BXP (BXP)

Real Estate · $10.3B market cap · SEC CIK 0001037540

Next reports on Jan 25, 2027, after the close, with analysts expecting $0.57 in earnings per share.

52-week range $49.72 to $74.94. 15% below its 52-week high and 28% above its low.

The case for BXP

• Generated $1.0B of free cash flow in FY2025, 30% of revenue.
• Free cash flow of 9.9% of its market value a year: a lot of cash for the price.
• Pays a 7.3% dividend while you wait.
• Gross margin of 60% absorbs cost shocks.
• P/E of 19.4× is lower than 86% of Real Estate companies.
• Price/sales of 2.9× is lower than 90% of Real Estate companies.

The case against

• Expensive for its growth: 19.4× earnings, where 0% a year of growth would justify about 8×.
• Heavily leveraged. Debt is 3.3× equity.
• Operating profit covers its interest bill only 1.6 times.
• Dividend takes 89% of earnings, leaving little cushion.
• Revenue grew only 2.7%, roughly the pace of inflation.

What the score is made of

Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Each factor except momentum is half fixed thresholds, half rank among the 30 Real Estate companies.

The financials

The financials, five years deep

Pulled from BXP's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

What BXP says it does

BXP, a Delaware corporation, is a fully integrated, self-administered and self-managed REIT, and it is one of the largest publicly-traded office REITs (based on total market capitalization as of December 31, 2025) in the United States that develops, owns and manages primarily premier workplaces. BXP was formed in 1997 to succeed the real estate development, redevelopment, acquisition, management, operating and leasing businesses associated with the predecessor company founded by Mortimer B. Zuckerman and Edward H. Linde in 1970. Our properties are concentrated in six dynamic gateway markets—Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. At December 31, 2025, we owned or had joint venture interests in a portfolio of 179 commercial real estate properties, aggregating approximately 52.6 million net rentable square feet of primarily premier workplaces, including eight properties under construction/redevelopment…

Risk factors BXP lists in its 10-K

• Our performance depends upon the economic conditions, particularly the supply and demand characteristics, of our markets—Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC
• Our success depends on key personnel whose continued service is not guaranteed
• Our performance and value are subject to risks associated with our real estate assets and with the real estate industry
• We face potential adverse effects from major clients’ bankruptcies or insolvencies
• Our properties face significant competition
• We face potential difficulties or delays renewing leases or re-leasing space
• Our actual costs to develop properties may exceed our budgeted costs
• Investment returns from our developed properties may be less than anticipated
• We face risks associated with the development of mixed-use commercial and residential properties
• Our use of joint ventures may limit our control over jointly owned investments and limit our flexibility to acquire other assets
• We face the risk that third parties will not be able to service or repay loans we make to them
• We face risks associated with property acquisitions
• Acquired properties may expose us to unknown liability
• Competition for acquisitions may result in increased prices for properties
• We may have difficulty selling our properties, which may limit our flexibility
• Because we own a hotel property, we face the risks associated with the hospitality industry
• Failure to comply with Federal Government contractor requirements could result in substantial costs and loss of substantial revenue
• Changes in rent control or rent stabilization and eviction laws and regulations in our markets could have a material adverse effect on our residential portfolio’s results of operations and residential property values
• We did not obtain new owner’s title insurance policies in connection with properties acquired during BXP’s initial public offering
• Some potential losses are not covered by insurance
• Actual or threatened terrorist attacks or other criminal acts may adversely affect our ability to generate revenues and the value of our properties
• —Some potential losses are not covered by insurance
• The use of technology based on artificial intelligence and machine learning presents risks and challenges that may adversely affect our business and results of operations
• We face risks associated with our clients and contractual counterparties being designated “Prohibited Persons” by the Office of Foreign Assets Control
• The outbreak of highly infectious or contagious diseases could adversely impact or cause disruption to our financial condition, results of operations, cash flows and liquidity and that of our clients
• We face risks associated with climate change and severe weather events, as well as the regulatory efforts intended to reduce the effects of climate change
• Potential liability for environmental contamination could result in substantial costs
• Compliance or failure to comply with the Americans with Disabilities Act or other safety regulations and requirements could result in substantial costs
• Any future international activities will be subject to special risks and we may not be able to effectively manage our international business
• We may be subject to risks from potential fluctuations in exchange rates between the U.S. dollar and the currencies of the other countries in which we invest
• Covenants in our debt agreements could adversely affect our financial condition
• We face risks associated with the use of debt to fund acquisitions and developments, including refinancing risk
• Our degree of leverage could limit our ability to obtain additional financing or affect the market price of our equity and debt securities
• Consolidated Market Capitalization (A + B)
• Consolidated Debt/Consolidated Market Capitalization [B / (A + B)]
• We face risks associated with short-term liquid investments
• Conflicts of interest exist with holders of interests in BPLP
• Sales of properties and repayment of related indebtedness will have different effects on holders of interests in BPLP than on BXP’s stockholders
• Agreement not to sell some properties
• Limits on changes in control may discourage takeover attempts beneficial to stockholders
• We may change our policies without obtaining the approval of our stockholders
• Failure to qualify as a REIT would cause BXP to be taxed as a corporation, which would substantially reduce funds available for payment of dividends
• In order to maintain BXP’s REIT status, we may be forced to borrow funds during unfavorable market conditions
• We may be subject to adverse legislative or regulatory tax changes that could negatively impact our financial condition
• We face possible adverse state and local tax audits and changes in state and local tax laws
• Changes in market conditions could adversely affect the market price of BXP’s common stock
• Further issuances of equity securities may be dilutive to current securityholders
• The number of shares available for future sale could adversely affect the market price of BXP’s stock
• Our involvement in legal proceedings and other claims may result in substantial monetary and other costs that have a material adverse effect on our results of operations
• Changes in accounting pronouncements could adversely affect our operating results, in addition to the reported financial performance of our clients

Filings

Other Real Estate companies