BXP (BXP)
NYSE:BXP
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BXP
(NYSE:BXP)
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Rating:58Neutral
Price Target:
$63.00
▲(8.53% Upside)
Action:Reiterated
Date:05/30/26
The score is held back primarily by financial risk—high leverage and weakening recent free cash flow—despite solid revenue growth. Technicals and the latest earnings call point to improving fundamentals via leasing and occupancy gains, but valuation is only average given a high P/E that offsets the strong dividend yield, and corporate updates add some near-term headline risk (impairment) alongside capital flexibility.
Positive Factors
Leasing Momentum
Sustained leasing activity and a multi-million-square-foot pipeline indicate durable demand and near-term occupancy conversion. Over 1.1M sq ft executed plus 1.4–1.7M signed or in negotiation provides recurring cash flow upside as leases commence and supports stabilized NOI over the next 2–36 months.
Negative Factors
High Financial Leverage
Elevated leverage materially narrows balance sheet flexibility and raises refinancing risk if credit spreads widen. High debt levels magnify sensitivity to interest costs and NOI volatility, limiting the firm's ability to absorb shocks and fund opportunistic investments without issuing equity or selling assets.
Read all positive and negative factors
Positive Factors
Negative Factors
Leasing Momentum
Sustained leasing activity and a multi-million-square-foot pipeline indicate durable demand and near-term occupancy conversion. Over 1.1M sq ft executed plus 1.4–1.7M signed or in negotiation provides recurring cash flow upside as leases commence and supports stabilized NOI over the next 2–36 months.
Read all positive factors
BXP Key Performance Indicators (KPIs)
BXP (BXP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.72B
Dividend Yield5.26%
Average Volume (3M)1.58M
Price to Earnings (P/E)30.5
Beta (1Y)1.10
Revenue Growth1.62%
EPS GrowthN/A
CountryUS
Employees816
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)2.00
Shares Outstanding159,477,390
10 Day Avg. Volume1,229,098
30 Day Avg. Volume1,578,567
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 Cap2.33
Enterprise Value/Revenue7.17
Enterprise Value/Gross Profit11.91
Enterprise Value/Ebitda13.33
Forecast
1Y Price Target
$67.33Price Target Upside15.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)1.93
Revenue Forecast (FY)$3.49B
BXP Business Overview & Revenue Model
Company Description
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...
How the Company Makes Money
BXP primarily makes money by generating rental revenue from leasing office space in its properties. Tenants typically sign multi-year leases that produce (1) base rent and, depending on lease terms, (2) additional reimbursements and recoveries for...
BXP Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call was net positive: management reported a modest FFO beat, raised 2026 guidance slightly, and highlighted strong leasing momentum, occupancy gains, accelerating demand in AI/tech hubs, substantial disposition proceeds, and a deep development pipeline including progress at 343 Madison. Offsetting risks include higher interest expense, elevated lease-related CapEx, some tenant credit/termination noise, and ongoing concentration of improvement in premier assets versus weaker non-premier segments. Overall, positive operational progress and capital‑market activity outweigh the near-term financial headwinds.Positive Updates
FFO and Guidance Beat
Q1 FFO per share of $1.59, beating the midpoint of guidance by $0.02 and consensus by $0.01. Full-year 2026 FFO guidance range raised to $6.90–$7.04 per share (midpoint up $0.01).
Negative Updates
Higher Interest Expense and Funding Pressure
Net interest expense was $0.01 higher per share in Q1 versus expectations. Commercial paper rates widened ~25–30 basis points in Q1; management increased 2026 net interest expense assumptions by approximately $10 million and now assumes SOFR flat for remainder of 2026, pressuring FFO.
Read all updates
Q1-2026 Updates
Positive
Negative
FFO and Guidance Beat
Q1 FFO per share of $1.59, beating the midpoint of guidance by $0.02 and consensus by $0.01. Full-year 2026 FFO guidance range raised to $6.90–$7.04 per share (midpoint up $0.01).
Read all positive updates
Company Guidance
BXP nudged up its 2026 FFO guidance to $6.90–$7.04 per share (midpoint +$0.01) after reporting Q1 FFO of $1.59, citing drivers that include a $0.02 benefit from stronger same‑property NOI (now assumed +1.4% to +2.4%, +15 bps), an $0.04 benefit from higher termination income (an $8M increase tied to ~200k sq ft of credits), and $0.01 from development activity, partially offset by roughly $10M of higher net interest expense (about a $0.06 FFO headwind). Management raised its 2026 average occupancy assumption to 88.25% (up 25 bps), reiterated a year‑end target around 89% (with a 2027 target near 91% and a two‑year, 4‑point occupancy improvement goal), and pointed to leasing momentum with ~1.6M–1.7M sq ft signed-but-not-open/under negotiation, a 3.0M sq ft total pipeline, and 1.44M sq ft of executed vacant-space leases expected to drive ~670k sq ft (≈150 bps) of occupancy lift.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
58.05
Price Trends
56.97
Positive
58.27
Positive
64.03
Negative
Market Momentum
0.87
Positive
59.51
Neutral
66.25
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 58.05 is below the 20-day moving average (MA) of 59.73, above the 50-day MA of 56.97, and below the 200-day MA of 64.03, indicating a neutral trend. The MACD of 0.87 indicates Positive momentum. The RSI at 59.51 is Neutral, neither overbought nor oversold. The STOCH value of 66.25 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 | $7.02B | 8.11 | 13.16% | 2.24% | -0.27% | 600.83% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $4.50B | -863.69 | -0.11% | 5.08% | 12.11% | -109.72% | |
62 Neutral | $4.10B | 19.05 | 4.05% | 5.75% | -1.42% | 8.81% | |
58 Neutral | $10.72B | 30.46 | 6.17% | 5.26% | 1.62% | ― | |
57 Neutral | $9.19B | -9.44 | -6.29% | 10.90% | -5.35% | -923.18% | |
56 Neutral | $3.48B | -20.76 | -3.89% | 6.95% | 7.65% | -478.02% |
* Real Estate Sector Average
BXP
BXP
60.90
-7.03
-10.34%
ARE
Alexandria Equities
51.27
-14.91
-22.53%
CUZ
Cousins Properties
27.25
0.06
0.22%
KRC
Kilroy Realty
35.27
3.70
11.71%
SLG
SL Green Realty
44.51
-13.57
-23.36%
VNO
Vornado Realty
34.00
-4.24
-11.10%
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 ...
Private Placements and FinancingRegulatory Filings and Compliance
BXP Launches $1 Billion At-The-Market Equity Program
Neutral
Mar 6, 2026
On March 6, 2026, BXP, Inc. and its operating partnership filed new automatic shelf registration statements with the SEC to replace expiring shelves, including one covering its Dividend Reinvestment and Stock Purchase Plan. The company simultaneou...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
BXP Establishes New $1 Billion At-The-Market Program
Positive
Mar 6, 2026
On March 6, 2026, BXP, Inc. and its operating partnership filed new automatic shelf registration statements with the SEC to replace expiring ones, including a universal shelf and a separate shelf tied to its Dividend Reinvestment and Stock Purchas...
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.