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:BXP DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.65%)
2019 811.57 Analyst x7 753.92
2020 866.41 Analyst x9 747.68
2021 924.01 Analyst x3 740.74
2022 723.65 Analyst x1 538.91
2023 915.02 Analyst x1 633.01
2024 918.43 Est @ 0.37% 590.24
2025 928.35 Est @ 1.08% 554.23
2026 942.98 Est @ 1.58% 522.97
2027 961.10 Est @ 1.92% 495.15
2028 981.90 Est @ 2.16% 469.93
Present value of next 10 years cash flows $6,046.78
NYSE:BXP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $981.90 × (1 + 2.73%) ÷ (7.65% – 2.73%)
$20,513.17
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $20,513.17 ÷ (1 + 7.65%)10
$9,817.47
NYSE:BXP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $6,046.78 + $9,817.47
$15,864.26
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $15,864.26 / 171.36
$91.96
NYSE:BXP Discount to Share Price
Calculation Result
Value per share (USD) From above. $91.96
Current discount Discount to share price of $131.58
= -1 x ($131.58 - $91.96) / $91.96
-43.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Boston Properties is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Boston Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Boston Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:BXP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $3.20
NYSE:BXP Share Price ** NYSE (2019-05-23) in USD $131.58
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.92x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Boston Properties.

NYSE:BXP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:BXP Share Price ÷ EPS (both in USD)

= 131.58 ÷ 3.20

41.1x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Boston Properties is overvalued based on earnings compared to the US REITs industry average.
  • Boston Properties is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Boston Properties's expected growth come at a high price?
Raw Data
NYSE:BXP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 41.1x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
5.2%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

NYSE:BXP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 41.1x ÷ 5.2%

7.92x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Boston Properties is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Boston Properties's assets?
Raw Data
NYSE:BXP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $36.48
NYSE:BXP Share Price * NYSE (2019-05-23) in USD $131.58
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
NYSE:BXP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:BXP Share Price ÷ Book Value per Share (both in USD)

= 131.58 ÷ 36.48

3.61x

* Primary Listing of Boston Properties.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Boston Properties is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Boston Properties's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Boston Properties has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

BXP Future Performance

 How is Boston Properties expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Boston Properties expected to grow at an attractive rate?
  • Boston Properties's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Boston Properties's earnings growth is positive but not above the United States of America market average.
  • Boston Properties's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:BXP Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:BXP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 5.2%
NYSE:BXP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 4.4%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:BXP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:BXP Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 3,426 619 1
2022-12-31 3,291 587 1
2021-12-31 3,330 584 2
2020-12-31 3,087 1,382 589 6
2019-12-31 2,929 1,305 489 2
NYSE:BXP Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 2,771 1,132 495
2018-12-31 2,707 1,150 572
2018-09-30 2,668 1,093 528
2018-06-30 2,647 1,103 526
2018-03-31 2,644 898 531
2017-12-31 2,621 912 452
2017-09-30 2,598 878 495
2017-06-30 2,565 818 455
2017-03-31 2,530 928 418
2016-12-31 2,561 1,035 502
2016-09-30 2,548 934 493
2016-06-30 2,552 940 600

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Boston Properties's earnings are expected to grow by 5.2% yearly, however this is not considered high growth (20% yearly).
  • Boston Properties's revenue is expected to grow by 4.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:BXP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Boston Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:BXP Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 3.77 3.98 3.55 2.00
2020-12-31 3.64 5.04 3.11 6.00
2019-12-31 3.06 3.16 2.99 4.00
NYSE:BXP Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 3.20
2018-12-31 3.71
2018-09-30 3.42
2018-06-30 3.41
2018-03-31 3.44
2017-12-31 2.93
2017-09-30 3.21
2017-06-30 2.95
2017-03-31 2.72
2016-12-31 3.27
2016-09-30 3.21
2016-06-30 3.91

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Boston Properties is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Boston Properties's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Boston Properties has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

BXP Past Performance

  How has Boston Properties performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Boston Properties's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Boston Properties's year on year earnings growth rate has been positive over the past 5 years.
  • Boston Properties's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Boston Properties's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Boston Properties's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Boston Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:BXP Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 2,771.16 494.56 127.59
2018-12-31 2,707.30 572.35 121.72
2018-09-30 2,667.71 527.62 123.44
2018-06-30 2,647.42 525.72 119.55
2018-03-31 2,644.06 530.75 118.22
2017-12-31 2,620.52 451.94 113.72
2017-09-30 2,597.53 495.15 109.61
2017-06-30 2,565.31 454.68 108.99
2017-03-31 2,529.66 417.59 107.26
2016-12-31 2,560.69 502.00 105.23
2016-09-30 2,547.84 493.19 104.24
2016-06-30 2,551.79 600.14 100.02
2016-03-31 2,547.32 583.11 96.88
2015-12-31 2,512.85 572.61 96.32
2015-09-30 2,502.82 608.98 95.19
2015-06-30 2,493.46 553.07 96.84
2015-03-31 2,464.71 550.07 93.82
2014-12-31 2,408.91 433.11 94.94
2014-09-30 2,371.53 326.75 90.42
2014-06-30 2,323.16 271.99 80.87
2014-03-31 2,247.90 641.50 85.92
2013-12-31 2,157.13 617.95 88.63
2013-09-30 2,057.26 611.29 87.89
2013-06-30 1,958.14 594.04 96.47
2013-03-31 1,927.40 230.58 95.13
2012-12-31 1,894.53 248.04 85.63
2012-09-30 1,927.48 286.02 87.04
2012-06-30 1,912.99 300.56 82.34

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Boston Properties has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Boston Properties used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Boston Properties's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Boston Properties's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Boston Properties has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

BXP Health

 How is Boston Properties's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Boston Properties's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Boston Properties is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Boston Properties's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Boston Properties's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Boston Properties Company Filings, last reported 1 month ago.

NYSE:BXP Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 8,170.29 11,378.33 360.09
2018-12-31 8,213.97 11,007.76 543.36
2018-09-30 8,205.97 10,889.70 322.50
2018-06-30 8,213.24 10,721.88 472.56
2018-03-31 8,184.09 10,339.31 294.57
2017-12-31 8,102.46 10,271.61 434.77
2017-09-30 8,099.70 10,234.63 493.06
2017-06-30 8,073.35 10,236.64 492.44
2017-03-31 7,922.44 9,895.48 303.49
2016-12-31 7,931.92 9,804.91 357.42
2016-09-30 7,859.25 9,855.33 419.32
2016-06-30 7,898.22 10,035.38 1,180.04
2016-03-31 7,929.79 10,229.31 1,605.68
2015-12-31 7,886.93 9,201.21 726.08
2015-09-30 8,062.76 9,927.88 1,387.01
2015-06-30 8,094.68 10,047.46 1,354.86
2015-03-31 8,105.10 10,070.23 1,064.40
2014-12-31 8,008.26 10,086.98 1,763.08
2014-09-30 7,153.72 10,655.75 846.66
2014-06-30 7,135.68 10,738.61 1,036.58
2014-03-31 7,154.18 10,757.14 1,179.57
2013-12-31 7,194.54 11,521.51 2,365.14
2013-09-30 6,908.32 11,534.37 1,641.28
2013-06-30 6,893.41 11,545.55 1,608.73
2013-03-31 6,014.34 8,871.52 909.38
2012-12-31 5,843.29 8,912.37 1,041.98
2012-09-30 5,796.53 8,650.86 1,223.22
2012-06-30 5,757.27 8,896.21 1,672.00
  • Boston Properties's level of debt (139.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (150.4% vs 139.3% today).
  • Debt is not well covered by operating cash flow (9.9%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.6x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Boston Properties's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Boston Properties has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

BXP Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.89%
Current annual income from Boston Properties dividends. Estimated to be 3.15% next year.
If you bought $2,000 of Boston Properties shares you are expected to receive $58 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Boston Properties's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Boston Properties's dividend is below the markets top 25% of dividend payers in United States of America (3.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:BXP Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:BXP Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 5.30 2.00
2022-12-31 4.88 2.00
2021-12-31 4.53 4.00
2020-12-31 4.10 17.00
2019-12-31 3.86 16.00
NYSE:BXP Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-18 3.800 2.829
2018-12-17 3.800 3.040
2018-09-18 3.800 3.106
2018-06-14 3.200 2.524
2018-03-15 3.200 2.636
2017-12-18 3.200 2.618
2017-11-07 3.000 2.387
2017-06-16 3.000 2.454
2017-03-16 3.000 2.352
2016-12-19 3.000 2.284
2016-09-01 2.600 2.037
2016-06-16 2.600 1.900
2016-03-09 2.600 2.042
2015-12-17 2.600 2.193
2015-09-16 2.600 2.119
2015-06-17 2.600 2.159
2015-03-18 2.600 1.938
2014-12-08 2.600 1.893
2014-09-11 2.600 2.122
2014-06-19 2.600 2.163
2014-03-18 2.600 2.217
2013-12-02 2.600 2.451
2013-09-18 2.600 2.475
2013-06-18 2.600 2.469
2013-03-11 2.600 2.411
2012-11-08 2.600 2.476
2012-09-17 2.200 2.007
2012-06-15 2.200 1.997
2012-03-16 2.200 2.108
2011-12-14 2.200 2.163
2011-09-16 2.000 2.140
2011-06-17 2.000 1.923
2011-03-18 2.000 1.998
2010-12-20 2.000 2.201
2010-09-16 2.000 2.336
2010-06-17 2.000 2.499
2010-03-18 2.000 2.582
2009-12-17 2.000 2.942
2009-09-17 2.000 3.073
2009-06-17 2.000 3.750

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Boston Properties's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (261.1x coverage).
X
Income/ dividend checks
We assess Boston Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Boston Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Boston Properties has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

BXP Management

 What is the CEO of Boston Properties's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Owen Thomas
COMPENSATION $11,694,946
AGE 56
TENURE AS CEO 6.1 years
CEO Bio

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 Holdings Inc. (“LBHI”) from March 2012 until March 2013 and continues to serve as a member of the Board of Directors of LBHI. From 1987 until 2011, Mr. Thomas held various positions at Morgan Stanley, including Chief Executive Officer of Morgan Stanley Asia Ltd., President of Morgan Stanley Investment Management, Head of Morgan Stanley Real Estate and Managing Director. He is a Director of the University of Virginia Investment Management Company, a Trustee and a Director of the Urban Land Institute, a member of the Executive Board of NAREIT and the former Chairman of the Pension Real Estate Association. He received a BS in Mechanical Engineering from the University of Virginia and an MBA from Harvard Business School.

CEO Compensation
  • Owen's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Owen's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Boston Properties management team in years:

11.8
Average Tenure
56
Average Age
  • The average tenure for the Boston Properties management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Owen Thomas

TITLE
CEO & Director
COMPENSATION
$12M
AGE
56
TENURE
6.1 yrs

Doug Linde

TITLE
President & Director
COMPENSATION
$8M
AGE
54
TENURE
12 yrs

Michael LaBelle

TITLE
Executive VP
COMPENSATION
$4M
AGE
54
TENURE
11.5 yrs

Ray Ritchey

TITLE
Senior Executive Vice President
COMPENSATION
$7M
AGE
67
TENURE
21.1 yrs

Bryan Koop

TITLE
Executive Vice President of Boston Region
COMPENSATION
$3M
AGE
59
TENURE
3.3 yrs

Mort Zuckerman

TITLE
Co-Founder & Chairman Emeritus
COMPENSATION
$655K
AGE
80
TENURE
49.3 yrs

Mike Walsh

TITLE
Senior VP & Chief Accounting Officer
AGE
51
TENURE
2.9 yrs

James Whalen

TITLE
Senior VP & Chief Information Officer
AGE
55

Sara Buda

TITLE
Vice President

Frank Burt

TITLE
Senior VP
AGE
59
TENURE
16.3 yrs
Board of Directors Tenure

Average tenure and age of the Boston Properties board of directors in years:

8.8
Average Tenure
64
Average Age
  • The tenure for the Boston Properties board of directors is about average.
Board of Directors

Owen Thomas

TITLE
CEO & Director
COMPENSATION
$12M
AGE
56
TENURE
6.1 yrs

Doug Linde

TITLE
President & Director
COMPENSATION
$8M
AGE
54
TENURE
9.3 yrs

Mort Zuckerman

TITLE
Co-Founder & Chairman Emeritus
COMPENSATION
$655K
AGE
80
TENURE
3 yrs

Dave Twardock

TITLE
Independent Director
COMPENSATION
$248K
AGE
60
TENURE
16 yrs

Carol Einiger

TITLE
Independent Director
COMPENSATION
$220K
AGE
68
TENURE
15 yrs

Matt Lustig

TITLE
Independent Director
COMPENSATION
$209K
AGE
58
TENURE
8.3 yrs

Joel Klein

TITLE
Lead Independent Director
COMPENSATION
$221K
AGE
71
TENURE
3 yrs

Martin Turchin

TITLE
Independent Director
COMPENSATION
$206K
AGE
76
TENURE
21.9 yrs

Jacob Frenkel

TITLE
Independent Director
COMPENSATION
$206K
AGE
75
TENURE
9.3 yrs

Karen Dykstra

TITLE
Independent Director
COMPENSATION
$218K
AGE
59
TENURE
3 yrs
Who owns this company?
Recent Insider Trading
  • Boston Properties insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
17. May 19 Sell Bryan Koop Individual 16. May 19 16. May 19 -3,974 $134.84 $-535,839
21. Feb 19 Sell Frank Burt Individual 20. Feb 19 20. Feb 19 -2,000 $133.65 $-267,281
X
Management checks
We assess Boston Properties's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Boston Properties has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

BXP News

Simply Wall St News

How Much is Boston Properties, Inc.'s (NYSE:BXP) CEO Getting Paid?

In 2013 Owen Thomas was appointed CEO of Boston Properties, Inc. … See our latest analysis for Boston Properties How Does Owen Thomas's Compensation Compare With Similar Sized Companies? … You can see, below, how CEO compensation at Boston Properties has changed over time.

Simply Wall St -

Is Boston Properties, Inc. (NYSE:BXP) Potentially Undervalued?

Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price? … A question to answer is whether Boston Properties's current trading price of $134.73 reflective of the actual value of the? … Let’s take a look at Boston Properties’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

Did Boston Properties's (NYSE:BXP) Share Price Deserve to Gain 13%?

(NYSE:BXP) share price is up 13% in the last five years, that's less than the market return. … One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. … During five years of share price growth, Boston Properties actually saw its EPS drop 1.8% per year.

Simply Wall St -

Investing In Boston Properties, Inc. (NYSE:BXP): What You Need To Know

Boston Properties, Inc. … real estate investment trust (REIT) based in Boston, United States. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation

Simply Wall St -

What Should You Know About Boston Properties, Inc.'s (NYSE:BXP) Earnings Trend?

The most recent earnings update Boston Properties, Inc.'s (NYSE:BXP) released in December 2018a

Simply Wall St -

Read This Before Buying Boston Properties, Inc. (NYSE:BXP) Shares

So we'll take a look at whether insiders have been buying or selling shares in Boston Properties, Inc. … The Last 12 Months Of Insider Transactions At Boston Properties. … Over the last year we saw more insider selling of Boston Properties shares, than buying

Simply Wall St -

What Should Investors Know About Boston Properties, Inc.'s (NYSE:BXP) Growth?

Want to participate in a short research study? … Help shape the future of investing tools and receive a $20 prize! … (NYSE:BXP) released its most recent earnings update.

Simply Wall St -

Why Boston Properties, Inc. (NYSE:BXP) Looks Like A Quality Company

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.087 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Why You Shouldn't Look At Boston Properties Inc's (NYSE:BXP) Bottom Line

real estate investment trust (REIT) based in Boston, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way.

Simply Wall St -

Boasting A 8.0% Return On Equity, Is Boston Properties Inc (NYSE:BXP) A Top Quality Stock?

Our data shows Boston Properties has a return on equity of 8.0% for the last year. … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.080 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

BXP Company Info

Description

Boston Properties (NYSE: BXP) is one of the largest publicly-held developers and owners 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 51.6 million square feet and 197 properties, including eleven properties under construction.

Details
Name: Boston Properties, Inc.
BXP
Exchange: NYSE
Founded: 1970
$22,698,983,262
$20,331,724,099
171,364,814
Website: http://www.bostonproperties.com
Address: Boston Properties, Inc.
Prudential Center,
800 Boylston Street,
Boston,
Massachusetts, 02199,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE BXP Common Stock New York Stock Exchange US USD 18. Jun 1997
DB BO9 Common Stock Deutsche Boerse AG DE EUR 18. Jun 1997
LSE 0HOX Common Stock London Stock Exchange GB USD 18. Jun 1997
NYSE BXP.PRB DEP 1/100 PF B New York Stock Exchange US USD 26. Mar 2013
BOVESPA BOXP34 BDR REPR 1/10 COM USD0.01 Bolsa de Valores de Sao Paulo BR BRL 27. Jul 2015
Number of employees
Current staff
Staff numbers
760
Boston Properties employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 23:34
End of day share price update: 2019/05/23 00:00
Last estimates confirmation: 2019/05/20
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.