Stock BXP BOSTON PROPERTIES, INC.
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Financials Boston Properties, Inc.

Equities

BXP

US1011211018

Commercial REITs

Market Closed - Nyse
Other stock markets
 04:00:02 2024-05-13 pm EDT 		5-day change 1st Jan Change
62.75 USD +2.03% Intraday chart for Boston Properties, Inc. +1.88% -10.57%
May. 09 Jefferies Adjusts Price Target on Boston Properties to $74 From $78 MT
May. 06 Evercore ISI Adjusts Price Target on Boston Properties to $69 From $73, Keeps Outperform Rating MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 21,316 14,714 17,992 10,593 11,012 9,855 - -
Enterprise Value (EV) 1 32,483 26,094 30,436 24,097 25,256 24,962 25,102 25,247
P/E ratio 41.8 x 17.1 x 36.3 x 12.5 x 58 x 29 x 30.2 x 26.8 x
Yield 2.78% 4.15% 3.4% - 5.59% 6.26% 6.33% 6.31%
Capitalization / Revenue 7.2 x 5.32 x 6.23 x 3.41 x 3.36 x 3 x 2.89 x 2.82 x
EV / Revenue 11 x 9.43 x 10.5 x 7.75 x 7.72 x 7.59 x 7.36 x 7.22 x
EV / EBITDA 18.8 x 16.4 x 18.1 x 13.3 x 13.5 x 13 x 12.5 x 12 x
EV / FCF 605,044,056 x - -1,704,038,565 x 62,356,885 x - - - -
FCF Yield 0% - -0% 0% - - - -
Price to Book 3.75 x 2.45 x 3.08 x 1.73 x 1.87 x 1.85 x 2.03 x 2.18 x
Nbr of stocks (in thousands) 154,622 155,660 156,207 156,755 156,940 157,059 - -
Reference price 2 137.9 94.53 115.2 67.58 70.17 62.75 62.75 62.75
Announcement Date 1/28/20 1/26/21 1/25/22 1/31/23 1/30/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,961 2,766 2,889 3,109 3,274 3,289 3,413 3,498
EBITDA 1 1,723 1,589 1,685 1,808 1,865 1,920 2,008 2,097
EBIT 1 1,046 905.3 968 1,059 1,034 1,037 1,103 1,173
Operating Margin 35.32% 32.73% 33.51% 34.05% 31.6% 31.51% 32.32% 33.53%
Earnings before Tax (EBT) 1 652 1,019 631.9 1,021 291.4 488.2 518 590.2
Net income 1 511 862.2 496.2 848.9 190.2 340.9 354.3 372
Net margin 17.26% 31.18% 17.18% 27.31% 5.81% 10.36% 10.38% 10.63%
EPS 2 3.300 5.540 3.170 5.400 1.210 2.165 2.078 2.338
Free Cash Flow 53.69 - -17.86 386.4 - - - -
FCF margin 1.81% - -0.62% 12.43% - - - -
FCF Conversion (EBITDA) 3.12% - - 21.37% - - - -
FCF Conversion (Net income) 10.51% - - 45.52% - - - -
Dividend per Share 2 3.830 3.920 3.920 - 3.920 3.927 3.972 3.961
Announcement Date 1/28/20 1/26/21 1/25/22 1/31/23 1/30/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 731.1 754.3 773.9 790.5 789.8 803.2 817.2 824.3 828.9 839.4 818.6 825.2 833.9 838.4 844.5
EBITDA 1 430.2 432 455.2 462.2 458.9 443.3 468.9 479 474 464.4 477.5 485.1 486.3 486.8 500
EBIT 1 252.7 254.3 272.1 271.5 260.6 234.5 266.3 271.6 261.9 245.7 248.1 260.2 258.1 260.2 266.2
Operating Margin 34.57% 33.72% 35.16% 34.35% 32.99% 29.2% 32.59% 32.95% 31.6% 29.27% 30.31% 31.53% 30.95% 31.03% 31.53%
Earnings before Tax (EBT) - - 267.2 - - - - - 153.2 106.6 - - - - -
Net income 1 184.5 143 223 361 121.8 77.89 104.3 -111.8 119.9 79.88 78.05 81.35 89.64 74.56 81.08
Net margin 25.24% 18.96% 28.81% 45.66% 15.42% 9.7% 12.76% -13.57% 14.47% 9.52% 9.54% 9.86% 10.75% 8.89% 9.6%
EPS 2 1.180 0.9100 1.420 2.290 0.7800 0.5000 0.6600 -0.7100 0.7600 0.5100 0.4906 0.5389 0.5732 0.4252 0.4359
Dividend per Share 2 0.9800 0.9800 0.9800 0.9800 - 0.9800 0.9800 0.9800 0.9800 0.9800 0.9800 0.9850 0.9850 1.008 1.008
Announcement Date 1/25/22 5/2/22 7/26/22 10/25/22 1/31/23 4/25/23 8/1/23 11/1/23 1/30/24 4/30/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 11,167 11,379 12,444 13,504 14,244 15,106 15,247 15,392
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 6.48 x 7.161 x 7.383 x 7.468 x 7.637 x 7.868 x 7.592 x 7.34 x
Free Cash Flow 53.7 - -17.9 386 - - - -
ROE (net income / shareholders' equity) 8.84% 7.37% 6.89% 14.2% 3.17% 6.98% 5.27% 6.11%
ROA (Net income/ Total Assets) 2.46% 3.91% 1.8% 3.65% 0.76% 1.78% 1.15% 1.35%
Assets 1 20,770 22,072 27,530 23,286 25,118 19,120 30,919 27,538
Book Value Per Share 2 36.70 38.50 37.40 39.10 37.40 34.00 30.90 28.80
Cash Flow per Share 2 7.630 7.440 7.250 8.160 8.280 5.950 6.050 6.490
Capex 1 1,127 1,015 1,151 2,216 1,008 655 619 456
Capex / Sales 38.08% 36.7% 39.85% 71.29% 30.8% 19.9% 18.14% 13.03%
Announcement Date 1/28/20 1/26/21 1/25/22 1/31/23 1/30/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Boston Properties, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
22
Last Close Price
62.75 USD
Average target price
71.11 USD
Spread / Average Target
+13.32%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Office REITs
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