BXP
BXPNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $63.54 Prior regular-session close from the quote source.
- $62.51–$63.86 Regular-session low and high so far today.
- 1.2M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Jan 27 projected Projected for 2027-01-27 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $49.72–$74.94 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own BXP if Boston Properties converts a concentrated portfolio of premier, modernized office buildings in six gateway markets into steady operating cash flow and NAV growth — but the investment hinges on sustained gateway-office demand and manageable.
BXP price history
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Investment thesis
What must happen next
Concentration in six gateway markets and focus on 'premier workplaces' drive higher renewal spreads and lower downtime, producing resilient operating cash flow that is more stable than GAAP net income.StrengtheningMateriality: High
NetCashProvidedByUsedInOperatingActivities: $1,282,399,000 (2022). If OCF stays stable, BXP can fund dividends, development and debt service even when GAAP net income is volatile; if the portfolio loses pricing power, cash flow will fall and capital returns will be cut.
Watch: A sustained decline in core-market occupancy and lease renewals driven by permanent hybrid/remote adoption or AI-related headcount reductions that leaves large blocks unleased.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
NetCashProvidedByUsedInOperatingActivities: $1,282,399,000 (2022).
Open source ↗Redevelopment and development of modern, well-located buildings allow BXP to command premium market rents on new and renewal leases, supporting gross profit and enabling accretive project economics.HoldingMateriality: High
GrossProfit: $1,929,527,000 (2022) → $1,998,776,000 (2023) → $2,041,045,000 (2024) → $2,058,649,000 (2025). If development/redevelopment continues to achieve above-market rents, gross profit and cash yields will expand and NAV will grow; if new supply or shifting preferences undercut premium pricing, projects will be loss-making or produce low yields.
Watch: Local oversupply or a shift of demand away from gateway central business districts toward suburban/flexible space that reduces achieved rents on newly leased/redeveloped space.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GrossProfit: $1,929,527,000 (2022) → $1,998,776,000 (2023) → $2,041,045,000 (2024) → $2,058,649,000 (2025).
Open source ↗Absolute leverage and debt maturities are the binding constraint on BXP's capital allocation; if refinancing costs stay high or covenants tighten, management will have to cut dividends, slow development or sell assets.HoldingMateriality: Medium
Liabilities: $15,837,237,000 (2022) → $17,833,724,000 (2023) → $18,137,324,000 (2024) → $18,473,924,000 (2025). Leverage determines how much of OCF can be returned to shareholders or reinvested; a refinancing shock forces either painful asset sales/discounted dispositions or reductions in shareholder payout.
Watch: Access to capital markets at reasonable rates, or the ability to fund development via joint-venture equity or asset sales at accretive prices.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Liabilities: $15,837,237,000 (2022) → $17,833,724,000 (2023) → $18,137,324,000 (2024) → $18,473,924,000 (2025).
Open source ↗
Full investment case & evidence
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Original research
Concentration in six gateway markets and focus on 'premier workplaces' drive higher renewal spreads and lower downtime, producing resilient operating cash flow that is more stable than GAAP net income. If OCF stays stable, BXP can fund dividends, development and debt service even when GAAP net income is volatile; if the portfolio loses pricing power, cash flow will fall and capital returns will be cut.
Redevelopment and development of modern, well-located buildings allow BXP to command premium market rents on new and renewal leases, supporting gross profit and enabling accretive project economics. If development/redevelopment continues to achieve above-market rents, gross profit and cash yields will expand and NAV will grow; if new supply or shifting preferences undercut premium pricing, projects will be loss-making or produce low yields.
Absolute leverage and debt maturities are the binding constraint on BXP's capital allocation; if refinancing costs stay high or covenants tighten, management will have to cut dividends, slow development or sell assets. Leverage determines how much of OCF can be returned to shareholders or reinvested; a refinancing shock forces either painful asset sales/discounted dispositions or reductions in shareholder payout.
All standing thesis claims
Original report summary
Boston Properties converts a concentrated portfolio of premier, modernized office buildings in six gateway markets into steady operating cash flow and NAV growth — but the investment hinges on sustained gateway-office demand and manageable.
Bull case and bear case
Bull case and bear case for BXP
Where the evidence on BXP stands: Holding on the latest evidence (Oct 30, 2026). Of its 3 thesis points, 1 strengthening and 2 holding.
Bull case: what the evidence supports
Concentration in six gateway markets and focus on 'premier workplaces' drive higher renewal spreads and lower downtime, producing resilient operating cash flow that is more stable than GAAP net income.
Redevelopment and development of modern, well-located buildings allow BXP to command premium market rents on new and renewal leases, supporting gross profit and enabling accretive project economics.
Absolute leverage and debt maturities are the binding constraint on BXP's capital allocation; if refinancing costs stay high or covenants tighten, management will have to cut dividends, slow development or sell assets.
Bear case: what would count against it
A sustained decline in core-market occupancy and lease renewals driven by permanent hybrid/remote adoption or AI-related headcount reductions that leaves large blocks unleased.
Local oversupply or a shift of demand away from gateway central business districts toward suburban/flexible space that reduces achieved rents on newly leased/redeveloped space.
Access to capital markets at reasonable rates, or the ability to fund development via joint-venture equity or asset sales at accretive prices.
Thesis-Break Engine
What has broken in BXP’s thesis
Each break OptimistFi flagged on BXP, dated — with what has historically followed the same kind of break across the market, not a forecast for BXP.
- Analyst downgradecondition set before this filing
Across all companies, this kind of break has happened 12,641 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 33% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
BXP filed an SEC 8-K on 2026-10-27: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedOther material event.
BXP filed an SEC 8-K on 2026-08-31: Other material event. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
BXP filed an SEC 8-K on 2026-07-28: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A sustained decline in core-market occupancy and lease renewals driven by permanent hybrid/remote adoption or AI-related headcount reductions that leaves large blocks unleased.
- Local oversupply or a shift of demand away from gateway central business districts toward suburban/flexible space that reduces achieved rents on newly leased/redeveloped space.
- Access to capital markets at reasonable rates, or the ability to fund development via joint-venture equity or asset sales at accretive prices.
BXP news
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Financial statements
BXP income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
BXP: quick answers
- When does BXP (BXP) report earnings next?
- BXP's next results are projected for January 27, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on October 27, 2026. Earnings calendar
- What is BXP's short interest?
- As of October 30, 2026, 12.7M BXP shares were sold short, 7.95% of its shares outstanding, up 2.0% from the count before. At the stock's average daily volume that is 8.3 days to cover. FINRA publishes the count twice a month. BXP short interest history
- Have members of Congress traded BXP?
- 19 trades in BXP have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed BXP trade