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BXP

65.34USD-2.51(-3.70%)Market Closed

Boston Properties Inc

Market Summary

USD65.34-2.51Market Closed
-3.70%

BXP Alerts

BXP Stock Price

RSI Chart

Valuation

Market Cap

11.4B

Price/Earnings

17.32

Price/Sales

3.82

Price/Cashflow

9.59

Price/Sales

Profitability

Return on Equity

11.11%

Return on Assets

2.83%

Fundamentals

Revenue

Revenue (TTM)

3.0B

Revenue Y/Y

8.28%

Revenue Q/Q

2.14%

Earnings

Earnings (TTM)

911.6M

Earnings Y/Y

233.32%

Earnings Q/Q

61.88%

Price Action

52 Week Range

65.14129.32
(Low)(High)

Last 7 days

-7.6%

Last 30 days

-8.8%

Last 90 days

-20.1%

Trailing 12 Months

-40.1%

Financial Health

Debt/Equity

0.56

Debt/Cashflow

0.36

Investor Care

Dividend Yield

2.84%

Shares Dilution (1Y)

0.35%

Diluted EPS (TTM)

5.8

Peers (Alternatives to Boston Properties)

View All Peers In Detail
NameMkt Capsorted ascendingRevenuePrice %, 1MReturns, 1YP/EP/SRev 1-YrInc 1-Yr
LARGE-CAP
54.7B
4.0B
4.05% -9.82%
24.01
14.3
23.61% 170.44%
36.1B
5.2B
2.33% -19.47%
14.04
7.05
10.93% 41.97%
29.1B
4.6B
11.66% -32.89%
21.77
6.46
4.35% 106.20%
23.9B
2.5B
0.40% -26.92%
44.1
9.58
24.72% -42.18%
23.7B
2.7B
0.72% -26.09%
20.74
8.86
10.21% 8.14%
13.1B
1.7B
3.13% -3.30%
50.71
7.62
41.60% -73.28%
MID-CAP
7.3B
1.0B
1.56% -14.60%
26.1
7.17
16.50% 74.49%
4.6B
392.5M
-4.84% -43.84%
22.95
13.26
-74.80% 441.99%
4.3B
760.3M
4.55% 7.71%
-39.09
6.74
172.75% -1136.68%
2.5B
796.4M
-8.04% -48.19%
8.02
3.21
-9.94% -109.68%
2.4B
860.3M
3.76% -30.83%
63.8
2.74
5.87% 46.68%
2.1B
-
0.33% 22.89%
32.23
11.01
- -
SMALL-CAP
1.9B
432.4M
1.02% -4.14%
23.11
4.36
3.91% 1705.32%
1.5B
740.6M
-14.57% -34.08%
538.82
1.96
2.16% 107.41%
1.2B
-
7.32% 4.54%
5
3.44
120.87% 1462.96%

Financials for Boston Properties

Income Statement (Last 12 Months)
(In Millions)
Description(%) Q/Q2022Q32022Q22022Q12021Q42021Q3
Revenue2.0%3,0502,9892,9292,8892,823
  S&GA Expenses-1.4%144146150152149
Net Income38.4%912659548505331
Balance Sheet
(In Millions)
Description(%) Q/Q2022Q32022Q22022Q12021Q42021Q3
Assets2.0%23,72723,26622,47622,36522,849
    Cash Equivalents-17.7%3764564364531,003
Liabilities1.4%15,32715,11614,42314,32214,785
  Long Term Debt-3,300----
Shareholder's Equity3.8%6,1565,9305,8445,8345,717
  Retained Earnings36.6%-359.54-567.02-636.42-625.89-657.02
  Additional Paid-In Capital0.1%6,5326,5256,5106,4986,416
Shares Outstanding0.0%157157157157156
Cashflow (Last 12 Months)
(In Millions)
Description(%) Q/Q2022Q32022Q22022Q12021Q42021Q3
Cashflow From Operations5.8%1,2591,1891,2011,1331,161
  Share Based Compensation-1.3%5152515150
Cashflow From Investing7.0%-1,354.81-1,456.51-949.02-1,039.96-1,223.68
Cashflow From Financing-504.7%-537.00133-718.48-1,311.44-620.47
  Dividend Payments0.2%684683683684686

Risks

What is the probability of a big loss on BXP?

37.3%


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

31.1%


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

23.9%


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.

Returns

Cumulative Returns on BXP

-1.2%


10-Year Cumulative Returns

-5.8%


7-Year Cumulative Returns

-8.9%


5-Year Cumulative Returns

-19.2%


3-Year Cumulative Returns

What are the long-term rolling returns for BXP?

FIve years rolling returns for Boston Properties.

Which funds bought or sold BXP recently?

View All Details
Datesorted ascendingFund NameType% Chg$ Change$ Held% Portfolio
2022-11-29
Bridgefront Capital, LLC
SOLD OFF
-100
-421,000
-
-%
2022-11-23
Eagle Bay Advisors LLC
REDUCED
-34.29
-13,876
17,000
0.01%
2022-11-22
TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY
NEW
-
975,000
975,000
0.01%
2022-11-22
CVA Family Office, LLC
UNCHANGED
-
-1,000
8,000
-%
2022-11-21
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM
REDUCED
-1.15
-3,765,000
18,761,000
0.03%
2022-11-21
Parallax Volatility Advisers, L.P.
NEW
-
11,293,000
11,293,000
0.02%
2022-11-18
National Pension Service
ADDED
11.29
-1,199,000
16,984,000
0.04%
2022-11-17
CENTRAL TRUST Co
ADDED
103.77
16,000
40,000
-%
2022-11-17
M&T Bank Corp
REDUCED
-2.23
-309,000
1,448,000
0.01%
2022-11-16
Retirement Systems of Alabama
REDUCED
-0.96
-5,367,000
27,058,000
0.13%

1–10 of 43

Latest Funds Activity

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

Boston Properties News

Nasdaq

Boston Properties, Inc. Shares Fall 2.8% Below Previous 52-Week Low - Market Mover.31 hours ago

Benzinga

GuruFocus.com

BXP Fair Value

Recent SEC filings of Boston Properties

View All Filings
Date Filed Form Type Document
Nov 17, 2022
8-K
Current Report
Nov 04, 2022
10-Q
Quarterly Report
Oct 26, 2022
8-K
Current Report
Oct 03, 2022
UPLOAD
UPLOAD
Oct 03, 2022
4
Insider Trading
Oct 03, 2022
4
Insider Trading
Oct 03, 2022
4
Insider Trading
Oct 03, 2022
4
Insider Trading
Oct 03, 2022
4
Insider Trading
Oct 03, 2022
4
Insider Trading

Latest Insider Trading transactions for BXP

Filter Transactions
Datesorted ascendingNameBuy/Sell$ ValueAvg. Price# SharesTitle
2022-09-07
Spann Hilary J.
SOLD (Taxes)
-392,058
82.87
-4,731
Executive Vice President
2022-08-12
RITCHEY RAYMOND A
SOLD
-2,021,670
89.9641
-22,472
Senior EVP
2022-08-12
RITCHEY RAYMOND A
ACQUIRED
-
-
22,472
Senior EVP
2022-05-26
Hoskins Diane J
ACQUIRED
15.04
0.01
1,504
-
2022-05-26
TWARDOCK DAVID A
ACQUIRED
15.04
0.01
1,504
-
2022-02-23
RITCHEY RAYMOND A
SOLD
-2,543,120
120.516
-21,102
Senior EVP
2022-02-23
RITCHEY RAYMOND A
ACQUIRED
-
-
21,102
Senior EVP
2022-01-28
Spann Hilary J.
ACQUIRED
-
-
4,810
Executive Vice President
2022-01-15
LABELLE MICHAEL E
SOLD (Taxes)
-40,776.1
125.08
-326
EVP and CFO
2021-12-28
KIPP MARY E
ACQUIRED
-
-
542
-

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

2022-09-30
Consolidated Statements Of Operations - USD ($)
shares in Thousands
3 Months Ended9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue    
Lease$ 739,255,000$ 692,260,000$ 2,179,274,000$ 2,062,102,000
Total revenue790,523,000730,056,0002,318,757,0002,157,558,000
Expenses    
Rental281,702,000258,281,000825,805,000764,373,000
General and administrative32,519,00034,560,000110,378,000117,924,000
Transaction costs1,650,0001,888,0002,146,0002,970,000
Depreciation and amortization190,675,000179,412,000551,445,000539,815,000
Total expenses518,994,000481,093,0001,520,810,0001,442,241,000
Other income (expense)    
Loss from Unconsolidated Joint Ventures(3,524,000)(5,597,000)(1,389,000)(1,745,000)
Gains on sales of real estate262,345,000348,000381,293,0008,104,000
Interest and other income (loss)3,728,0001,520,0006,151,0004,140,000
Other Income - assignment fee006,624,0000
Gains (losses) from investments in securities(1,571,000)(190,000)(8,549,000)3,744,000
Loss from early extinguishment of debt000(898,000)
Interest expense(111,846,000)(105,794,000)(317,216,000)(320,015,000)
Net income420,661,000139,250,000864,861,000408,647,000
Net income attributable to noncontrolling interests    
Noncontrolling interests in property partnerships(18,801,000)(18,971,000)(54,896,000)(52,602,000)
Noncontrolling interest - common units of the Operating Partnership(40,883,000)(11,982,000)(82,821,000)(35,393,000)
Net income attributable to the Company360,977,000108,297,000727,144,000320,652,000
Preferred dividends / distributions000(2,560,000)
Preferred Stock Redemption Charge000(6,412,000)
Net income attributable to the Company's common shareholders / unitholders$ 360,977,000$ 108,297,000$ 727,144,000$ 311,680,000
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)$ 2.30$ 0.69$ 4.63$ 2.00
Weighted average number of common shares / units outstanding (in shares / units)156,754156,183156,708156,062
Diluted earnings per common share / unit attributable to the Company    
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit)$ 2.29$ 0.69$ 4.62$ 1.99
Weighted average number of common and common equivalent shares / units outstanding (in shares / units)157,133156,598157,144156,394
Boston Properties Limited Partnership    
Revenue    
Lease$ 739,255,000$ 692,260,000$ 2,179,274,000$ 2,062,102,000
Total revenue790,523,000730,056,0002,318,757,0002,157,558,000
Expenses    
Rental281,702,000258,281,000825,805,000764,373,000
General and administrative32,519,00034,560,000110,378,000117,924,000
Transaction costs1,650,0001,888,0002,146,0002,970,000
Depreciation and amortization188,969,000177,677,000546,271,000533,255,000
Total expenses517,288,000479,358,0001,515,636,0001,435,681,000
Other income (expense)    
Loss from Unconsolidated Joint Ventures(3,524,000)(5,597,000)(1,389,000)(1,745,000)
Gains on sales of real estate262,357,000348,000385,349,0008,104,000
Interest and other income (loss)3,728,0001,520,0006,151,0004,140,000
Other Income - assignment fee006,624,0000
Gains (losses) from investments in securities(1,571,000)(190,000)(8,549,000)3,744,000
Loss from early extinguishment of debt000(898,000)
Interest expense(111,846,000)(105,794,000)(317,216,000)(320,015,000)
Net income422,379,000140,985,000874,091,000415,207,000
Net income attributable to noncontrolling interests    
Noncontrolling interests in property partnerships(18,801,000)(18,971,000)(54,896,000)(52,602,000)
Net income attributable to the Company403,578,000122,014,000819,195,000362,605,000
Preferred dividends / distributions000(2,560,000)
Preferred Stock Redemption Charge000(6,412,000)
Net income attributable to the Company's common shareholders / unitholders$ 403,578,000$ 122,014,000$ 819,195,000$ 353,633,000
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)$ 2.31$ 0.70$ 4.69$ 2.04
Weighted average number of common shares / units outstanding (in shares / units)174,416173,194174,339173,078
Diluted earnings per common share / unit attributable to the Company    
Diluted Earnings: Net income, Per Share Amount (in dollars per share / unit)$ 2.30$ 0.70$ 4.68$ 2.04
Weighted average number of common and common equivalent shares / units outstanding (in shares / units)174,795173,609174,775173,410
Parking and Other [Member]    
Revenue    
Other revenue$ 28,154,000$ 23,507,000$ 80,234,000$ 58,727,000
Parking and Other [Member] | Boston Properties Limited Partnership    
Revenue    
Other revenue28,154,00023,507,00080,234,00058,727,000
Hotel [Member]    
Revenue    
Other revenue[1]11,749,0005,189,00028,395,0007,382,000
Expenses    
Operating expense8,548,0003,946,00019,832,0007,993,000
Hotel [Member] | Boston Properties Limited Partnership    
Revenue    
Other revenue11,749,0005,189,00028,395,0007,382,000
Expenses    
Operating expense8,548,0003,946,00019,832,0007,993,000
Real Estate, Other [Member]    
Revenue    
Other revenue3,900,0003,006,00011,204,0009,166,000
Expenses    
Operating expense3,900,0003,006,00011,204,0009,166,000
Real Estate, Other [Member] | Boston Properties Limited Partnership    
Revenue    
Other revenue3,900,0003,006,00011,204,0009,166,000
Expenses    
Operating expense3,900,0003,006,00011,204,0009,166,000
Management Service [Member]    
Revenue    
Other revenue7,465,0006,094,00019,650,00020,181,000
Management Service [Member] | Boston Properties Limited Partnership    
Revenue    
Other revenue$ 7,465,000$ 6,094,000$ 19,650,000$ 20,181,000
[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

2022-09-30
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
ASSETS  
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,753,779 and $6,702,830 at September 30, 2022 and December 31, 2021, respectively)$ 25,192,376$ 23,752,630
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2022 and December 31, 2021, respectively)237,505237,507
Right of use assets - operating leases167,935169,778
Less: accumulated depreciation (amounts related to VIEs of $(1,352,781) and $(1,283,060) at September 30, 2022 and December 31, 2021, respectively)(6,170,472)(5,883,961)
Real estate and development in process, net19,427,34418,275,954
Cash and cash equivalents (amounts related to VIEs of $249,124 and $300,937 at September 30, 2022 and December 31, 2021, respectively)375,774452,692
Cash held in escrows73,11248,466
Investments in securities30,04043,632
Tenant and other receivables, net (amounts related to VIEs of $11,842 and $6,824 at September 30, 2022 and December 31, 2021, respectively)69,63370,186
Related party note receivable, net78,59278,336
Notes receivable, net09,641
Accrued rental income, net (amounts related to VIEs of $359,439 and $357,395 at September 30, 2022 and December 31, 2021, respectively)1,250,1761,226,745
Deferred charges, net (amounts related to VIEs of $176,908 and $174,637 at September 30, 2022 and December 31, 2021, respectively)720,648618,798
Prepaid expenses and other assets (amounts related to VIEs of $44,525 and $29,668 at September 30, 2022 and December 31, 2021, respectively)107,53857,811
Investments in unconsolidated joint ventures1,593,8341,482,997
Total assets23,726,69122,365,258
Liabilities:  
Mortgage notes payable, net (amounts related to VIEs of $3,271,157 and $3,267,914 at September 30, 2022 and December 31, 2021, respectively)3,271,1573,267,914
Unsecured senior notes, net9,491,7149,483,695
Unsecured line of credit340,000145,000
Unsecured term loan730,0000
Lease liabilities - finance leases (amounts related to VIEs of $20,568 and $20,458 at September 30, 2022 and December 31, 2021, respectively)248,092244,421
Lease liabilities - operating leases205,008204,561
Accounts payable and accrued expenses (amounts related to VIEs of $35,043 and $29,464 at September 30, 2022 and December 31, 2021, respectively)360,572320,775
Dividends and distributions payable170,952169,859
Accrued interest payable91,88594,796
Other liabilities (amounts related to VIEs of $104,663 and $150,131 at September 30, 2022 and December 31, 2021, respectively)417,255391,441
Total liabilities15,326,63514,322,462
Redeemable deferred stock units— 93,175 and 83,073 units outstanding at redemption value at September 30, 2022 and December 31, 2021, respectively6,9859,568
Equity / Capital:  
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding00
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, 156,833,612 and 156,623,749 issued and 156,754,712 and 156,544,849 outstanding at September 30, 2022 and December 31, 2021, respectively1,5681,565
Additional paid-in capital6,532,2996,497,730
Dividends in excess of earnings(359,536)(625,891)
Treasury common stock at cost, 78,900 shares at September 30, 2022 and December 31, 2021(2,722)(2,722)
Accumulated other comprehensive loss(15,991)(36,662)
Total stockholders' equity attributable to Boston Properties, Inc.6,155,6185,834,020
Noncontrolling interests:  
Common units of the Operating Partnership685,952642,655
Property partnerships1,551,5011,556,553
Total equity / capital8,393,0718,033,228
Total liabilities and equity / capital23,726,69122,365,258
Boston Properties Limited Partnership  
ASSETS  
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $6,753,779 and $6,702,830 at September 30, 2022 and December 31, 2021, respectively)24,824,86223,379,243
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at September 30, 2022 and December 31, 2021, respectively)237,505237,507
Right of use assets - operating leases167,935169,778
Less: accumulated depreciation (amounts related to VIEs of $(1,352,781) and $(1,283,060) at September 30, 2022 and December 31, 2021, respectively)(6,055,172)(5,772,018)
Real estate and development in process, net19,175,13018,014,510
Cash and cash equivalents (amounts related to VIEs of $249,124 and $300,937 at September 30, 2022 and December 31, 2021, respectively)375,774452,692
Cash held in escrows73,11248,466
Investments in securities30,04043,632
Tenant and other receivables, net (amounts related to VIEs of $11,842 and $6,824 at September 30, 2022 and December 31, 2021, respectively)69,63370,186
Related party note receivable, net78,59278,336
Notes receivable, net09,641
Accrued rental income, net (amounts related to VIEs of $359,439 and $357,395 at September 30, 2022 and December 31, 2021, respectively)1,250,1761,226,745
Deferred charges, net (amounts related to VIEs of $176,908 and $174,637 at September 30, 2022 and December 31, 2021, respectively)720,648618,798
Prepaid expenses and other assets (amounts related to VIEs of $44,525 and $29,668 at September 30, 2022 and December 31, 2021, respectively)107,53857,811
Investments in unconsolidated joint ventures1,593,8341,482,997
Total assets23,474,47722,103,814
Liabilities:  
Mortgage notes payable, net (amounts related to VIEs of $3,271,157 and $3,267,914 at September 30, 2022 and December 31, 2021, respectively)3,271,1573,267,914
Unsecured senior notes, net9,491,7149,483,695
Unsecured line of credit340,000145,000
Unsecured term loan730,0000
Lease liabilities - finance leases (amounts related to VIEs of $20,568 and $20,458 at September 30, 2022 and December 31, 2021, respectively)248,092244,421
Lease liabilities - operating leases205,008204,561
Accounts payable and accrued expenses (amounts related to VIEs of $35,043 and $29,464 at September 30, 2022 and December 31, 2021, respectively)360,572320,775
Dividends and distributions payable170,952169,859
Accrued interest payable91,88594,796
Other liabilities (amounts related to VIEs of $104,663 and $150,131 at September 30, 2022 and December 31, 2021, respectively)417,255391,441
Total liabilities15,326,63514,322,462
Redeemable deferred stock units— 93,175 and 83,073 units outstanding at redemption value at September 30, 2022 and December 31, 2021, respectively6,9859,568
Noncontrolling interest:  
Redeemable partnership units— 16,535,172 and 16,561,186 common units and 1,680,123 and 1,485,376 long term incentive units outstanding at redemption value at September 30, 2022 and December 31, 2021, respectively1,407,7622,078,603
Equity / Capital:  
Boston Properties Limited Partnership partners’ capital— 1,749,700 and 1,745,914 general partner units and 155,005,012 and 154,798,935 limited partner units outstanding at September 30, 2022 and December 31, 2021, respectively5,197,5854,173,290
Accumulated other comprehensive loss(15,991)(36,662)
Total partners’ capital5,181,5944,136,628
Noncontrolling interests in property partnerships1,551,5011,556,553
Noncontrolling interests:  
Total equity / capital6,733,0955,693,181
Total liabilities and equity / capital$ 23,474,477$ 22,103,814