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Market Cap

US$18.6b

Last Updated

2021/05/16 22:31 UTC

Data Sources

Company Financials +

Executive Summary

Boston Properties (NYSE:BXP) is the largest publicly-held developer and owner of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC. More Details


Snowflake Analysis

6 star dividend payer and slightly overvalued.


Similar Companies

Share Price & News

How has Boston Properties's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BXP is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: BXP's weekly volatility (4%) has been stable over the past year.


Market Performance


7 Day Return

0.04%

BXP

-1.3%

US REITs

-1.7%

US Market


1 Year Return

44.4%

BXP

41.1%

US REITs

50.8%

US Market

Return vs Industry: BXP exceeded the US REITs industry which returned 41.1% over the past year.

Return vs Market: BXP underperformed the US Market which returned 50.8% over the past year.


Shareholder returns

BXPIndustryMarket
7 Day0.04%-1.3%-1.7%
30 Day2.6%1.1%-1.5%
90 Day15.0%8.6%0.4%
1 Year50.8%44.4%46.8%41.1%53.3%50.8%
3 Year2.7%-7.6%45.2%27.8%61.5%51.4%
5 Year1.3%-13.0%54.0%23.1%125.8%100.7%

Long-Term Price Volatility Vs. Market

How volatile is Boston Properties's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Boston Properties undervalued compared to its fair value and its price relative to the market?

6.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BXP ($108.2) is trading below our estimate of fair value ($115.14)

Significantly Below Fair Value: BXP is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: BXP is good value based on its PE Ratio (36.9x) compared to the US REITs industry average (44.3x).

PE vs Market: BXP is poor value based on its PE Ratio (36.9x) compared to the US market (19.8x).


Price to Earnings Growth Ratio

PEG Ratio: BXP is poor value based on its PEG Ratio (4x)


Price to Book Ratio

PB vs Industry: BXP is overvalued based on its PB Ratio (2.9x) compared to the US REITs industry average (1.8x).


Future Growth

How is Boston Properties forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

9.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BXP's forecast earnings growth (9.1% per year) is above the savings rate (2%).

Earnings vs Market: BXP's earnings (9.1% per year) are forecast to grow slower than the US market (14.7% per year).

High Growth Earnings: BXP's earnings are forecast to grow, but not significantly.

Revenue vs Market: BXP's revenue (5.7% per year) is forecast to grow slower than the US market (9% per year).

High Growth Revenue: BXP's revenue (5.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BXP's Return on Equity is forecast to be low in 3 years time (9.9%).


Past Performance

How has Boston Properties performed over the past 5 years?

10.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BXP has a large one-off gain of $149.2M impacting its March 31 2021 financial results.

Growing Profit Margin: BXP's current net profit margins (17%) are lower than last year (30.3%).


Past Earnings Growth Analysis

Earnings Trend: BXP's earnings have grown by 10.7% per year over the past 5 years.

Accelerating Growth: BXP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BXP had negative earnings growth (-49.8%) over the past year, making it difficult to compare to the REITs industry average (-10.7%).


Return on Equity

High ROE: BXP's Return on Equity (6.8%) is considered low.


Financial Health

How is Boston Properties's financial position?


Financial Position Analysis

Short Term Liabilities: BXP's short term assets ($2.4B) exceed its short term liabilities ($508.6M).

Long Term Liabilities: BXP's short term assets ($2.4B) do not cover its long term liabilities ($13.4B).


Debt to Equity History and Analysis

Debt Level: BXP's debt to equity ratio (150.3%) is considered high.

Reducing Debt: BXP's debt to equity ratio has increased from 129% to 150.3% over the past 5 years.

Debt Coverage: BXP's debt is not well covered by operating cash flow (9.1%).

Interest Coverage: BXP's interest payments on its debt are not well covered by EBIT (2x coverage).


Balance Sheet


Dividend

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

3.62%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BXP's dividend (3.62%) is higher than the bottom 25% of dividend payers in the US market (1.24%).

High Dividend: BXP's dividend (3.62%) is in the top 25% of dividend payers in the US market (3.42%)


Stability and Growth of Payments

Stable Dividend: BXP's dividends per share have been stable in the past 10 years.

Growing Dividend: BXP's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (73.4%), BXP's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BXP's dividends in 3 years are forecast to be covered by earnings (56.4% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

10.8yrs

Average management tenure


CEO

Owen Thomas (58 yo)

8.08yrs

Tenure

US$10,737,289

Compensation

Mr. Owen David Thomas is Global Chairman of the Urban Land Institute, Director of the Real Estate Roundtable, a member of the Executive Board of NAREIT and the former Chairman of the Pension Real Estate As...


CEO Compensation Analysis

Compensation vs Market: Owen's total compensation ($USD10.74M) is about average for companies of similar size in the US market ($USD11.15M).

Compensation vs Earnings: Owen's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: BXP's management team is seasoned and experienced (10.8 years average tenure).


Board Members

Experienced Board: BXP's board of directors are considered experienced (5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Boston Properties, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Boston Properties, Inc.
  • Ticker: BXP
  • Exchange: NYSE
  • Founded: 1970
  • Industry: Office REITs
  • Sector: Real Estate
  • Implied Market Cap: US$18.624b
  • Market Cap: US$16.887b
  • Shares outstanding: 172.13m
  • Website: https://www.bostonproperties.com

Number of Employees


Location

  • Boston Properties, Inc.
  • Prudential Center
  • 800 Boylston Street
  • Boston
  • Massachusetts
  • 2199
  • United States

Listings


Biography

Boston Properties (NYSE:BXP) is the largest publicly-held developer and owner of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/05/16 22:31
End of Day Share Price2021/05/14 00:00
Earnings2021/03/31
Annual Earnings2020/12/31


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.