BXP (BXP)
NYSE:BXP
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BXP
(NYSE:BXP)
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Rating:50Neutral
Price Target:
$53.00
▲(2.12% Upside)
Action:ReiteratedDate:03/07/26
The score is held back primarily by weak financial resilience (high leverage and red-flag cash flow data) and a clearly bearish technical trend. These negatives are partly offset by constructive earnings-call guidance (FFO growth supported by leasing, development contributions, and interest savings) and a high dividend yield, while recent financing actions add flexibility but carry dilution risk.
Positive Factors
Premier workplace market outperformance
BXP’s concentrated exposure to premier CBD offices—lower vacancy and large rent premiums—reflects structural competitive advantage. Persistently stronger absorption and premium pricing versus the broader market support durable NOI resilience, higher renewal spreads and long‑term leasing power in key metros.
Negative Factors
Elevated leverage and limited balance‑sheet flexibility
A capital structure with debt ~3x equity materially increases interest and refinancing risk across cycles. Reduced equity and muted returns on equity constrain capacity for opportunistic investment, heighten sensitivity to rate moves, and limit cushioning against tenant or market downturns over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Premier workplace market outperformance
BXP’s concentrated exposure to premier CBD offices—lower vacancy and large rent premiums—reflects structural competitive advantage. Persistently stronger absorption and premium pricing versus the broader market support durable NOI resilience, higher renewal spreads and long‑term leasing power in key metros.
Read all positive factors
BXP (BXP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.04B
Dividend Yield5.26%
Average Volume (3M)3.00M
Price to Earnings (P/E)38.8
Beta (1Y)1.05
Revenue Growth2.54%
EPS Growth-155.17%
CountryUS
Employees816
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)1.56
Shares Outstanding158,629,120
10 Day Avg. Volume2,328,279
30 Day Avg. Volume3,001,257
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)2.09
Price to Sales (P/S)3.08
P/FCF Ratio15.57
Enterprise Value/Market Cap2.66
Enterprise Value/Revenue6.92
Enterprise Value/Gross Profit11.41
Enterprise Value/Ebitda12.41
Forecast
1Y Price Target
$69.87Price Target Upside34.62% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering17
EPS Forecast (FY)1.67
Revenue Forecast (FY)$3.45B
BXP Business Overview & Revenue Model
Company Description
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...
How the Company Makes Money
BXP generates revenue primarily through leasing office spaces to a diverse range of tenants across various industries. The company enters into long-term leases with its tenants, which provide a stable and recurring source of rental income. Additio...
BXP Earnings Call Summary
Earnings Call Date:Jan 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Positive
The call presents multiple strong operating and strategic positives — robust leasing volumes, a constructive development pipeline with high projected yields, significant progress on a stated $1.9B disposition program, improved liquidity and expected interest cost reductions — which together underpin 2026 FFO guidance that resumes growth. Offsetting items include short-term FFO dilution and NOI reduction from asset sales, elevated leasing/concession costs in some markets (notably parts of the West Coast), a modest Q4 FFO miss driven by higher G&A and tenant reserves, and near-term muted cash same‑property NOI growth. On balance, the company has clear execution on its plan and constructive forward indicators despite near-term noise and regional variability.Positive Updates
Strong Leasing Volume and Pipeline
Q4 leasing of ~1.8 million sq ft and full-year 2025 leasing of >5.5 million sq ft (well above targets). Q4 in-service occupancy rose ~70 bps; year-end 2025 in-service occupancy 86.7% with a plan to reach ~89% by year-end 2026 (≈230 bps increase). Started 2026 with ~1.243 million sq ft of executed leases not yet commenced and expect ~4.0 million sq ft of leasing in 2026. Current negotiations ~1.1–1.2 million sq ft and a discussion pipeline ~1.3 million sq ft; conversion on leases in negotiation ~95%.
Negative Updates
Q4 FFO Miss and Quarterly Variance Drivers
Q4 FFO of $1.76 per share missed the midpoint of guidance by $0.05 primarily due to higher-than-expected G&A and $6M (~$0.03/sh) of noncash credit reserves for accrued rent for two specific tenants. Q4 G&A was ~$3.5M (~$0.02/sh) above projection.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Leasing Volume and Pipeline
Q4 leasing of ~1.8 million sq ft and full-year 2025 leasing of >5.5 million sq ft (well above targets). Q4 in-service occupancy rose ~70 bps; year-end 2025 in-service occupancy 86.7% with a plan to reach ~89% by year-end 2026 (≈230 bps increase). Started 2026 with ~1.243 million sq ft of executed leases not yet commenced and expect ~4.0 million sq ft of leasing in 2026. Current negotiations ~1.1–1.2 million sq ft and a discussion pipeline ~1.3 million sq ft; conversion on leases in negotiation ~95%.
Read all positive updates
Company Guidance
BXP introduced 2026 FFO guidance of $6.88–$7.04 per share (midpoint $6.96, +$0.11 vs. 2025 FFO of $6.85), driven by a projected same‑property NOI gain of 1.25%–2.25% (on $1.88B same‑property NOI, ~+$33M or $0.19 at midpoint), occupancy rising from 86.7% YE‑2025 to ~89% by YE‑2026 (average 87.5%–88.5%), cash same‑property NOI +0%–0.5%, termination income of $11M–$15M, and incremental development NOI of $44M–$52M (midpoint ~$0.27 per share) offset by ~$70M–$74M of NOI loss from asset sales and $13M NOI loss from properties taken out of service (≈$0.07/share). Guidance assumes ~$360M of 2026 dispositions (net proceeds ≈$230M), resulting in FFO dilution of $0.06–$0.08, lower net interest expense (consolidated interest down $25M–$37M; total net interest expense $581M–$593M), expected consolidated interest savings of $38M–$48M vs. 2025, JV interest at share of $60M–$63M (JV interest savings $11M–$14M), G&A of $176M–$183M (up $13M–$20M, including ~$0.07/share noncash stock‑based amortization), fee income $30M–$34M (down $3M–$7M), free rent $130M–$150M, leasing costs roughly $220M–$250M (TIA/LCs averaging ≈$100/sqft going forward), CapEx $100M–$125M, and balance sheet positioning with ~$1.5B cash on hand and a planned refinancing of a $1B bond (current 10‑yr pricing ~5.5%–5.75%).BXP Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
48
Neutral
Cash Flow
41
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.48B | 3.41B | 3.27B | 3.11B | 2.89B |
| Gross Profit | 2.11B | 2.09B | 2.06B | 1.97B | 1.85B |
| EBITDA | 1.94B | 1.62B | 1.70B | 2.21B | 1.78B |
| Net Income | 276.80M | 14.27M | 190.22M | 848.95M | 505.19M |
Balance Sheet | |||||
| Total Assets | 26.17B | 26.08B | 26.03B | 24.21B | 22.37B |
| Cash, Cash Equivalents and Short-Term Investments | 1.48B | 1.25B | 1.53B | 690.33M | 452.69M |
| Total Debt | 17.36B | 17.32B | 16.62B | 14.69B | 13.35B |
| Total Liabilities | 18.48B | 18.14B | 17.83B | 15.84B | 14.32B |
| Stockholders Equity | 5.15B | 5.41B | 5.89B | 6.13B | 5.84B |
Cash Flow | |||||
| Free Cash Flow | 689.66M | 786.52M | 819.17M | 884.31M | 1.12B |
| Operating Cash Flow | 1.25B | 1.23B | 1.30B | 1.28B | 1.13B |
| Investing Cash Flow | -603.86M | -1.24B | -1.19B | -1.60B | -1.04B |
| Financing Cash Flow | -419.23M | -274.48M | 767.92M | 556.06M | -1.31B |
BXP Technical Analysis
Negative
51.90
Price Trends
57.05
Negative
62.46
Negative
65.60
Negative
Market Momentum
-1.50
Negative
42.20
Neutral
32.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BXP, the sentiment is Negative. The current price of 51.9 is above the 20-day moving average (MA) of 51.87, below the 50-day MA of 57.05, and below the 200-day MA of 65.60, indicating a neutral trend. The MACD of -1.50 indicates Negative momentum. The RSI at 42.20 is Neutral, neither overbought nor oversold. The STOCH value of 32.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BXP.
BXP Risk Analysis
BXP disclosed 48 risk factors in its most recent earnings report. BXP reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BXP Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
57 Neutral | $3.38B | 89.50 | 5.11% | 5.75% | 0.77% | 62.58% | |
56 Neutral | $5.29B | 7.05 | 15.43% | 2.24% | 2.41% | ― | |
54 Neutral | $7.46B | ― | -8.57% | 10.90% | -0.76% | -250.60% | |
54 Neutral | $3.78B | 106.88 | 0.85% | 5.08% | 16.38% | 3.60% | |
51 Neutral | $2.79B | -38.62 | -2.25% | 6.95% | 8.60% | ― | |
50 Neutral | $9.04B | 38.78 | 5.34% | 5.26% | 2.54% | -155.17% |
* Real Estate Sector Average
BXP
BXP
51.90
-2.32
-4.28%
ARE
Alexandria Equities
43.05
-29.10
-40.33%
CUZ
Cousins Properties
22.48
-1.82
-7.49%
KRC
Kilroy Realty
28.22
1.60
6.02%
SLG
SL Green Realty
36.72
-8.63
-19.03%
VNO
Vornado Realty
25.53
-5.52
-17.78%
BXP Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
BXP Launches $1 Billion At-The-Market Equity Program
Neutral
Mar 6, 2026
On March 6, 2026, BXP, Inc. and its operating partnership filed new automatic shelf registration statements with the SEC to replace expiring shelves, including one covering its Dividend Reinvestment and Stock Purchase Plan. The company simultaneou...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
BXP Establishes New $1 Billion At-The-Market Program
Positive
Mar 6, 2026
On March 6, 2026, BXP, Inc. and its operating partnership filed new automatic shelf registration statements with the SEC to replace expiring ones, including a universal shelf and a separate shelf tied to its Dividend Reinvestment and Stock Purchas...
Business Operations and StrategyExecutive/Board Changes
BXP Extends CEO Tenure and Launches 2025 Outperformance Plan
Positive
Dec 22, 2025
On December 22, 2025, BXP extended and amended the employment agreement of Chief Executive Officer and Chairman Owen D. Thomas, committing him to remain in the role through December 31, 2029, a move designed to ensure leadership continuity and ali...
Business Operations and StrategyExecutive/Board Changes
BXP Extends CEO Contract and Adopts 2025 Incentive Plan
Positive
Dec 22, 2025
On December 22, 2025, BXP extended the employment agreement of Chief Executive Officer and Chairman Owen D. Thomas by three years to December 31, 2029, largely preserving his existing compensation structure while reinforcing his role in executing ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.