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BXP
(NYSE:BXP)
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Rating:59Neutral
Price Target:
$71.00
â–²(1.00% Upside)
Action:Reiterated
Date:09/06/26
BXP’s score is anchored by improving operating momentum highlighted on the earnings call (FFO beat/raised guidance, rising occupancy, strong leasing), but is held back by elevated and worsening leverage plus recent free-cash-flow deterioration. Technical signals are mixed with mild near-term weakness, and valuation is only moderately supportive (good yield offset by a high P/E).
Positive Factors
Improving occupancy and leasing demand
Rising occupancy and above-trend leasing volumes indicate improving tenant demand across BXP’s portfolio. Continued absorption should support recurring rental revenue, reduce vacancy drag, and strengthen the platform’s ability to generate operating growth over the next several quarters.
Negative Factors
High and worsening leverage
Elevated and rising leverage reduces financial flexibility and leaves more earnings exposed to financing costs. It can constrain investment capacity, increase sensitivity to office-market weakness, and make balance-sheet management more important as BXP funds development and addresses maturities.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving occupancy and leasing demand
Rising occupancy and above-trend leasing volumes indicate improving tenant demand across BXP’s portfolio. Continued absorption should support recurring rental revenue, reduce vacancy drag, and strengthen the platform’s ability to generate operating growth over the next several quarters.
Read all positive factors
BXP Key Performance Indicators (KPIs)
Any
Average Worldwide Revenue Per Available Room
Combines occupancy and pricing to show revenue generated per available room (RevPAR) and summarizes how efficiently lodging assets convert capacity into revenue; for an office-focused REIT like BXP, the metric is relevant for any hotel or transient-occupancy holdings and parallels revenue per available square foot for office assets. Stable or growing RevPAR signals healthy demand and efficient use of inventory, whereas declines foreshadow reduced top-line visibility and potential margin pressure.
Combines occupancy and pricing to show revenue generated per available room (RevPAR) and summarizes how efficiently lodging assets convert capacity into revenue; for an office-focused REIT like BXP, the metric is relevant for any hotel or transient-occupancy holdings and parallels revenue per available square foot for office assets. Stable or growing RevPAR signals healthy demand and efficient use of inventory, whereas declines foreshadow reduced top-line visibility and potential margin pressure.
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The Fly
The FlyBXP (BXP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.81B
Dividend Yield4.14%
Average Volume (3M)1.35M
Price to Earnings (P/E)36.4
Beta (1Y)0.98
Revenue Growth1.88%
EPS Growth7630.99%
CountryUS
Employees826
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)1.86
Shares Outstanding159,661,560
10 Day Avg. Volume1,154,200
30 Day Avg. Volume1,348,247
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)2.08
Price to Sales (P/S)3.08
P/FCF Ratio15.54
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$75.14Price Target Upside6.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering16
EPS Forecast (FY)2.12
Revenue Forecast (FY)$3.50B
BXP Business Overview & Revenue Model
Company Description
BXP, trading on the NYSE, is the leading publicly listed company engaged in the development and ownership of premier Class A office properties across the United States. Its operations are strategically concentrated in five major urban centers: Bos...
How the Company Makes Money
BXP primarily makes money by leasing space in its properties and collecting rental revenue from tenants under office and, where applicable, retail and other ancillary leases. Its core revenue stream is contractual base rent, typically structured t...
BXP Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call conveyed clear operational momentum: leasing volumes and occupancy gains materially outperformed expectations, FFO beat and guidance were raised, development execution and financing milestones were secured, and asset sale progress is accelerating capital‑raising. Offsetting risks are manageable near‑term headwinds—higher leasing CapEx and free‑rent timing that depress cash AFFO in 2026, some localized market softness (lab and selected submarkets), and refinancing/interest rate exposure. On balance the positives (accelerated leasing, occupancy, development returns, and capital actions) materially outweigh the negatives.Positive Updates
FFO Beat and Guidance Raise
Reported FFO per share of $1.78 in Q2, exceeding guidance and consensus by $0.08; raised 2026 FFO per share midpoint by $0.05 to a new range of $6.99–$7.05.
Negative Updates
Near‑term Cash AFFO/FFO Impacts from Leasing Costs
Leasing CapEx is running materially higher than prior expectations—management now expects leasing CapEx closer to $500M (vs prior ~>$400M forecast)—which will depress AFFO in 2026 due to higher TI/LC spend and upfront free‑rent; cash same‑store NOI will lag GAAP until 2027 as leases mature.
Read all updates
Q2-2026 Updates
Positive
Negative
FFO Beat and Guidance Raise
Reported FFO per share of $1.78 in Q2, exceeding guidance and consensus by $0.08; raised 2026 FFO per share midpoint by $0.05 to a new range of $6.99–$7.05.
Read all positive updates
Company Guidance
BXP raised 2026 guidance, boosting FFO guidance by $0.05 at the midpoint to a new range of $6.99–$7.05 per share (Q2 FFO $1.78, beat guidance/consensus by $0.08), increased average occupancy guidance to 88.9% (Q2 occupancy 88.4%, targeting year‑end closer to 90% and having captured ~170 bps of the 200‑bp 2026 goal), and lifted same‑property NOI growth by 30 bps to 1.8%–2.6%; the guidance revision reflects a $0.06 per‑share lift from portfolio NOI, a $0.03 per‑share benefit from lower net interest expense, and $0.01 per‑share higher fee income, partially offset by a $0.05 per‑share reduction of NOI from asset sales. Management reiterated its $1.9 billion net‑proceeds target by 2028 (>$1.2B realized since Investor Day, $370M YTD, six assets under contract ≈$240M with ~$180M slated to close in 2026 and potential incremental ~$500M to bring 2026 proceeds to ≈$1.7B), said sales‑related dilution for 2026 is now expected to be ~ $0.11, flagged foregone NOI reducing FFO versus prior assumptions, expects leasing CapEx to be closer to $500M (higher near‑term transaction costs with cash same‑store NOI to lag GAAP/straight‑line gains due to free rent but to catch up in 2027), and maintained development and financing plans (e.g., 343 Madison financing at 60% LTC, SOFR+250/225 bps).BXP Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
48
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.52B | 3.48B | 3.41B | 3.27B | 3.11B | 2.89B |
| Gross Profit | 1.65B | 2.11B | 2.09B | 2.06B | 1.97B | 1.85B |
| EBITDA | 1.86B | 1.94B | 1.62B | 1.70B | 2.21B | 1.78B |
| Net Income | 296.91M | 276.80M | 14.27M | 190.22M | 848.95M | 505.19M |
Balance Sheet | ||||||
| Total Assets | 25.17B | 26.17B | 26.08B | 26.03B | 24.21B | 22.37B |
| Cash, Cash Equivalents and Short-Term Investments | 553.46M | 1.48B | 1.25B | 1.53B | 690.33M | 452.69M |
| Total Debt | 16.36B | 17.36B | 17.32B | 16.62B | 14.69B | 13.35B |
| Total Liabilities | 17.44B | 18.48B | 18.14B | 17.83B | 15.84B | 14.32B |
| Stockholders Equity | 5.16B | 5.15B | 5.41B | 5.89B | 6.13B | 5.84B |
Cash Flow | ||||||
| Free Cash Flow | 575.01M | 689.66M | 786.52M | 819.17M | 884.31M | 1.12B |
| Operating Cash Flow | 1.28B | 1.25B | 1.23B | 1.30B | 1.28B | 1.13B |
| Investing Cash Flow | -407.52M | -603.86M | -1.24B | -1.19B | -1.60B | -1.04B |
| Financing Cash Flow | -851.36M | -419.23M | -274.48M | 767.92M | 556.06M | -1.31B |
BXP Technical Analysis
Positive
70.30
Price Trends
68.60
Negative
64.35
Positive
62.60
Positive
Market Momentum
-0.10
Positive
47.06
Neutral
19.71
Positive
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 70.3 is above the 20-day moving average (MA) of 68.31, above the 50-day MA of 68.60, and above the 200-day MA of 62.60, indicating a neutral trend. The MACD of -0.10 indicates Positive momentum. The RSI at 47.06 is Neutral, neither overbought nor oversold. The STOCH value of 19.71 is Positive, 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $4.36B | 25.79 | 3.17% | 5.82% | -3.76% | -22.82% | |
62 Neutral | $7.44B | 1,184.14 | 1.14% | 2.02% | 1.37% | -99.27% | |
61 Neutral | $4.24B | -21.70 | -4.61% | 4.54% | 7.60% | -387.48% | |
59 Neutral | $11.81B | 36.39 | 5.80% | 4.14% | 1.88% | 7630.99% | |
52 Neutral | $9.17B | -9.45 | -5.70% | 6.61% | -8.40% | -4485.62% | |
52 Neutral | $4.79B | 708.27 | 0.14% | 4.40% | 11.89% | -89.22% |
* Real Estate Sector Average
BXP
BXP
67.69
-4.87
-6.71%
ARE
Alexandria Equities
52.65
-28.00
-34.72%
CUZ
Cousins Properties
29.11
1.41
5.09%
KRC
Kilroy Realty
37.14
-3.05
-7.58%
SLG
SL Green Realty
55.56
-2.59
-4.46%
VNO
Vornado Realty
36.59
-3.21
-8.06%
BXP Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
BXP Issues New Senior Notes to Refinance Debt
Positive
Aug 31, 2026
On August 31, 2026, Boston Properties Limited Partnership completed the issuance and sale of $700 million of 6.050% senior notes due 2036, generating an estimated $692.4 million in net proceeds. The notes were sold to a syndicate of underwriters u...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
BXP Completes $700 Million Senior Notes Refinancing
Positive
Aug 31, 2026
On August 31, 2026, Boston Properties Limited Partnership completed a $700 million offering of 6.050% senior notes due 2036, generating an estimated $692.4 million in net proceeds after underwriting discounts and transaction expenses. The notes we...
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.