Boston Properties
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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
1 Year Returns
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.
BXP Value
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Boston Properties.
| 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.
| 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.
| 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 | ||
| 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 |
| 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 |
| 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.
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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess Boston Properties's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) 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
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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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.
Future performance checks
We assess Boston Properties's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
All data from Boston Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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).
Past performance checks
We assess Boston Properties's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from Boston Properties Company Filings, last reported 1 month ago.
| 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).
Financial health checks
We assess Boston Properties's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Boston Properties has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
If you bought
$2,000 of
Boston Properties
shares you are expected to receive
$58
in your first year as a dividend.
Dividend Amount
- 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.
| 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.
| 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 |
| 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).
- Dividends after 3 years are expected to be thoroughly covered by earnings (261.1x coverage).
Income/ dividend checks
We assess Boston Properties's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- 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
CEO & Director
$12M
56
6.1 yrs
Doug Linde
President & Director
$8M
54
12 yrs
Michael LaBelle
Executive VP
$4M
54
11.5 yrs
Ray Ritchey
Senior Executive Vice President
$7M
67
21.1 yrs
Bryan Koop
Executive Vice President of Boston Region
$3M
59
3.3 yrs
Mort Zuckerman
Co-Founder & Chairman Emeritus
$655K
80
49.3 yrs
Mike Walsh
Senior VP & Chief Accounting Officer
51
2.9 yrs
James Whalen
Senior VP & Chief Information Officer
55
Sara Buda
Vice President
Frank Burt
Senior VP
59
16.3 yrs
Board of Directors Tenure
Average tenure and age of the Boston Properties board of directors in years:
- The tenure for the Boston Properties board of directors is about average.
Board of Directors
Owen Thomas
CEO & Director
$12M
56
6.1 yrs
Doug Linde
President & Director
$8M
54
9.3 yrs
Mort Zuckerman
Co-Founder & Chairman Emeritus
$655K
80
3 yrs
Dave Twardock
Independent Director
$248K
60
16 yrs
Carol Einiger
Independent Director
$220K
68
15 yrs
Matt Lustig
Independent Director
$209K
58
8.3 yrs
Joel Klein
Lead Independent Director
$221K
71
3 yrs
Martin Turchin
Independent Director
$206K
76
21.9 yrs
Jacob Frenkel
Independent Director
$206K
75
9.3 yrs
Karen Dykstra
Independent Director
$218K
59
3 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | 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 | ||
Management checks
We assess Boston Properties's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleIs 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 - – Full articleDid 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 - – Full articleInvesting 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 - – Full articleWhat 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 - – Full articleRead 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 - – Full articleWhat 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 - – Full articleWhy 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 - – Full articleWhy 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 - – Full articleBoasting 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 - – Full articleBXP 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
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.
