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BXP, Inc. — Intrinsic Value & Fair Price

BXP
NYSEReal EstateREIT - OfficeCIK 0001037540bxp.comAbout BXP
Last close · Oct 16, 202659.20−0.49 (−0.82%)
Market cap$9.5B
Model value · P/Cash FFO · own history
70.18
BXP closed at $59.20 — undervalued by 16% vs model.
65.24the model's range78.47

P/Cash FFO · own history leads for a REIT. From its own five-year median price to Cash FFO.

Other models
24.74 – 93.60
Wall St. target
70.00 15% below
Below model, 1y
20 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
4.73%
#32 · Highest dividend yield
Past 2 years
low 3.84%high 6.89%
Dividends per share, a year at a time
$3.92Sep ’21$3.92Sep ’22$3.92Sep ’23$3.92Sep ’24$3.64Sep ’25$2.80TTM
Dividends / FFO, FY2025
54.1%
Raised
—
Growth, 5 yrs
-6.5% a year
Last change
−28.6% · Sep 2025
Every payment, with ex-dates · latest $0.70, paid Oct 30, 2026

Research on BXP

No posts on BXP yet.
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How it is valued

Valued asREIT
Low/slowing growth (~3% recent)Moderate margins (8% net margin)Strong dividend yieldHighly cyclical earningsHigh leverage (D/E 2.1x)
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for REITs
Price / Cash FFO
—
Dividend yield, TTM
4.73%
Dividends / Cash FFO
—
Debt / assets
66.3%
Price / book
1.2×
Revenue growth
2.2%
Full financials

Analyst actions

third-party, quoted
10-11BMO Capital · target70.00
09-21Evercore ISI · target67.00
09-17Scotiabank · target73.00
06-18Scotiabank · “Sector Outperform” from “Sector Perform”upgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
1 more company lists BXP as a comparable

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just BXP. No account.

About BXP

BXP, trading on the NYSE, is the leading publicly listed company engaged in the development and ownership of premier Class A office properties across the United States. Its operations are strategically concentrated in five major urban centers: Boston, Los Angeles, New York, San Francisco, and Washington, D.C. Structured as a Real Estate Investment Trust (REIT), the company operates as a comprehensive real estate entity, involved in the full spectrum of activities from developing and acquiring to managing and operating a diverse collection of primarily Class A office assets. Its current property holdings consist of 196 assets, collectively spanning 51.2 million square feet, which includes six properties actively undergoing construction or significant redevelopment.

CEO
Owen D. Thomas
Headquarters
Boston, MA
Employees
826
IPO
1997-06-18
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.