BXP, Inc.
- Open
- 67.93
- Day high
- 67.93
- Day low
- 67.22
- Prev close
- 67.10
- Volume
- 211K
- Mkt cap
- $10.7B
- P/E (TTM)
- 36.1
- EPS (TTM)
- $1.87
- P/B
- 2.1
- P/S
- 3.0
- Yield
- 4.17%
- Per share
- $2.80
- ▼Insiders net selling -$1.7M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions mixed (13F)
BXP, Inc. (BXP) is a Real Estate company listed on NYSE. The stock is down 9% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4). Drillr has 1 published research article covering BXP.
BXP, Inc. (BXP) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BXP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $0.40 | $0.43 | +6.7% | $896M | +4.4% |
| Apr 29, 2026 | $1.58 | $1.59 | +0.6% | $872M | +3.4% |
| Jan 27, 2026 | $1.80 | $1.76 | -2.2% | $877M | +3.0% |
| Oct 28, 2025 | $1.72 | $1.74 | +1.2% | $872M | -1.1% |
| Jul 29, 2025 | $1.67 | $1.71 | +2.4% | $868M | +1.1% |
| Jan 28, 2025 | $0.49 | $-1.45 | -396.8% | $859M | +1.8% |
| Apr 30, 2024 | $1.73 | $1.73 | +0.0% | $839M | +2.8% |
| Jan 30, 2024 | $1.81 | $1.82 | +0.6% | $829M | +1.9% |
| Nov 1, 2023 | $1.85 | $1.86 | +0.5% | $824M | +1.7% |
| Aug 1, 2023 | $1.80 | $1.86 | +3.3% | $817M | +2.2% |
| Jan 31, 2023 | $1.84 | $1.86 | +1.1% | $790M | +1.1% |
| Oct 25, 2022 | $0.75 | $2.29 | +205.3% | $791M | +2.8% |
BXP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | KIPP MARY Edirector | Grant | 402 | — |
| Jul 1, 2026 | West Tonydirector | Grant | 352 | — |
| Jul 1, 2026 | KLEIN JOELdirector | Grant | 496 | — |
| Jul 1, 2026 | LUSTIG MATTHEW Jdirector | Grant | 440 | — |
| Jul 1, 2026 | WALTON WILLIAM H IIIdirector | Grant | 346 | — |
| Jul 1, 2026 | Richardson Juliedirector | Grant | 364 | — |
| Jul 1, 2026 | DUNCAN BRUCE Wdirector | Grant | 515 | — |
| Jun 10, 2026 | LABELLE MICHAEL Eofficer: EVP and CFO | Sell | 8,033 | $67.02 |
| Jun 10, 2026 | LABELLE MICHAEL Eofficer: EVP and CFO | Sell | 18,080 | $66.05 |
| Jun 2, 2026 | KIPP MARY Edirector | Grant | 3,332 | — |
| Jun 2, 2026 | LUSTIG MATTHEW Jdirector | Grant | 3,332 | — |
| Jun 2, 2026 | WALTON WILLIAM H IIIdirector | Grant | 3,332 | — |
| Jun 2, 2026 | NAUGHTON TIMOTHY Jdirector | Grant | 3,332 | — |
| Jun 2, 2026 | DUNCAN BRUCE Wdirector | Grant | 3,332 | — |
| Jun 2, 2026 | Hoskins Diane Jdirector | Grant | 3,332 | — |
Source: BXP SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full BXP insider & 13F page →BXP, Inc. company profile
Overview
Boston Properties, Inc. (NYSE:BXP) is the largest publicly-held developer and owner of Class A office properties in the United States. Founded and taken public in 1997, the company has established itself as a premier real estate investment trust (REIT) focused on high-quality office buildings in major metropolitan markets. The company operates as a fully integrated real estate organization that develops, manages, operates, acquires and owns office properties concentrated in five key markets: Boston, Los Angeles, New York, San Francisco, and Washington, DC. Today, Boston Properties maintains a portfolio of 51.2 million square feet across 196 properties, including six properties under construction or redevelopment.
Business
Boston Properties operates in the commercial office real estate sector as a Real Estate Investment Trust (REIT). A REIT is a company that owns, operates, or finances income-generating real estate and is required to distribute at least 90% of its taxable income to shareholders as dividends. The office REIT sector specifically focuses on leasing office space to corporate tenants. The company's core business centers on Class A office properties, which represent the highest quality office buildings in their respective markets. These properties typically feature premium locations, modern amenities, high-quality construction, and attract creditworthy tenants willing to pay premium rents. Class A properties are distinguished from Class B and Class C buildings by their superior construction quality, location desirability, and tenant profile. Boston Properties operates within what it calls the "Premier Workplace" segment, which represents the top tier of office buildings that command the highest rents and maintain the lowest vacancy rates. According to company data, Premier Workplace properties have direct vacancy rates of approximately 13% compared to 19% for the broader office market, and asking rents that are 51% higher than the broader market average. The company's portfolio is concentrated in five major metropolitan markets: 1. Boston and surrounding areas, 2. New York (primarily Manhattan), 3. San Francisco Bay Area, 4. Washington DC metro area, and 5. Los Angeles. This geographic concentration allows the company to develop deep market expertise and maintain strong relationships with brokers, tenants, and local officials in these high-barrier-to-entry markets. Beyond traditional office leasing, Boston Properties has diversified into related real estate sectors including life sciences laboratory space (particularly in Boston and San Francisco), retail space within mixed-use developments, and residential properties. The company has been exploring residential development opportunities as a way to diversify revenue streams and capitalize on land holdings that may be better suited for alternative uses.
Revenue model
Boston Properties generates revenue primarily through rental income from leasing office space to corporate tenants under multi-year lease agreements. The typical lease term in their portfolio averages 7-10 years, providing predictable cash flow streams. Tenants pay base rent plus additional charges for common area maintenance, utilities, property taxes, and other operating expenses, often structured as "triple net" leases where tenants bear most property operating costs. The company's customers are primarily corporations, law firms, financial services companies, government agencies, and increasingly, life sciences companies. These tenants typically sign long-term leases for blocks of space ranging from small suites to entire floors or buildings. The creditworthiness and stability of these tenants is crucial, as office leases represent significant fixed obligations for the tenants. Revenue growth comes from several sources: 1. Rental rate increases upon lease renewal or re-leasing to new tenants, 2. Occupancy improvements by leasing currently vacant space, 3. Development and acquisition of new properties, and 4. Annual rent escalations built into existing leases (typically 2-3% annually). Several factors significantly impact the company's margins and profitability. Occupancy rates are the primary driver, as each percentage point of occupancy directly impacts revenue while most operating costs remain fixed. Interest rates affect both the company's borrowing costs (given their significant debt load) and property valuations. Economic conditions influence corporate demand for office space, with companies expanding or contracting their real estate footprint based on business growth and employment levels. The return-to-office trend following the COVID-19 pandemic has become a critical factor, as companies' policies on remote work directly impact demand for office space. New supply of competing office buildings can pressure rents and occupancy, though Boston Properties' focus on high-barrier-to-entry markets with limited new construction helps mitigate this risk. Finally, construction and labor costs affect development project economics and property operating expenses.
Competitive moat
Boston Properties possesses a moderate but meaningful economic moat built primarily around location scarcity and market expertise. The company's portfolio is concentrated in five major metropolitan markets where high-quality office development sites are extremely limited due to zoning restrictions, environmental regulations, and high land costs. This creates natural barriers to entry for new competition, particularly in prime locations like Manhattan, downtown Boston, and San Francisco's financial district. The company's scale advantages within these markets provide operational efficiencies and stronger relationships with brokers, tenants, and municipal authorities. Their deep local market knowledge allows them to identify development opportunities, navigate complex entitlement processes, and maintain tenant relationships that smaller competitors cannot replicate. The Premier Workplace positioning creates some pricing power, as evidenced by their ability to command rents 51% higher than the broader market. However, this moat faces significant challenges. The structural shift toward remote and hybrid work represents the most serious long-term threat, potentially reducing overall demand for office space permanently. Technology companies, historically major drivers of office leasing, have dramatically reduced their space requirements and may not return to previous expansion patterns. The high fixed cost structure of office buildings means that even modest occupancy declines can severely impact profitability. Competition comes not just from other office landlords but from alternative work arrangements that reduce space needs entirely. Co-working spaces, hybrid work policies, and improved remote collaboration technology all threaten traditional office leasing. Additionally, the company's concentration in expensive coastal markets makes them vulnerable to corporate relocations to lower-cost regions. The moat strength varies significantly by market, with Boston and Manhattan showing more resilience due to their concentration of financial services and professional firms that require in-person collaboration, while San Francisco faces greater challenges due to its heavy exposure to technology companies embracing remote work.
Risks & safety
Boston Properties presents a moderate margin of safety with mixed financial health indicators: **Overall Assessment**: The company maintains adequate liquidity but faces elevated leverage and valuation concerns in a challenging operating environment. **Liquidity and Solvency**: - Cash position of $398 million as of Q1 2025, down from $1.25 billion in Q4 2024 - Current ratio of 1.17, indicating tight short-term liquidity - Total debt-to-equity ratio of 3.09, representing high leverage - No immediate solvency risk given REIT structure and asset base, but refinancing risk exists **Valuation Metrics**: - Price-to-earnings ratio of 43.4x, elevated for a REIT - EV/EBITDA of 14.2x, reasonable for real estate but high given sector challenges - Price-to-book ratio of 2.0x, suggesting premium to asset values - FFO (Funds From Operations) yield around 10%, providing some income support **Other Considerations**: - Occupancy rate of 86.9% below optimal levels, indicating operational stress - Significant development pipeline ($1+ billion remaining investment) creates execution risk - REIT dividend requirements provide income floor but limit financial flexibility - Asset concentration in high-value coastal markets provides some downside protection
Recent development
Over the past few years, Boston Properties has undertaken several strategic initiatives to adapt to the changing office market landscape. The company has pivoted toward mixed-use development, most notably with the commencement of the 290 Kohl's project in Jersey City - a 670-unit multifamily residential development that represents their expansion beyond traditional office properties. They are also preparing to launch the 343 Madison Avenue development in New York, demonstrating continued confidence in prime Manhattan locations. The company has been actively exploring residential development opportunities across their land portfolio, recognizing the potential for office-to-residential conversions and rezoning existing land holdings for alternative uses. This strategic diversification reflects management's acknowledgment that some office markets may face permanent demand reductions. Capital optimization has become a key focus, with management exploring land site sales that could generate approximately $250 million in proceeds. They completed over $4.2 billion in financing activities to strengthen their balance sheet and extend debt maturities. The company has also been selectively investing in their existing portfolio, completing projects like the 300 Binney Street lab conversion in Cambridge and delivering the Skymark residential tower in Reston. Boston Properties has doubled down on their "Premier Workplace" strategy, concentrating leasing efforts on the highest-quality buildings in their portfolio that command premium rents and maintain higher occupancy rates. They've been creating spec suites and smaller space configurations to accommodate changing tenant preferences, particularly targeting small and medium-sized financial and professional service firms that have shown more resilience than technology tenants. The company has also been preparing for an eventual market recovery by maintaining their development pipeline while being more selective about new project launches, keeping $1 billion in remaining development commitments that can be deployed when market conditions improve.
BXP company profile · for informational purposes only — not investment advice.
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