Boston Properties
Market Cap
US$25.4b
Last Updated
2020/02/17 23:32 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.
Snowflake Analysis
Average dividend payer with concerning outlook.
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 has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
2.8%
BXP
2.0%
US REITs
0.9%
US Market
1 Year Return
10.2%
BXP
16.0%
US REITs
20.0%
US Market
Return vs Industry: BXP underperformed the US REITs industry which returned 16.2% over the past year.
Return vs Market: BXP underperformed the US Market which returned 20.1% over the past year.
Shareholder returns
| BXP | Industry | Market | |
|---|---|---|---|
| 7 Day | 2.8% | 2.0% | 0.9% |
| 30 Day | 5.5% | 4.5% | 1.4% |
| 90 Day | 6.5% | 6.1% | 8.8% |
| 1 Year | 13.4%10.2% | 20.8%16.0% | 22.5%20.0% |
| 3 Year | 16.6%7.3% | 39.9%22.4% | 49.9%40.3% |
| 5 Year | 19.4%4.5% | 58.3%25.6% | 73.2%54.1% |
Price Volatility Vs. Market
How volatile is Boston Properties's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 week ago | Simply Wall St
David Twardock Is The Independent Director of Boston Properties, Inc. (NYSE:BXP) And They Just Sold 46% Of Their Shares2 weeks ago | Simply Wall St
Boston Properties, Inc. Full-Year Results: Here's What Analysts Are Forecasting For Next Year1 month ago | Simply Wall St
If You Had Bought Boston Properties (NYSE:BXP) Stock A Year Ago, You Could Pocket A 13% Gain TodayValuation
Is Boston Properties undervalued compared to its fair value and its price relative to the market?
44.54x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: BXP ($147.23) is trading above our estimate of fair value ($113.73)
Significantly Below Fair Value: BXP is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: BXP is poor value based on its PE Ratio (44.5x) compared to the REITs industry average (37.3x).
PE vs Market: BXP is poor value based on its PE Ratio (44.5x) compared to the US market (18.4x).
Price to Earnings Growth Ratio
PEG Ratio: BXP is poor value based on its PEG Ratio (5x)
Price to Book Ratio
PB vs Industry: BXP is overvalued based on its PB Ratio (4.2x) compared to the US REITs industry average (2.1x).
Next Steps
Future Growth
How is Boston Properties forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?
8.9%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: BXP's forecast earnings growth (8.9% per year) is above the savings rate (1.7%).
Earnings vs Market: BXP's earnings (8.9% per year) are forecast to grow slower than the US market (14.6% per year).
High Growth Earnings: BXP's earnings are forecast to grow, but not significantly.
Revenue vs Market: BXP's revenue (4.6% per year) is forecast to grow slower than the US market (7.6% per year).
High Growth Revenue: BXP's revenue (4.6% 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 (11.2%).
Next Steps
Past Performance
How has Boston Properties performed over the past 5 years?
-1.0%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: BXP has high quality earnings.
Growing Profit Margin: BXP's current net profit margins (17.3%) are lower than last year (21.1%).
Past Earnings Growth Analysis
Earnings Trend: BXP's earnings have declined by -1% 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 (-10.7%) over the past year, making it difficult to compare to the REITs industry average (6.9%).
Return on Equity
High ROE: BXP's Return on Equity (8.1%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Boston Properties's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: BXP has a high level of physical assets or inventory.
Debt Coverage by Assets: BXP's debt is not covered by short term assets (assets are 0.2x debt).
Financial Institutions Analysis
Asset Level: BXP's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if BXP has a sufficient allowance for bad loans.
Low Risk Liabilities: BXP reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if BXP has an acceptable proportion of non-loan assets held.
Low Risk Deposits: BXP has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if BXP has an appropriate level of bad loans.
Next Steps
Dividend
What is Boston Properties's current dividend yield, its reliability and sustainability?
2.66%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: BXP's dividend (2.66%) is higher than the bottom 25% of dividend payers in the US market (1.44%).
High Dividend: BXP's dividend (2.66%) is low compared to the top 25% of dividend payers in the US market (3.69%).
Stability and Growth of Payments
Stable Dividend: BXP's dividend payments have been volatile 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 (61.3%), 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 thoroughly covered by earnings (0.3% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
12.5yrs
Average management tenure
CEO
Owen Thomas (57yo)
6.8yrs
Tenure
US$11,694,946
Compensation
Owen David Thomas has served as Chief Executive Officer of Boston Properties, Inc. since April 2013 and serves as its Director. Mr. Thomas served as Chairman of the Board of Directors of Lehman Brothers Ho ...
CEO Compensation Analysis
Compensation vs Market: Owen's total compensation ($USD11.69M) is about average for companies of similar size in the US market ($USD10.78M).
Compensation vs Earnings: Owen's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 6.8yrs | US$11.69m | 0.0059% $1.5m | |
| President & Director | 10.1yrs | US$8.10m | 0.12% $30.3m | |
| Executive VP | 12.3yrs | US$3.95m | 0.0078% $2.0m | |
| Senior Executive Vice President | 21.8yrs | US$7.11m | 0.023% $5.8m | |
| Executive Vice President of Boston Region | 4.1yrs | US$3.24m | 0.00038% $96.6k | |
| Co-Founder & Chairman Emeritus | 3.8yrs | US$654.66k | no data | |
| Senior VP & Chief Accounting Officer | 3.7yrs | no data | no data | |
| Senior VP & Chief Information Officer | 0yrs | no data | no data | |
| Vice President | 0yrs | no data | no data | |
| Senior VP | 17.1yrs | no data | no data |
12.5yrs
Average Tenure
57yo
Average Age
Experienced Management: BXP's management team is seasoned and experienced (12.5 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 6.8yrs | US$11.69m | 0.0059% $1.5m | |
| President & Director | 10.1yrs | US$8.10m | 0.12% $30.3m | |
| Co-Founder & Chairman Emeritus | 3.8yrs | US$654.66k | no data | |
| Independent Director | 3.8yrs | US$210.75k | no data | |
| Independent Director | 3.8yrs | US$217.50k | 0.0034% $859.4k | |
| Independent Director | 9.1yrs | US$209.36k | no data | |
| Independent Non-Executive Chairman | 0.8yrs | US$221.25k | no data | |
| Independent Director | 15.8yrs | US$219.75k | no data | |
| Independent Director | 16.8yrs | US$247.50k | 0.0038% $968.7k | |
| Independent Director | 1.8yrs | US$170.73k | no data |
5.3yrs
Average Tenure
60.5yo
Average Age
Experienced Board: BXP's board of directors are considered experienced (5.3 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: BXP insiders have only sold shares 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$25.426b
- Market Cap: US$22.790b
- Shares outstanding: 172.70m
- Website: https://www.bostonproperties.com
Number of Employees
Location
- Boston Properties, Inc.
- Prudential Center
- 800 Boylston Street
- Boston
- Massachusetts
- 2199
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| BXP | NYSE (New York Stock Exchange) | Yes | Common Stock | US | USD | Jun 1997 |
| BO9 | DB (Deutsche Boerse AG) | Yes | Common Stock | DE | EUR | Jun 1997 |
| 0HOX | LSE (London Stock Exchange) | Yes | Common Stock | GB | USD | Jun 1997 |
| BXP.PRB | NYSE (New York Stock Exchange) | DEP 1/100 PF B | US | USD | Mar 2013 | |
| BOXP34 | BOVESPA (Bolsa de Valores de Sao Paulo) | BDR REPR 1/10 COM USD0.01 | BR | BRL | Jul 2015 |
Biography
Boston Properties (NYSE: BXP) is the largest publicly-held developer and owner of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco 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 52.0 million square feet and 196 properties, including 11 properties under construction.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/02/17 23:32 |
| End of Day Share Price | 2020/02/14 00:00 |
| Earnings | 2019/12/31 |
| Annual Earnings | 2019/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.