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BXP, Inc. is the largest publicly traded developer, owner, and manager of premier workplaces in the United States. It is concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of December 31, 2025, including properties owned by joint ventures, BXP's portfolio totals 52.6 million square feet and 179 properties, including 8 properties under construction/redevelopment. BXP's properties include 157 office properties, 14 retail properties (including one retail property under construction), seven residential properties (including three residential properties under construction) and one hotel. BXP is well-known for its in-house building management expertise and responsiveness to clients' needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
Boston Properties, Inc. is a publicly traded REIT that owns, manages and develops predominantly Class A office properties in major U.S. gateway markets. Long-term growth drivers include leasing activity in core cities, selective redevelopment and life-science conversions, and active asset management that may benefit income and portfolio value. Investors may find the company attractive for its large, high-quality portfolio and the potential for relatively stable cash flows from long-term leases.
Material investment risks include secular declines in office occupancy from remote work, sensitivity to interest-rate and cap-rate moves that could depress valuations and cash flow, and concentration and tenant-credit risks investors should monitor.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 384.00M | 84.19M | 291.42M | 1020.58M | 631.93M |
| Minority interest | -107.19M | -69.92M | -101.90M | -171.65M | -126.74M |
| Net income | 276.80M | 14.27M | 190.22M | 583.45M | 84.41M |
| Selling general administrative | 168.79M | 176.47M | 187.93M | 148.24M | 151.85M |
| Gross profit | 2108.93M | 2085.59M | 2057.40M | 1959.45M | 1842.27M |
| Reconciled depreciation | 912.35M | 888.46M | 819.16M | 749.77M | 717.34M |
| Ebit | 1031.65M | 729.30M | 871.00M | 1020.15M | 976.21M |
| Ebitda | 1938.42M | 1618.76M | 1703.75M | 1769.93M | 1693.55M |
| Depreciation and amortization | 906.76M | 889.45M | 832.75M | 749.77M | 717.34M |
| Non operating income net other | - | - | - | - | -2.57M |
| Operating income | 1940.14M | 1021.93M | 1038.65M | 1020.15M | 976.21M |
| Other operating expenses | 1542.13M | 2385.79M | 2234.91M | 2047.15M | 1915.55M |
| Interest expense | 647.66M | 645.12M | 572.87M | 437.14M | 423.35M |
| Interest income | 715.78M | 60.20M | 54.79M | 11.94M | 5.70M |
| Net interest income | -617.35M | -584.92M | -489.63M | -425.20M | -417.64M |
| Income tax expense | - | 69.92M | 101.21M | 437.14M | 547.52M |
| Total revenue | 3482.28M | 3407.72M | 3273.57M | 3108.58M | 2888.62M |
| Total operating expenses | 168.79M | 1063.66M | 1018.74M | 898.02M | 869.19M |
| Cost of revenue | 1373.35M | 1322.13M | 1216.17M | 1149.13M | 1046.36M |
| Total other income expense net | -1556.15M | -937.74M | -747.23M | 0.43M | -344.28M |
| Net income from continuing ops | 384.00M | 84.19M | 293.99M | 1020.58M | 631.93M |
| Net income applicable to common shares | 276.80M | 14.27M | 190.22M | 848.06M | 496.22M |
| Preferred stock and other adjustments | - | - | - | - | 8.97M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 26166.16M | 26084.98M | 26026.15M | 24207.67M | 22355.58M |
| Other current assets | 249.65M | 144.05M | 81.09M | 46.48M | 106.28M |
| Total liab | 18481.46M | 18137.32M | 17833.78M | 15837.24M | 14312.79M |
| Total stockholder equity | 5147.19M | 5413.31M | 5876.70M | 6132.92M | 5834.02M |
| Deferred long term liab | - | - | - | 733.28M | 618.80M |
| Other current liab | 249.10M | 229.33M | 304.86M | -13689.94M | 264.65M |
| Common stock | 1.58M | 1.58M | 1.57M | 1.57M | 1.56M |
| Capital stock | 1.58M | 1.58M | 1.57M | 1.57M | 1.56M |
| Retained earnings | -1674.99M | -1419.58M | -816.15M | -391.36M | -625.91M |
| Other liab | - | - | - | 457.53M | 399.99M |
| Other assets | 951.52M | 63.74M | 64.23M | 22998.81M | 3462.52M |
| Cash | 1478.21M | 1254.88M | 1531.48M | 690.33M | 452.69M |
| Cash and equivalents | 1478.21M | 1254.88M | - | 690.33M | 452.69M |
| Total current liabilities | 1479.12M | 1202.46M | 763.19M | 691.96M | 721.78M |
| Current deferred revenue | - | - | 304.86M | - | - |
| Net debt | 15880.53M | 16069.27M | 15093.17M | 14004.02M | 12892.90M |
| Short term debt | 750.00M | 571.25M | 1998.66M | 13964.36M | 145.00M |
| Short long term debt | 750.00M | 500.00M | - | - | 145.00M |
| Short long term debt total | 17358.74M | 17324.15M | 16624.65M | 14694.36M | 13345.59M |
| Other stockholder equity | 6833.52M | 6831.30M | 6712.43M | 6536.43M | 6495.03M |
| Property plant equipment | 20899.88M | 21050.26M | - | 19496.44M | 17715.60M |
| Total current assets | 3374.67M | 3080.99M | 3194.38M | 2186.17M | 1876.39M |
| Long term investments | 1043.92M | 1133.29M | 1413.66M | 1748.19M | 1526.63M |
| Net tangible assets | - | - | - | 6132.92M | 5834.02M |
| Short term investments | - | - | - | 32.28M | 43.63M |
| Net receivables | 1646.81M | 1682.06M | 1491.32M | 1449.36M | 1375.23M |
| Long term debt | 15859.48M | 15720.50M | 15856.30M | 14240.34M | 12751.61M |
| Inventory | - | - | 0.00M | - | -57.81M |
| Accounts payable | 480.02M | 401.87M | 458.33M | 417.55M | 312.12M |
| Noncontrolling interest in consolidated entity | - | - | - | - | 2199.21M |
| Accumulated other comprehensive income | -1687.92M | 9.54M | -21.15M | -13.72M | -36.66M |
| Common stock total equity | - | - | - | - | 1.56M |
| Retained earnings total equity | - | - | - | - | -625.89M |
| Treasury stock | - | - | - | - | -2.72M |
| Non currrent assets other | 1366.18M | 21163.01M | 1457.48M | 19868.45M | 18545.28M |
| Deferred long term asset charges | - | - | - | - | 618.80M |
| Non current assets total | 22791.49M | 23003.99M | 22767.54M | 22021.50M | 20479.19M |
| Capital lease obligations | 749.25M | 763.57M | 768.35M | 454.02M | 448.98M |
| Long term debt total | 16219.52M | 16091.38M | - | 14489.67M | 13141.03M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | -2.98M | -1237.40M | -1165.16M | -1602.80M | -342.74M |
| Change to liabilities | - | - | - | -22.78M | 20.02M |
| Total cashflows from investing activities | -603.86M | -1237.40M | -1193.68M | -1602.80M | -1039.96M |
| Net borrowings | 382.09M | 132.34M | 1317.73M | 1334.56M | -1396.59M |
| Total cash from financing activities | -419.23M | -274.48M | 767.92M | 556.06M | -1311.44M |
| Change to operating activities | - | - | - | -78.96M | -146.84M |
| Net income | 276.80M | 84.19M | 291.42M | 1020.58M | 631.93M |
| Change in cash | 222.07M | -277.37M | 875.75M | 235.65M | -1218.17M |
| Begin period cash flow | 1335.20M | 1612.57M | 736.81M | 501.16M | 1719.33M |
| End period cash flow | 1557.27M | 1335.20M | 1612.57M | 736.81M | 501.16M |
| Total cash from operating activities | 1245.16M | 1234.50M | 1301.52M | 1282.40M | 1133.23M |
| Issuance of capital stock | - | - | - | - | 24.21M |
| Depreciation | 912.09M | 889.45M | 832.75M | 752.20M | 720.85M |
| Other cashflows from investing activities | -603.86M | -1102.94M | -1000.34M | 613.43M | -323.96M |
| Dividends paid | 643.11M | 689.87M | 687.81M | 685.02M | 683.75M |
| Change to inventory | - | - | -0.00M | - | -186.08M |
| Change to account receivables | -69.37M | -83.89M | -131.01M | -7.62M | 4.82M |
| Sale purchase of stock | -0.43M | -1.73M | 0.00M | -0.35M | -200.00M |
| Other cashflows from financing activities | -118.56M | 284.78M | 137.63M | 2371.08M | 3346.89M |
| Change to netincome | - | - | - | -111.16M | 501.30M |
| Capital expenditures | 555.50M | 447.98M | 482.35M | 2216.24M | 13.61M |
| Change receivables | - | - | - | - | -4.82M |
| Cash flows other operating | - | - | - | - | 20.81M |
| Cash and cash equivalents changes | - | - | - | - | -1218.17M |
| Change in working capital | -194.40M | -204.41M | -162.90M | -207.59M | -224.09M |
| Stock based compensation | 44.33M | 43.95M | 51.48M | 52.03M | 50.86M |
| Other non cash items | 250.67M | 421.32M | 288.76M | -334.82M | 23.37M |
| Free cash flow | 689.66M | 786.52M | 819.17M | 1282.40M | 1119.61M |
Sector: Real Estate Industry: REIT - Office
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| BXP BXP, Inc. |
-0.23 0.35% |
65.01 | 33.62 | 28.25 | 3.28 | 1.80 | 7.23 | 12.91 |
| VNO-PM Vornado Realty Trust |
0.23 1.43% |
16.58 | 26.09 | - | 5.25 | - | - | - |
| MRPRF MERLIN Properties SOCIMI S.A |
- -% |
13.00 | 8.76 | 22.52 | 15.33 | 0.86 | 18.99 | 10.44 |
| ARE Alexandria Real Estate Equities Inc |
- -% |
44.80 | - | 16.69 | 3.21 | 0.57 | 7.84 | 31.46 |
| VNO Vornado Realty Trust |
-0.05 0.14% |
35.82 | 1151.00 | 57.14 | 3.77 | 1.42 | 8.30 | 16.47 |
BXP, Inc. is the largest publicly traded developer, owner, and manager of premier workplaces in the United States. It is concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of December 31, 2025, including properties owned by joint ventures, BXP's portfolio totals 52.6 million square feet and 179 properties, including 8 properties under construction/redevelopment. BXP's properties include 157 office properties, 14 retail properties (including one retail property under construction), seven residential properties (including three residential properties under construction) and one hotel. BXP is well-known for its in-house building management expertise and responsiveness to clients' needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.
Prudential Center, 800 Boylston Street, Boston, MA, United States, 02199-8103
617 236 3300
826
| Name | Title | Year Born |
|---|---|---|
| Mr. Owen David Thomas | CEO & Chairman | 1962 |
| Mr. Douglas T. Linde | Pres & Director | 1964 |
| Mr. Michael E. LaBelle | Exec. VP, Treasurer & CFO | 1964 |
| Mr. Raymond A. Ritchey | Sr. Exec. VP | 1951 |
| Mr. Bryan J. Koop | Exec. VP of Boston Region | 1959 |
| Mr. Mortimer B. Zuckerman | Co-Founder & Chairman Emeritus | 1938 |
| Mr. Michael R. Walsh | Sr. VP & Chief Accounting Officer | 1967 |
| Helen Han | VP of Investor Relations | NA |
| Mr. Eric G. Kevorkian | Sr. VP, Chief Legal Officer & Sec. | NA |
| Ms. Laura M. Sesody | VP of Corp. Marketing & Communications | NA |
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