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BXP
(NYSE:BXP)
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Rating:62Neutral
Price Target:
$74.00
â–²(7.08% Upside)
Action:Reiterated
Date:07/29/26
The score is anchored by mixed fundamentals: strong top-line momentum and positive cash flow are offset by high leverage and uneven net results. The latest earnings call is a clear positive (FFO beat and raised guidance, improving occupancy/leasing), while technicals show supportive price trends. Valuation is only moderately supportive due to an attractive yield but a high P/E.
Positive Factors
Occupancy & Leasing Momentum
Sustained, above-average leasing and rising occupancy indicate durable demand for BXP's Class A urban assets. Higher signed volume and multi-year leases bolster contractual rent roll, reduce vacancy risk and support same-property NOI and FFO over the medium term as leases stabilize and step-ups occur.
Negative Factors
Elevated Leverage
High leverage materially increases refinancing and interest-rate sensitivity. Large upcoming maturities and elevated debt-to-equity constrain strategic optionality, raise cost of capital risk, and make cash flow more exposed to rate moves, limiting the firm's ability to pursue opportunistic growth without incremental financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Occupancy & Leasing Momentum
Sustained, above-average leasing and rising occupancy indicate durable demand for BXP's Class A urban assets. Higher signed volume and multi-year leases bolster contractual rent roll, reduce vacancy risk and support same-property NOI and FFO over the medium term as leases stabilize and step-ups occur.
Read all positive factors
BXP Key Performance Indicators (KPIs)
Any
Average Worldwide Revenue Per Available Room
Combines occupancy and pricing to show revenue generated per available room (RevPAR) and summarizes how efficiently lodging assets convert capacity into revenue; for an office-focused REIT like BXP, the metric is relevant for any hotel or transient-occupancy holdings and parallels revenue per available square foot for office assets. Stable or growing RevPAR signals healthy demand and efficient use of inventory, whereas declines foreshadow reduced top-line visibility and potential margin pressure.
Combines occupancy and pricing to show revenue generated per available room (RevPAR) and summarizes how efficiently lodging assets convert capacity into revenue; for an office-focused REIT like BXP, the metric is relevant for any hotel or transient-occupancy holdings and parallels revenue per available square foot for office assets. Stable or growing RevPAR signals healthy demand and efficient use of inventory, whereas declines foreshadow reduced top-line visibility and potential margin pressure.
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The Fly
The FlyBXP (BXP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.28B
Dividend Yield3.99%
Average Volume (3M)1.31M
Price to Earnings (P/E)37.5
Beta (1Y)1.02
Revenue Growth1.88%
EPS Growth7630.99%
CountryUS
Employees826
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)2.00
Shares Outstanding159,477,390
10 Day Avg. Volume1,289,709
30 Day Avg. Volume1,308,496
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$73.08Price Target Upside5.74% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering16
EPS Forecast (FY)2.08
Revenue Forecast (FY)$3.48B
BXP Business Overview & Revenue Model
Company Description
BXP, trading on the NYSE, is the leading publicly listed company engaged in the development and ownership of premier Class A office properties across the United States. Its operations are strategically concentrated in five major urban centers: Bos...
How the Company Makes Money
BXP primarily makes money by leasing space in its properties and collecting rental revenue from tenants under office and, where applicable, retail and other ancillary leases. Its core revenue stream is contractual base rent, typically structured t...
BXP Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call conveyed clear operational momentum: leasing volumes and occupancy gains materially outperformed expectations, FFO beat and guidance were raised, development execution and financing milestones were secured, and asset sale progress is accelerating capital‑raising. Offsetting risks are manageable near‑term headwinds—higher leasing CapEx and free‑rent timing that depress cash AFFO in 2026, some localized market softness (lab and selected submarkets), and refinancing/interest rate exposure. On balance the positives (accelerated leasing, occupancy, development returns, and capital actions) materially outweigh the negatives.Positive Updates
FFO Beat and Guidance Raise
Reported FFO per share of $1.78 in Q2, exceeding guidance and consensus by $0.08; raised 2026 FFO per share midpoint by $0.05 to a new range of $6.99–$7.05.
Negative Updates
Near‑term Cash AFFO/FFO Impacts from Leasing Costs
Leasing CapEx is running materially higher than prior expectations—management now expects leasing CapEx closer to $500M (vs prior ~>$400M forecast)—which will depress AFFO in 2026 due to higher TI/LC spend and upfront free‑rent; cash same‑store NOI will lag GAAP until 2027 as leases mature.
Read all updates
Q2-2026 Updates
Positive
Negative
FFO Beat and Guidance Raise
Reported FFO per share of $1.78 in Q2, exceeding guidance and consensus by $0.08; raised 2026 FFO per share midpoint by $0.05 to a new range of $6.99–$7.05.
Read all positive updates
Company Guidance
BXP raised 2026 guidance, boosting FFO guidance by $0.05 at the midpoint to a new range of $6.99–$7.05 per share (Q2 FFO $1.78, beat guidance/consensus by $0.08), increased average occupancy guidance to 88.9% (Q2 occupancy 88.4%, targeting year‑end closer to 90% and having captured ~170 bps of the 200‑bp 2026 goal), and lifted same‑property NOI growth by 30 bps to 1.8%–2.6%; the guidance revision reflects a $0.06 per‑share lift from portfolio NOI, a $0.03 per‑share benefit from lower net interest expense, and $0.01 per‑share higher fee income, partially offset by a $0.05 per‑share reduction of NOI from asset sales. Management reiterated its $1.9 billion net‑proceeds target by 2028 (>$1.2B realized since Investor Day, $370M YTD, six assets under contract ≈$240M with ~$180M slated to close in 2026 and potential incremental ~$500M to bring 2026 proceeds to ≈$1.7B), said sales‑related dilution for 2026 is now expected to be ~ $0.11, flagged foregone NOI reducing FFO versus prior assumptions, expects leasing CapEx to be closer to $500M (higher near‑term transaction costs with cash same‑store NOI to lag GAAP/straight‑line gains due to free rent but to catch up in 2027), and maintained development and financing plans (e.g., 343 Madison financing at 60% LTC, SOFR+250/225 bps).BXP Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
38
Negative
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.49B | 3.48B | 3.41B | 3.27B | 3.11B | 2.89B |
| Gross Profit | 2.10B | 2.11B | 2.09B | 2.06B | 1.97B | 1.85B |
| EBITDA | 1.88B | 1.94B | 1.62B | 1.70B | 2.21B | 1.78B |
| Net Income | 317.33M | 276.80M | 14.27M | 190.22M | 848.95M | 505.19M |
Balance Sheet | ||||||
| Total Assets | 25.10B | 26.17B | 26.08B | 26.03B | 24.21B | 22.37B |
| Cash, Cash Equivalents and Short-Term Investments | 554.86M | 1.48B | 1.25B | 1.53B | 690.33M | 452.69M |
| Total Debt | 15.97B | 17.36B | 17.32B | 16.62B | 14.69B | 13.35B |
| Total Liabilities | 17.38B | 18.48B | 18.14B | 17.83B | 15.84B | 14.32B |
| Stockholders Equity | 5.15B | 5.15B | 5.41B | 5.89B | 6.13B | 5.84B |
Cash Flow | ||||||
| Free Cash Flow | 465.53M | 689.66M | 786.52M | 819.17M | 884.31M | 1.12B |
| Operating Cash Flow | 1.19B | 1.25B | 1.23B | 1.30B | 1.28B | 1.13B |
| Investing Cash Flow | -356.07M | -603.86M | -1.24B | -1.19B | -1.60B | -1.04B |
| Financing Cash Flow | -733.47M | -419.23M | -274.48M | 767.92M | 556.06M | -1.31B |
BXP Technical Analysis
Positive
69.11
Price Trends
65.47
Positive
60.10
Positive
62.65
Positive
Market Momentum
1.20
Positive
59.36
Neutral
31.64
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BXP, the sentiment is Positive. The current price of 69.11 is above the 20-day moving average (MA) of 68.89, above the 50-day MA of 65.47, and above the 200-day MA of 62.65, indicating a bullish trend. The MACD of 1.20 indicates Positive momentum. The RSI at 59.36 is Neutral, neither overbought nor oversold. The STOCH value of 31.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $8.08B | 10.33 | 13.16% | 1.87% | -0.27% | 600.83% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $5.19B | 767.64 | -0.43% | 3.98% | 11.89% | -89.22% | |
62 Neutral | $12.28B | 37.50 | 6.17% | 4.05% | 1.88% | 7630.99% | |
62 Neutral | $4.56B | 26.96 | 3.14% | 5.48% | -3.76% | -22.82% | |
61 Neutral | $4.04B | -20.68 | -4.61% | 4.62% | 7.51% | -386.65% | |
53 Neutral | $8.97B | -8.21 | -6.29% | 6.83% | -5.35% | -923.18% |
* Real Estate Sector Average
BXP
BXP
70.12
7.18
11.41%
ARE
Alexandria Equities
51.45
-21.24
-29.22%
CUZ
Cousins Properties
31.55
6.19
24.43%
KRC
Kilroy Realty
38.82
3.48
9.86%
SLG
SL Green Realty
52.93
-0.51
-0.95%
VNO
Vornado Realty
39.39
1.58
4.17%
BXP Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
BXP Announces Sumner Square Sale and Impairment Charges
Negative
May 29, 2026
On May 27, 2026, a subsidiary of Boston Properties Limited Partnership agreed to sell its leasehold interest in Sumner Square in Washington, D.C., including three office buildings at 1615 and 1625 M Street NW and 1215 17th Street NW, for a gross p...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
BXP Announces Washington, D.C. Asset Sale and Impairment
Negative
May 29, 2026
On May 27, 2026, a subsidiary of Boston Properties Limited Partnership agreed to sell its leasehold interest in Washington, D.C.’s Sumner Square and three associated office buildings for a gross purchase price of $63 million, with the buyer ...
Executive/Board ChangesShareholder Meetings
BXP Stockholders Approve Directors, Executive Pay and Auditor
Positive
May 22, 2026
On May 21, 2026, BXP, Inc. held its 2026 annual meeting of stockholders, at which investors elected eleven directors, including Bruce W. Duncan, Diane J. Hoskins, Mary E. Kipp, Joel I. Klein, Douglas T. Linde, Matthew J. Lustig, Timothy J. Naughto...
Executive/Board ChangesShareholder Meetings
BXP Shareholders Back Board, Pay Practices and Auditor
Positive
May 22, 2026
At its 2026 annual meeting of stockholders held on May 21, 2026, BXP, Inc. shareholders elected all 11 nominated directors, including CEO Owen D. Thomas and other incumbent and independent board members, to continue serving on the company’s ...
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.