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Boston Properties Inc Stock Research

BXP

49.42USD+2.05(+4.33%)Market Closed

Market Summary

USD49.42+2.05
Market Closed
4.33%

BXP Alerts

BXP Stock Price

BXP RSI Chart

BXP Valuation

Market Cap

7.7B

Price/Earnings (Trailing)

9.23

Price/Sales (Trailing)

2.49

Price/Free Cashflow

6.04

BXP Price/Sales (Trailing)

BXP Profitability

Return on Equity

13.68%

Return on Assets

3.47%

Free Cashflow Yield

16.55%

BXP Fundamentals

BXP Revenue

Revenue (TTM)

3.1B

Revenue Y/Y

8.04%

Revenue Q/Q

-0.09%

BXP Earnings

Earnings (TTM)

838.9M

Earnings Y/Y

-39.37%

Earnings Q/Q

-69.01%

Price Action

52 Week Range

46.18129.32
(Low)(High)

Last 7 days

-7.6%

Last 30 days

-27.5%

Last 90 days

-27.8%

Trailing 12 Months

-59.6%

BXP Financial Health

Debt/Equity

0.56

Debt/Cashflow

0.36

BXP Investor Care

Shares Dilution (1Y)

0.14%

Diluted EPS (TTM)

5.4

Peers (Alternatives to Boston Properties)

View All Peers In Detail
NameMkt Capsorted ascendingRevenuePrice %, 1MReturns, 1YP/EP/SRev 1-YrInc 1-Yr
LARGE-CAP
50.2B
4.2B
-1.95% -19.53%
11.55
12.01
22.43% 122.66%
27.5B
4.7B
-11.51% -30.78%
72.75
5.86
5.96% -77.90%
21.2B
2.7B
-12.90% -34.85%
27.27
7.81
11.91% -41.71%
20.5B
2.6B
-23.09% -36.12%
39.23
7.91
22.46% -8.68%
13.2B
1.7B
-4.07% -25.83%
104.43
7.61
26.61% -85.07%
MID-CAP
7.5B
1.1B
-12.78% -19.56%
19.52
7
12.95% 47.42%
4.3B
802.0M
-9.18% -8.49%
-338.08
5.33
114.83% 84.36%
2.6B
1.8B
-34.87% -68.35%
-7.52
1.45
13.26% -296.88%
2.0B
859.2M
-22.66% -32.73%
-30.92
2.38
1.38% -563.21%
SMALL-CAP
2.0B
421.4M
1.35% 15.46%
23.02
4.64
3.35% 1705.32%
1.3B
826.7M
-42.91% -73.34%
-17.18
1.62
-2.04% -117.36%
1.0B
190.3M
-3.26% -2.73%
11.34
5.49
12.08% 1950.56%
909.5M
740.4M
-23.50% -61.25%
-24.99
1.23
1.87% -78.85%

Financials for Boston Properties

Income Statement (Last 12 Months)
(In Millions)
* denotes actual numbers (not divided by Millions)
Description(%) Q/Q2022Q42022Q32022Q22022Q12021Q4
Revenue1.9%3,1093,0502,9892,9292,889
  S&GA Expenses1.6%146144146150152
Costs and Expenses2.5%2,0501,9991,9611,9361,921
Interest Expenses3.9%437421414417423
Net Income-8.0%839912659548505
Net Income Margin-9.7%0.27*0.30*0.23*0.19*-
Free Cahsflow1.9%1,2821,2591,1891,201-
Balance Sheet
(In Millions)
Description(%) Q/Q2022Q42022Q32022Q22022Q12021Q4
Assets2.0%24,20823,72723,26622,47622,365
    Cash Equivalents83.7%690376456436453
Liabilities3.3%15,83715,32715,11614,42314,322
  Long Term Debt-3,300----
Shareholder's Equity-0.4%6,1336,1568,1438,0425,834
  Retained Earnings-8.9%-391-359-567-636-625
  Additional Paid-In Capital0.1%6,5396,5326,5256,5106,498
Shares Outstanding0.0%157157157157157
Cashflow (Last 12 Months)
(In Millions)
Description(%) Q/Q2022Q42022Q32022Q22022Q12021Q4
Cashflow From Operations1.9%1,2821,2591,1891,2011,133
  Share Based Compensation0.1%52.0052.0053.0052.0051.00
Cashflow From Investing-18.3%-1,602-1,354-1,456-949-1,039
Cashflow From Financing203.5%556-537133-718-1,311
  Dividend Payments0.2%685684683683684

Risks for BXP

What is the probability of a big loss on BXP?

43.1%


Probability that Boston Properties stock will be more than 20% underwater in next one year

36.9%


Probability that Boston Properties stock will be more than 30% underwater in next one year.

29.6%


Probability that Boston Properties stock will be more than 40% underwater in next one year.
*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does BXP drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Boston Properties was unfortunately bought at previous high price.

Drawdowns

Returns for BXP

Cumulative Returns on BXP

-3.6%


10-Year Cumulative Returns

-9.6%


7-Year Cumulative Returns

-13.1%


5-Year Cumulative Returns

-14.3%


3-Year Cumulative Returns

What are the long-term rolling returns for BXP?

FIve years rolling returns for Boston Properties.

Annualized Returns

Which funds bought or sold BXP recently?

View All Details
Datesorted ascendingFund NameType% Chg$ Change$ Held% Portfolio
2023-03-10
VICTORY CAPITAL MANAGEMENT INC
reduced
-29.08
-4,464,460
7,912,540
0.01%
2023-03-06
Rockefeller Capital Management L.P.
added
8.2
-11,000
426,000
-%
2023-02-28
Voya Investment Management LLC
added
2.29
-298,189
3,527,810
-%
2023-02-24
National Pension Service
reduced
-98.24
-16,713,500
270,793
-%
2023-02-24
NATIXIS
added
1,409
19,637,000
21,195,000
0.12%
2023-02-24
SRS Capital Advisors, Inc.
unchanged
-
-658
3,342
-%
2023-02-22
CVA Family Office, LLC
added
8.74
-431
7,569
-%
2023-02-22
TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY
unchanged
-
-97,000
878,000
0.01%
2023-02-21
CENTERSQUARE INVESTMENT MANAGEMENT LLC
reduced
-20.04
-4,754,620
12,276,400
0.14%
2023-02-21
NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC
reduced
-15.59
-94,850
302,150
0.01%

1–10 of 47

Latest Funds Activity

Are funds buying BXP calls or puts?
Calls
Puts
Are funds bullish or bearish(Calls - Puts)?
Net Call Options
No. of funds that own BXP
No. of Funds

Boston Properties News

MarketBeat

Spirit of America Management Corp NY Has $474000 Holdings in ....

MarketBeat,
22 hours ago

London South East

Nasdaq

InvestorsObserver

London South East

Yahoo Finance

Schedule 13G FIlings of Boston Properties

Date FiledName of FilerPercent of ClassNo. of SharesForm Type
Feb 14, 2023
norges bank
8.10%
12,695,570
SC 13G/A
Feb 14, 2023
tci fund management ltd
0%
0
SC 13G/A
Feb 09, 2023
vanguard group inc
15.05%
23,591,706
SC 13G/A
Feb 06, 2023
state street corp
7.10%
11,123,759
SC 13G/A
Jan 26, 2023
blackrock inc.
11.6%
18,146,691
SC 13G/A
Jan 20, 2023
blackrock inc.
11.6%
18,146,691
SC 13G
Feb 14, 2022
tci fund management ltd
7.96%
12,458,851
SC 13G/A
Feb 10, 2022
state street corp
6.68%
10,427,686
SC 13G/A
Feb 09, 2022
vanguard group inc
14.71%
22,978,972
SC 13G/A
Jan 27, 2022
blackrock inc.
11.1%
17,343,626
SC 13G/A

BXP Fair Value

Boston Properties fair value in different scenarios

The table shows the Fair Value estimates for Boston Properties for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.
Fair ValueVery PessimisticPessimisticBase CaseOptimisticVery Optimistic
Very Low Inflation

48.89

-1.07%

58.10

17.56%

77.61

57.04%

104.55

111.55%

120.96

144.76%
Current Inflation

46.11

-6.70%

54.12

9.51%

70.64

42.94%

93.15

88.49%

106.85

116.21%
Very High Inflation

42.62

-13.76%

49.21

-0.42%

62.31

26.08%

79.87

61.61%

90.54

83.21%

Historical Boston Properties Fair Value Estimates


Very Pessimistic Case
Pessimistic Case
Fair Value
Optimistic Case
Very Optimistic Case
Closing Stock Price

Recent SEC filings of Boston Properties

View All Filings
Date Filed Form Type Document
Mar 15, 2023
4
Insider Trading
Mar 08, 2023
3
Insider Trading
Mar 02, 2023
8-K
Current Report
Feb 27, 2023
10-K
Annual Report
Feb 15, 2023
4
Insider Trading
Feb 15, 2023
4
Insider Trading
Feb 15, 2023
4
Insider Trading
Feb 15, 2023
4
Insider Trading
Feb 15, 2023
4
Insider Trading
Feb 15, 2023
4
Insider Trading

Latest Insider Trading transactions for BXP

Filter Transactions
Datesorted ascendingNameBuy/Sell$ ValueAvg. Price# SharesTitle
2023-03-15
LUSTIG MATTHEW J
bought
529,200
52.92
10,000
-
2023-02-07
Spann Hilary J.
acquired
-
-
4,081
executive vice president
2023-02-03
Kevorkian Eric G
acquired
-
-
994
svp, clo and secretary
2023-02-03
Spann Hilary J.
acquired
-
-
3,974
executive vice president
2023-02-03
LABELLE MICHAEL E
acquired
-
-
3,726
evp and cfo
2023-01-15
LABELLE MICHAEL E
sold (taxes)
-23,140
71.2
-325
evp and cfo
2023-01-15
Spann Hilary J.
sold (taxes)
-39,088
71.2
-549
executive vice president
2022-09-07
Spann Hilary J.
sold (taxes)
-392,058
82.87
-4,731
executive vice president
2022-08-12
RITCHEY RAYMOND A
acquired
-
-
22,472
senior evp
2022-08-12
RITCHEY RAYMOND A
sold
-2,021,670
89.9641
-22,472
senior evp

1–10 of 50

Owen D. Thomas
740
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 51.2 million square feet and 196 properties, including six properties under construction/redevelopment.

BXP Income Statement

2022-12-31
Consolidated Statements Of Operations - USD ($)
shares in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenue   
Lease$ 2,918,368,000$ 2,753,014,000$ 2,646,261,000
Total revenue3,108,581,0002,888,621,0002,765,686,000
Expenses   
Rental1,108,070,0001,021,151,0001,017,208,000
General and administrative146,378,000151,573,000133,112,000
Transaction costs2,905,0005,036,0001,531,000
Depreciation and amortization749,775,000717,336,000683,751,000
Total expenses2,050,056,0001,920,581,0001,860,364,000
Other income (expense)   
Loss from Unconsolidated Joint Ventures(59,840,000)(2,570,000)(85,110,000)
Gains on sales of real estate437,019,000123,660,000618,982,000
Gain on sales-type lease10,058,00000
Interest and other income (loss)11,940,0005,704,0005,953,000
Other Income - assignment fee6,624,00000
Gains (losses) from investments in securities(6,453,000)5,626,0005,261,000
Unrealized loss on non-real estate investment(150,000)00
Losses from early extinguishment of debt0(45,182,000)0
Interest expense(437,139,000)(423,346,000)(431,717,000)
Net income1,020,584,000631,932,0001,018,691,000
Net income attributable to noncontrolling interests   
Noncontrolling interests in property partnerships(74,857,000)(70,806,000)(48,260,000)
Noncontrolling interest - common units of the Operating Partnership(96,780,000)(55,931,000)(97,704,000)
Net income attributable to the Company848,947,000505,195,000872,727,000
Preferred dividends / distributions0(2,560,000)(10,500,000)
Preferred Stock Redemption Charge0(6,412,000)0
Net income attributable to the Company's common shareholders / unitholders$ 848,947,000$ 496,223,000$ 862,227,000
Basic earnings per common share / unit attributable to the Company   
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share)$ 5.41$ 3.18$ 5.54
Weighted average number of common shares / units outstanding (in shares / units)156,726156,116155,432
Diluted earnings per common share / unit attributable to the Company   
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit)$ 5.40$ 3.17$ 5.54
Weighted average number of common and common equivalent shares / units outstanding (in shares / units)157,137156,376155,517
Boston Properties Limited Partnership   
Revenue   
Lease$ 2,918,368,000$ 2,753,014,000$ 2,646,261,000
Total revenue3,108,581,0002,888,621,0002,765,686,000
Expenses   
Rental1,108,070,0001,021,151,0001,017,208,000
General and administrative146,378,000151,573,000133,112,000
Transaction costs2,905,0005,036,0001,531,000
Depreciation and amortization742,293,000709,035,000 
Total expenses2,042,574,0001,912,280,0001,853,279,000
Other income (expense)   
Loss from Unconsolidated Joint Ventures(59,840,000)(2,570,000)(85,110,000)
Gains on sales of real estate441,075,000125,198,000631,945,000
Gain on sales-type lease10,058,00000
Interest and other income (loss)11,940,0005,704,0005,953,000
Other Income - assignment fee6,624,00000
Gains (losses) from investments in securities(6,453,000)5,626,0005,261,000
Unrealized loss on non-real estate investment(150,000)00
Losses from early extinguishment of debt0(45,182,000)0
Interest expense(437,139,000)(423,346,000)(431,717,000)
Net income1,032,122,000641,771,0001,038,739,000
Net income attributable to noncontrolling interests   
Noncontrolling interests in property partnerships(74,857,000)(70,806,000)(48,260,000)
Net income attributable to the Company957,265,000570,965,000990,479,000
Preferred dividends / distributions0(2,560,000)(10,500,000)
Preferred Stock Redemption Charge0(6,412,000)0
Net income attributable to the Company's common shareholders / unitholders$ 957,265,000$ 561,993,000$ 979,979,000
Basic earnings per common share / unit attributable to the Company   
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share)$ 5.48$ 3.25$ 5.67
Weighted average number of common shares / units outstanding (in shares / units)174,360173,150172,643
Diluted earnings per common share / unit attributable to the Company   
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit)$ 5.47$ 3.24$ 5.67
Weighted average number of common and common equivalent shares / units outstanding (in shares / units)174,771173,410172,728
Parking and Other [Member]   
Revenue   
Other revenue$ 107,225,000$ 81,814,000$ 70,680,000
Parking and Other [Member] | Boston Properties Limited Partnership   
Revenue   
Other revenue107,225,00081,814,00070,680,000
Hotel [Member]   
Revenue   
Other revenue[1]39,482,00013,609,0007,478,000
Expenses   
Operating expense27,478,00012,998,00013,136,000
Hotel [Member] | Boston Properties Limited Partnership   
Revenue   
Other revenue39,482,00013,609,0007,478,000
Expenses   
Operating expense27,478,00012,998,00013,136,000
Real Estate, Other [Member]   
Revenue   
Other revenue15,450,00012,487,00011,626,000
Expenses   
Operating expense15,450,00012,487,00011,626,000
Real Estate, Other [Member] | Boston Properties Limited Partnership   
Revenue   
Other revenue15,450,00012,487,00011,626,000
Expenses   
Operating expense15,450,00012,487,00011,626,000
Management Service [Member]   
Revenue   
Other revenue28,056,00027,697,00029,641,000
Management Service [Member] | Boston Properties Limited Partnership   
Revenue   
Other revenue$ 28,056,000$ 27,697,000$ 29,641,000
[1]Rental Revenue is equal to Total Revenue per the Company’s Consolidated Statements of Operations, less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Contracts Revenue per the Consolidated Statements of Operations.

BXP Balance Sheet

2022-12-31
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
ASSETS  
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,789,029 and $6,702,830 at December 31, 2022 and December 31, 2021, respectively)$ 25,389,663$ 23,752,630
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2022 and December 31, 2021, respectively)237,510237,507
Right of use assets - operating leases167,351169,778
Less: accumulated depreciation (amounts related to VIEs of $(1,381,401) and $(1,283,060) at December 31, 2022 and December 31, 2021, respectively)(6,298,082)(5,883,961)
Total real estate19,496,44218,275,954
Cash and cash equivalents (amounts related to VIEs of $259,658 and $300,937 at December 31, 2022 and December 31, 2021, respectively)690,333452,692
Cash held in escrows46,47948,466
Investments in securities32,27743,632
Tenant and other receivables, net (amounts related to VIEs of $16,521 and $6,824 at December 31, 2022 and December 31, 2021, respectively)81,38970,186
Related party note receivable, net78,57678,336
Notes receivable, net09,641
Sales-type lease receivable, net12,8110
Accrued rental income, net (amounts related to VIEs of $367,138 and $357,395 at December 31, 2022 and December 31, 2021, respectively)1,276,5801,226,745
Deferred charges, net (amounts related to VIEs of $176,597 and $174,637 at December 31, 2022 and December 31, 2021, respectively)733,282618,798
Prepaid expenses and other assets (amounts related to VIEs of $11,647 and $29,668 at December 31, 2022 and December 31, 2021, respectively)43,58957,811
Investments in unconsolidated joint ventures1,715,9111,482,997
Total assets24,207,66922,365,258
Liabilities:  
Mortgage notes payable, net (amounts related to VIEs of $3,272,368 and $3,267,914 at December 31, 2022 and December 31, 2021, respectively)3,272,3683,267,914
Unsecured senior notes, net10,237,9689,483,695
Unsecured line of credit0145,000
Unsecured term loan730,0000
Lease liabilities - finance leases (amounts related to VIEs of $20,604 and $20,458 at December 31, 2022 and December 31, 2021, respectively)249,335244,421
Lease liabilities - operating leases204,686204,561
Accounts payable and accrued expenses (amounts related to VIEs of $29,466 and $29,464 at December 31, 2022 and December 31, 2021, respectively)417,545320,775
Dividends and distributions payable170,643169,859
Accrued interest payable103,77494,796
Other liabilities (amounts related to VIEs of $114,232 and $150,131 at December 31, 2022 and December 31, 2021, respectively)450,918391,441
Total liabilities15,837,23714,322,462
Redeemable deferred stock units— 97,853 and 83,073 units outstanding at redemption value at December 31, 2022 and December 31, 2021, respectively$ 6,613$ 9,568
Excess stock, shares outstanding00
Excess stock, shares issued00
Preferred stock / units, shares / units issued (in shares / units)00
Preferred stock / units, shares / units outstanding (in shares / units)00
Equity / Capital:  
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding$ 0$ 0
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding00
Common stock, $0.01 par value, 250,000,000 shares authorized, 156,836,767 and 156,623,749 issued and 156,757,867 and 156,544,849 outstanding at December 31, 2022 and December 31, 2021, respectively1,5681,565
Additional paid-in capital6,539,1476,497,730
Dividends in excess of earnings(391,356)(625,891)
Treasury common stock at cost, 78,900 shares at December 31, 2022 and December 31, 2021(2,722)(2,722)
Accumulated other comprehensive loss(13,718)(36,662)
Total stockholders' equity attributable to Boston Properties, Inc.6,132,9195,834,020
Noncontrolling interests:  
Common units of the Operating Partnership683,583642,655
Property partnerships1,547,3171,556,553
Total equity / capital8,363,8198,033,228
Total liabilities and equity / capital24,207,66922,365,258
Boston Properties Limited Partnership  
ASSETS  
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,789,029 and $6,702,830 at December 31, 2022 and December 31, 2021, respectively)25,022,14923,379,243
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2022 and December 31, 2021, respectively)237,510237,507
Right of use assets - operating leases167,351169,778
Less: accumulated depreciation (amounts related to VIEs of $(1,381,401) and $(1,283,060) at December 31, 2022 and December 31, 2021, respectively)(6,180,474)(5,772,018)
Total real estate19,246,53618,014,510
Cash and cash equivalents (amounts related to VIEs of $259,658 and $300,937 at December 31, 2022 and December 31, 2021, respectively)690,333452,692
Cash held in escrows46,47948,466
Investments in securities32,27743,632
Tenant and other receivables, net (amounts related to VIEs of $16,521 and $6,824 at December 31, 2022 and December 31, 2021, respectively)81,38970,186
Related party note receivable, net78,57678,336
Notes receivable, net09,641
Sales-type lease receivable, net12,8110
Accrued rental income, net (amounts related to VIEs of $367,138 and $357,395 at December 31, 2022 and December 31, 2021, respectively)1,276,5801,226,745
Deferred charges, net (amounts related to VIEs of $176,597 and $174,637 at December 31, 2022 and December 31, 2021, respectively)733,282618,798
Prepaid expenses and other assets (amounts related to VIEs of $11,647 and $29,668 at December 31, 2022 and December 31, 2021, respectively)43,58957,811
Investments in unconsolidated joint ventures1,715,9111,482,997
Total assets23,957,76322,103,814
Liabilities:  
Mortgage notes payable, net (amounts related to VIEs of $3,272,368 and $3,267,914 at December 31, 2022 and December 31, 2021, respectively)3,272,3683,267,914
Unsecured senior notes, net10,237,9689,483,695
Unsecured line of credit0145,000
Unsecured term loan730,0000
Lease liabilities - finance leases (amounts related to VIEs of $20,604 and $20,458 at December 31, 2022 and December 31, 2021, respectively)249,335244,421
Lease liabilities - operating leases204,686204,561
Accounts payable and accrued expenses (amounts related to VIEs of $29,466 and $29,464 at December 31, 2022 and December 31, 2021, respectively)417,545320,775
Dividends and distributions payable170,643169,859
Accrued interest payable103,77494,796
Other liabilities (amounts related to VIEs of $114,232 and $150,131 at December 31, 2022 and December 31, 2021, respectively)450,918391,441
Total liabilities15,837,23714,322,462
Redeemable deferred stock units— 97,853 and 83,073 units outstanding at redemption value at December 31, 2022 and December 31, 2021, respectively6,6139,568
Noncontrolling interest:  
Redeemable partnership units— 16,531,172 and 16,561,186 common units and 1,679,175 and 1,485,376 long term incentive units outstanding at redemption value at December 31, 2022 and December 31, 2021, respectively1,280,8862,078,603
Equity / Capital:  
Boston Properties Limited Partnership partners’ capital— 1,749,682 and 1,745,914 general partner units and 155,008,185 and 154,798,935 limited partner units outstanding at December 31, 2022 and December 31, 2021, respectively5,299,4284,173,290
Accumulated other comprehensive loss(13,718)(36,662)
Total partners’ capital5,285,7104,136,628
Noncontrolling interests in property partnerships1,547,3171,556,553
Noncontrolling interests:  
Total equity / capital6,833,0275,693,181
Total liabilities and equity / capital$ 23,957,763$ 22,103,814