BXP, Inc. (BXP)

Price—Loading quote

AI: Fair-priced

Price checkThe current price fairly balances improving occupancy against heavy debt and office-market risk.

The latest available close before the requested timestamp was $68.45 on August 14, 2026. Against management’s 2026 funds from operations guidance midpoint of $7.02 a share—earnings adjusted mainly to remove property depreciation and sale gains—the stock costs 9.8 times that figure. The $2.80 annualized dividend yields 4.1%. That looks inexpensive, but only if occupancy gains persist; with leverage high and cash leasing costs significant, the discount seems warranted. I therefore judge the shares fair-priced, not clearly cheap.

Big pictureRental income is growing slowly, while cash generation remains steady but capital-hungry.

Revenue rose from $2.77 billion in 2020 to $3.48 billion in 2025, about 4.7% annually, while cash from day-to-day operations stayed near $1.2 billion and reached $1.25 billion in 2025. Net income varied widely because property sales, impairments and depreciation distort a landlord’s reported earnings. Second-quarter 2026 revenue grew 3.1%, and adjusted property earnings rose 4.1% per share. However, offices remain cyclical: weak hiring or continued remote work can reduce occupancy while buildings still require substantial leasing and redevelopment spending.

Business strengthHigh-quality buildings are filling, but debt still limits financial flexibility.

Second-quarter occupancy reached 88.4%, up one percentage point in three months; 91.3% was leased, including signed tenants not yet paying rent. About 1.3 million square feet awaited occupancy, with 85% expected to start by year-end. Yet March 31 consolidated debt was $15.61 billion—not merely the $750 million commercial-paper line shown in the supplied summary—and company-share net debt was $14.82 billion, or 8.5 times annualized property earnings before interest and depreciation. Cash earnings covered interest, including capitalized interest, 2.65 times: adequate, but not comfortable.

What could change the storyFaster occupancy gains could unlock value, while costly leasing or dilution could erase it.

The strongest bull case is occupancy reaching management’s 89% year-end target and 2026 adjusted property earnings exceeding $7.05 per share as signed leases begin. The bear case is that tenant improvements and leasing commissions consume the benefit: first-quarter distributions equaled 140% of funds available after recurring building and leasing costs. Management has generated roughly $1.2 billion from asset sales and cut the dividend to retain cash. Shares increased only 1.8% from 2020 through 2025, but an unused $1 billion share-sale program creates future dilution risk.

$68.45 price considered

AI: News

Quarterly results beat expectationsHigher occupancy lifted quarterly results and management raised its full-year outlook modestly.

On July 28, BXP reported second-quarter revenue of $895.7 million, up 3.1%, and funds from operations of $1.78 per share, up from $1.71 and eight cents above guidance’s midpoint. Occupancy increased to 88.4%, while full-year guidance rose to $6.99–$7.05 per share. Investing.com reported shares rising about 5.6% after hours. The timing and earnings surprise support an association with the release, although they do not prove the announcement was the only cause.

Major leases reduce vacancyLarge technology and legal leases lowered vacancy and reduced development risk at two properties.

BXP announced a roughly 150,000-square-foot lease at 343 Madison Avenue on June 16 and a 320,000-square-foot Boston Dynamics lease at Reservoir Place on June 24. By quarter-end, Reservoir Place’s redevelopment was 89% pre-leased. On July 28, BXP also secured a $1.2 billion construction loan for 343 Madison, initially priced at a floating benchmark rate plus 2.50 percentage points. The leases improve future rent visibility, while the floating-rate financing leaves cost exposure. No reliable isolated share reaction was established.

Lower dividend remains in placeThe reduced dividend preserves development cash but offers shareholders less income than before.

On June 17, BXP maintained its quarterly dividend at $0.70 per share, payable July 31. That level was introduced on September 8, 2025, when the board cut the prior $0.98 payment by 28.6%. The company said the reset better matched taxable income and retained cash for growth and debt reduction. At the observed price, the annualized payment yields about 4.1%. The lower payout improves funding flexibility, but its continuation confirms that balance-sheet repair still takes priority over restoring shareholder income.

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No reported data

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$3.48B	$3.41B	$3.27B	$3.11B	$2.89B	$2.77B	$2.96B	$2.72B	$2.60B	$2.55B	$2.49B	$2.40B	$2.14B	$1.85B	$1.72B	$1.54B	$1.52B	$1.47B	$1.48B
Gross profit	$2.06B	$2.04B	$2.00B	$1.93B	$1.81B	$1.69B	$1.83B	$1.65B	$1.61B	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	$908.1M	$825.8M	$849.4M	$801.8M	$678.1M	$640.3M	$605.2M	$609.1M	$567.5M	$577.4M	$336.4M
EBITDAderived	—	—	—	—	—	—	—	—	$1.53B	$1.52B	$1.49B	$1.43B	$1.24B	$1.09B	$1.04B	$947.4M	$889.2M	$881.5M	$625.4M
Net income	$276.8M	$14.3M	$190.2M	$848.9M	$505.2M	$872.7M	$521.5M	$582.8M	$462.4M	$512.8M	$583.1M	$443.6M	$749.8M	$289.6M	$272.7M	$159.1M	$231.0M	$105.3M	$1.31B
Basic EPSper diluted share	$1.75	$0.09	$1.21	$5.42	$3.18	$5.55	$3.31	$3.71	$2.93	$3.27	$3.73	$2.83	$4.87	$1.93	$1.87	$1.14	$1.76	$0.88	$10.98
Diluted EPSper diluted share	$1.74	$0.09	$1.21	$5.40	$3.17	$5.54	$3.30	$3.70	$2.93	$3.26	$3.72	$2.83	$4.86	$1.92	$1.86	$1.14	$1.76	$0.87	$10.80

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)16$10.75M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 9, 2026Form 4	LABELLE MICHAEL EEVP and CFO	SellCommon Stock, par value $0.01	8.0K	$67.02	$538.4K	5.8K
Jun 9, 2026Form 4	LABELLE MICHAEL EEVP and CFO	SellCommon Stock, par value $0.01	18.1K	$66.05	$1.19M	13.9K
May 22, 2026Form 4	Kevorkian Eric GSVP, CLO and Secretary	SellCommon Stock, par value $0.01	2.0K	$59.85	$119.7K	311
May 21, 2026Form 4	Kevorkian Eric GSVP, CLO and Secretary	SellCommon Stock, par value $0.01	200	$60.23	$12.0K	2.3K
May 20, 2026Form 4	Otteni Peter VExecutive Vice President	SellCommon Stock, par value $0.01	4.9K	$59.06	$287.2K	0

Review ownership filings at SEC.gov ↗

BXP, Inc. (BXP)

Financial charts

Financial statements

Insider buys & sells