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Boston Properties Inc BXP

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Stock XNYS Rating as of
$60.67 +2.48 (4.26%)
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Company Report

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Boston Properties Earnings: CBD Portfolio Holding Up Well, While Suburban Portfolio Remains Stressed

Suryansh Sharma

No-moat-rated Boston Properties reported a decent first quarter, with funds from operations of $271.3 million, or $1.73 per share, flat compared with the $272.0 million, or $1.73 per share, in the first quarter last year. The company updated its 2024 full-year FFO guidance to $6.98-$7.12 per diluted share, a reduction of approximately $0.06 per share at the midpoint. The lower FFO guidance was mainly due to the $0.05 per share impact from noncash fair value interest expenses related to finalizing the market value of the in-place debt and interest-rate swaps for recent acquisitions. We are maintaining our $91 per share fair value estimate for Boston Properties after incorporating the first-quarter results.

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Price vs Fair Value

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BXP is trading at a 145% premium.
Price
$60.67
Fair Value
$97.00
Uncertainty
High
1-Star Price
$317.48
5-Star Price
$33.40
Economic Moat
Sdxp
Capital Allocation
Jlldpcll

Bulls Say, Bears Say

Bulls

Boston Properties owns premier properties in supply-constrained cities that have favorable regional dynamics and strong growth prospects. Additionally, the life sciences portfolio of the company should benefit from the strong demand in the burgeoning sector.

Bears

Employees are still reluctant to return to the office as physical building occupancy rates remain at approximately 50% of the prepandemic level.

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Trading Information

Previous Close Price
$58.19
Day Range
$58.27–60.75
52-Week Range
$47.59–73.97
Bid/Ask
$58.69 / $61.55
Market Cap
$9.53 Bil
Volume/Avg
2.3 Mil / 1.2 Mil

Key Statistics

Price/Earnings (Normalized)
21.68
Price/Sales
2.88
Dividend Yield (Trailing)
6.46%
Dividend Yield (Forward)
6.46%
Total Yield
6.46%

Company Profile

Boston Properties owns over 190 properties consisting of approximately 53 million rentable square feet of space. The portfolio is dominated by office buildings and is spread across major cities such as New York, Boston, San Francisco, Los Angeles, Seattle, and the Washington, D.C., region. The real estate investment trust also owns limited retail, hotel, and residential properties.
Sector
Real Estate
Industry
REIT - Office
Stock Style Box
Mid Value
Total Number of Employees
836
Website
https://www.bxp.com

Competitors

Valuation

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Metric
BXP
ESRT
VNO
Price/Earnings (Normalized)
 21.6849.1895.82
Price/Book Value
 1.631.581.00
Price/Sales
 2.883.362.43
Price/Cash Flow
 6.529.316.66
Price/Earnings
BXP
ESRT
VNO

Financial Strength

Metric
BXP
ESRT
VNO
Quick Ratio
 3.441.151.68
Current Ratio
 3.541.241.98
Interest Coverage
 1.361.690.98
Quick Ratio
BXP
ESRT
VNO

Profitability

Metric
BXP
ESRT
VNO
Return on Assets (Normalized)
 1.33%2.17%0.21%
Return on Equity (Normalized)
 5.53%9.34%0.77%
Return on Invested Capital (Normalized)
 3.08%4.33%1.65%
Return on Assets
BXP
ESRT
VNO
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