BXP, Inc. (BXP) 10-Year Financial Performance & Capital Metrics

BXP • • REIT / Real Estate

Real EstateOffice REITsUrban CBD Office REITsPremier Urban Office Landlords

AboutBoston 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.Show more

Revenue $3.41B +4.1%
FFO $904M -11.7%
FFO/Share 5.73 -12.0%
FFO Payout 76.34% +13.5%
FFO per Share 5.73 -12.0%
NOI Margin 61.2% -2.6%
FFO Margin 26.52% -15.1%
ROE 0.18% -92.3%
ROA 0.05% -92.8%
Debt/Assets 66.41% +4.0%
Net Debt/EBITDA 8.41 +4.2%
Book Value/Share 50.31 -3.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Sustainable FFO payout ratio of 76.3%
✓High NOI margin of 61.2%
✓Trading at only 1.3x book value

✗Weaknesses

✗High debt to equity ratio of 2.2x
✗Weak 3Y average ROE of 4.3%
✗Profits declining 51.3% over 5 years
✗FFO declining 11.9% TTM
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.58%

5Y2.85%

3Y5.66%

TTM3.24%

Profit (Net Income) CAGR

10Y-29.08%

5Y-51.31%

3Y-69.54%

TTM-97.06%

EPS CAGR

10Y-29.17%

5Y-25.79%

3Y-69.49%

TTM-97.2%

ROCE

10Y Avg4.59%

5Y Avg4.34%

3Y Avg4.35%

Latest4.08%

Peer Comparison

Premier Urban Office Landlords

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VNOVornado Realty Trust	6.46B	33.64	841	-1.3%	49.91%	12.9%	8.32%	1.46
BXPBXP, Inc.	10.63B	67.11	745.67	4.1%	0.14%	0.06%	11.61%	2.18
SLGSL Green Realty Corp.	3.45B	48.62	618.58	-15.6%	3.82%	0.58%	2.29%	0.99
FISKEmpire State Realty OP, L.P.	14.3M	6.36	22.71	3.19%	5.81%	2.5%	100%	1.39
OGCPEmpire State Realty OP, L.P.	27.64M	6.25	22.32	3.19%	5.81%	2.5%	100%	1.39
ESBAEmpire State Realty OP, L.P.	102.88M	6.01	21.46	3.19%	5.81%	2.5%	100%	1.39
NYCAmerican Strategic Investment Co.	26.41M	9.88	-0.17	-1.82%	-53.65%	-29.63%		4.71
PGREParamount Group, Inc.	1.46B	6.60	-31.43	1.97%	-13.47%	-2.39%	18.09%	0.92

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	2.49B	2.55B	2.6B	2.72B	2.96B	2.77B	2.89B	3.11B	3.27B	3.41B
Revenue Growth %	0.04%	0.02%	0.02%	0.04%	0.09%	-0.07%	0.04%	0.08%	0.05%	0.04%
Property Operating Expenses	904.34M	921.23M	962.04M	1.02B	1.08B	1.03B	1.03B	1.14B	1.22B	1.32B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	735.86M	801.51M	731.26M	767.37M	828.93M	828.49M	881.4M	911.6M	1.02B	1.06B
G&A Expenses	96.32M	105.23M	113.72M	121.72M	151.16M	133.11M	164.06M	161.83M	187.93M	176.47M
EBITDA+	1.49B	2.55B	2.6B	2.71B	1.73B	1.59B	1.69B	1.81B	1.87B	1.91B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	639.54M	1.72B	1.69B	1.79B	680.18M	685.99M	720.85M	752.2M	832.75M	889.45M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	849.37M	823.91M	908.11M	913.68M	1.05B	906.85M	973.08M	1.06B	1.04B	1.02B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	432.2M	412.85M	374.48M	378.17M	412.72M	431.72M	423.35M	437.14M	572.87M	645.12M
Interest Coverage	1.97x	2.00x	2.42x	2.42x	2.54x	2.10x	2.30x	2.43x	1.81x	1.58x
Non-Operating Income	-6.85M	-157.04M	-28.85M	-163.63M	-17.09M	-543.55M	-82.2M	-396.29M	167.66M	292.63M
Pretax Income+	424.02M	487.5M	554.82M	597.87M	652M	1.02B	631.93M	1.02B	291.42M	84.19M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	295.88M	397.32M	478.09M	177.05M	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	583.11M	511.1M	462.44M	582.85M	521.53M	872.73M	505.19M	848.95M	190.22M	14.27M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.31%	-0.12%	-0.1%	0.26%	-0.11%	0.67%	-0.42%	0.68%	-0.78%	-0.92%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.14%	0.83%	-0.03%	0.1%	-0.49%	0.3%	-0.21%	0.31%	-0.36%	-0.12%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	3.72	3.26	2.93	3.77	0.40	5.54	3.17	5.40	1.21	0.09
EPS Growth %	0.31%	-0.12%	-0.1%	0.29%	-0.89%	12.85%	-0.43%	0.7%	-0.78%	-0.93%
EPS (Basic)	3.73	3.27	2.93	3.77	0.40	5.54	3.18	5.42	1.21	0.09
Diluted Shares Outstanding	153.84M	153.98M	154.39M	154.68M	154.88M	155.52M	156.38M	157.14M	157.2M	157.79M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	18.38B	18.85B	19.37B	20.26B	21.28B	22.86B	22.37B	24.21B	26.03B	26.08B
Asset Growth %	-0.08%	0.03%	0.03%	0.05%	0.05%	0.07%	-0.02%	0.08%	0.08%	0%
Real Estate & Other Assets+	1.17B	16.74B	17.26B	17.51B	944.04M	1.09B	18.95B	19.87B	21.42B	21.16B
PP&E (Net)	15.3B	15.68B	16.3B	16.55B	17.37B	17.37B	0	404.86M	0	707.69M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	1.65B	1.31B	1.46B	1.76B	1.98B	3.05B	1.89B	2.19B	3.19B	3.08B
Cash & Equivalents	723.72M	356.91M	434.77M	543.36M	644.95M	1.67B	452.69M	690.33M	1.53B	1.25B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	176.78M	184.54M	180.71M	-9.35M	46.48M	81.09M	144.05M
Intangible Assets	0	0	0	0	0	0	0	713.97M	0	0
Total Liabilities	10.49B	10.92B	11.27B	12.04B	13.27B	14.52B	14.32B	15.84B	17.83B	18.14B
Total Debt+	9.22B	9.8B	10.27B	11.01B	12.24B	13.49B	13.35B	14.69B	16.62B	17.32B
Net Debt	8.49B	9.44B	9.84B	10.46B	11.59B	11.82B	12.89B	14B	15.09B	16.07B
Long-Term Debt	9.22B	8.18B	9.96B	11.01B	11.81B	13.05B	12.75B	14.24B	15.86B	15.72B
Short-Term Borrowings	0	0	1000K	0	0	0	1000K	0	0	1000K
Capital Lease Obligations	0	200M	200M	200M	424.22M	438.2M	448.98M	454.02M	768.35M	763.57M
Total Current Liabilities+	792.41M	672.76M	599.19M	531.03M	638.28M	644.62M	730.43M	691.96M	763.19M	1.2B
Accounts Payable	274.71M	298.52M	331.5M	276.64M	377.55M	336.26M	320.77M	417.55M	458.33M	401.87M
Deferred Revenue	0	-8.18B	0	-10.68B	0	0	0	0	0	0
Other Liabilities	483.6M	1.76B	706.16M	503.73M	396.36M	418.98M	391.44M	450.92M	445.95M	181.96M
Total Equity+	7.89B	7.93B	8.1B	8.21B	8.01B	8.34B	8.04B	8.37B	8.19B	7.94B
Equity Growth %	-0%	0.01%	0.02%	0.01%	-0.02%	0.04%	-0.04%	0.04%	-0.02%	-0.03%
Shareholders Equity	5.71B	5.78B	5.81B	5.88B	5.68B	6B	5.84B	6.13B	5.89B	5.41B
Minority Interest	2.18B	2.15B	2.29B	2.33B	2.33B	2.34B	2.2B	2.24B	2.31B	2.52B
Common Stock	1.54M	1.54M	1.54M	1.54M	1.55M	1.56M	1.56M	1.57M	1.57M	1.58M
Additional Paid-in Capital	6.31B	6.33B	6.38B	6.41B	6.29B	6.36B	6.5B	6.54B	6.72B	6.84B
Retained Earnings	-780.95M	-695.38M	-712.34M	-675.53M	0	0	-625.89M	-391.36M	-816.15M	-1.42B
Preferred Stock	200M	200M	200M	200M	200M	200M	0	0	0	0
Return on Assets (ROA)	0.03%	0.03%	0.02%	0.03%	0.03%	0.04%	0.02%	0.04%	0.01%	0%
Return on Equity (ROE)	0.07%	0.06%	0.06%	0.07%	0.06%	0.11%	0.06%	0.1%	0.02%	0%
Debt / Assets	0.5%	0.52%	0.53%	0.54%	0.57%	0.59%	0.6%	0.61%	0.64%	0.66%
Debt / Equity	1.17x	1.24x	1.27x	1.34x	1.53x	1.62x	1.66x	1.76x	2.03x	2.18x
Net Debt / EBITDA	5.70x	3.71x	3.78x	3.87x	6.71x	7.42x	7.61x	7.72x	8.07x	8.41x
Book Value per Share	51.27	51.50	52.48	53.10	51.74	53.63	51.43	53.27	52.11	50.31

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	799.41M	1.04B	907.45M	1.15B	1.18B	1.16B	1.13B	1.28B	1.3B	1.23B
Operating CF Growth %	0.15%	0.3%	-0.12%	0.27%	0.03%	-0.02%	-0.02%	0.13%	0.01%	-0.05%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	799.92M	569.98M	562.48M	712.56M	652M	1.02B	631.93M	1.02B	190.22M	84.19M
Depreciation & Amortization	639.54M	694.4M	617.55M	645.65M	680.18M	685.99M	720.85M	752.2M	832.75M	889.45M
Stock-Based Compensation	29.18M	32.91M	35.36M	40.12M	40.96M	44.14M	50.86M	52.03M	0	43.95M
Other Non-Cash Items	-42.27M	-35.05M	-1.28M	21.3M	22.25M	23.38M	23.37M	-334.82M	441.45M	421.32M
Working Capital Changes	-259.25M	-102.15M	-295.69M	-121.2M	-230.47M	-109.97M	-224.09M	-207.59M	-162.9M	-204.41M
Cash from Investing+	-280.23M	-1.33B	-897.81M	-1.1B	-1.02B	-613.72M	-1.04B	-1.6B	-1.19B	-1.24B
Acquisitions (Net)	-38.21M	-520.09M	-109.02M	-345.72M	-87.39M	-172.44M	-80.36M	-277.58M	0	-132.1M
Purchase of Investments	-668.91M	-1.16M	-1.67M	-902K	-2.13M	2.55M	-4.17M	-2.4M	-2.19M	-2.5M
Sale of Investments	0	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	136K
Other Investing	426.89M	8.29M	-787.13M	-752.26M	-724.36M	-443.83M	-959.59M	-929.63M	-1.19B	-1.1B
Cash from Financing+	-1.56B	-74.62M	55.35M	82.45M	-113.38M	484.32M	-1.31B	556.06M	767.92M	-274.48M
Dividends Paid	-1.23B	-671.63M	-526.58M	-587.63M	-666.29M	-688.9M	-683.75M	-685.02M	-687.81M	-689.87M
Common Dividends	-1.23B	-671.63M	-526.58M	-587.63M	-666.29M	-688.9M	-683.75M	-685.02M	-687.81M	-689.87M
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K	1000K
Share Repurchases	-633K	-271K	0	-730K	0	0	-200M	-352K	0	-1.73M
Other Financing	-278.74M	-59.91M	-65.82M	-60.87M	-262.99M	-61.01M	-284.8M	-93.13M	137.63M	284.78M
Net Change in Cash+	-1.04B	-366.8M	77.85M	133.82M	52.7M	1.03B	-1.22B	235.65M	875.75M	-277.37M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	1.76B	723.72M	356.91M	505.37M	639.19M	691.89M	1.72B	501.16M	736.81M	1.61B
Cash at End	723.72M	356.91M	434.77M	639.19M	691.89M	1.72B	501.16M	736.81M	1.61B	1.34B
Free Cash Flow+	799.41M	224.44M	479.63M	750.44M	748.78M	1.15B	1.12B	884.31M	1.3B	1.23B
FCF Growth %	0.15%	-0.72%	1.14%	0.56%	-0%	0.54%	-0.03%	-0.21%	0.47%	-0.05%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	7.95	14.51	13.97	15.35	7.76	10.02	7.84	10.19	6.51	5.73
FFO Payout Ratio	100.29%	30.06%	24.42%	24.75%	55.45%	44.2%	55.77%	42.78%	67.24%	76.34%
NOI Margin	63.69%	63.88%	63.03%	62.36%	63.38%	62.75%	64.2%	63.47%	62.85%	61.2%
Net Debt / EBITDA	5.70x	3.71x	3.78x	3.87x	6.71x	7.42x	7.61x	7.72x	8.07x	8.41x
Debt / Assets	50.15%	51.97%	53.02%	54.34%	57.49%	59%	59.67%	60.7%	63.88%	66.41%
Interest Coverage	1.97x	2.00x	2.42x	2.42x	2.54x	2.10x	2.30x	2.43x	1.81x	1.58x
Book Value / Share	51.27	51.5	52.48	53.1	51.74	53.63	51.43	53.27	52.11	50.31
Revenue Growth	3.91%	2.41%	2.01%	4.42%	8.96%	-6.58%	4.45%	7.61%	5.31%	4.1%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Parking and Other	-	-	-	-	103.53M	70.68M	81.81M	107.22M	112.92M	135.14M
Parking and Other Growth	-	-	-	-	-	-31.73%	15.75%	31.06%	5.31%	19.68%
Hotel	-	-	-	-	48.59M	7.48M	13.61M	39.48M	47.36M	51.22M
Hotel Growth	-	-	-	-	-	-84.61%	81.99%	190.12%	19.95%	8.17%
Management Service	-	-	-	-	40.04M	29.64M	27.7M	28.06M	40.85M	28.06M
Management Service Growth	-	-	-	-	-	-25.97%	-6.56%	1.30%	45.60%	-31.31%
Real Estate, Other	-	-	-	-	10.39M	11.63M	12.49M	15.45M	17.77M	16.49M
Real Estate, Other Growth	-	-	-	-	-	11.94%	7.41%	23.73%	15.02%	-7.22%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Boston	767.09M	776.96M	826.63M	894.15M	957.47M	919.01M	957.57M	1.06B	1.16B	1.23B
Boston Growth	-	1.29%	6.39%	8.17%	7.08%	-4.02%	4.20%	10.67%	9.24%	6.07%
NEW YORK	1B	1.01B	969.37M	959.05M	1.01B	935.97M	1.01B	1.03B	1.05B	1.04B
NEW YORK Growth	-	1.25%	-4.26%	-1.06%	5.51%	-7.51%	8.14%	1.91%	2.15%	-1.06%
San Francisco	302.43M	318.61M	345.52M	397.18M	533.19M	508.48M	512.51M	549.17M	554.01M	536.13M
San Francisco Growth	-	5.35%	8.45%	14.95%	34.24%	-4.63%	0.79%	7.15%	0.88%	-3.23%
DISTRICT OF COLUMBIA	-	414.45M	425.95M	411.94M	407.56M	360.96M	366.19M	392.73M	381.96M	437.26M
DISTRICT OF COLUMBIA Growth	-	-	2.78%	-3.29%	-1.06%	-11.43%	1.45%	7.25%	-2.74%	14.48%
Los Angeles	-	-	-	-	-	-	-	-	3.89M	75.35M
Los Angeles Growth	-	-	-	-	-	-	-	-	-	1837.10%
Seattle	-	-	-	-	-	-	-	31.98M	63.83M	44.08M
Seattle Growth	-	-	-	-	-	-	-	-	99.61%	-30.94%
Washington D C	398.71M	-	-	-	-	-	-	-	-	-
Washington D C Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

BXP, Inc. (BXP) reported $3.45B in revenue for fiscal year 2024. This represents a 96% increase from $1.76B in 2011.

BXP, Inc. (BXP) grew revenue by 4.1% over the past year. Growth has been modest.

Yes, BXP, Inc. (BXP) is profitable, generating $4.9M in net income for fiscal year 2024 (0.4% net margin).

Dividend & Returns

Yes, BXP, Inc. (BXP) pays a dividend with a yield of 6.51%. This makes it attractive for income-focused investors.

BXP, Inc. (BXP) has a return on equity (ROE) of 0.2%. This is below average, suggesting room for improvement.

Industry Metrics

BXP, Inc. (BXP) generated Funds From Operations (FFO) of $904.1M in the trailing twelve months. FFO is the primary profitability metric for REITs.

BXP, Inc. (BXP) offers a 6.51% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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