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Owns and develops premier office towers (plus some life-science and residential) in gateway US cities.
Owns and develops premier office towers (plus some life-science and residential) in gateway US cities.
Collects rent under multiyear leases to large tenants, with fixed escalators built in, so income changes as leases expire and are renewed rather than day to day. It also develops new towers. The portfolio is concentrated in Boston, New York, San Francisco, Washington DC and Los Angeles. Renamed from Boston Properties in 2022.
Moat: narrow (installed base, brand). Trophy locations and long tenant relationships in supply-constrained CBDs, but office demand is structurally weak.
Headquarters: Boston, Massachusetts, United States · Founded: 1970 · Employees: 826
Size BXP (BXP) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $10.4B, the 756th largest of 3,117 United States companies the cockpit tracks. Shares closed at $65.01 on 6 Nov 2026.
Performance Over six months the shares gained 10.5%, against -1.4% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 2.7% over the last twelve months (peer median +6.5%); the operating margin is 29.2% (peer median 36.1%).
Valuation It trades at 2.00× book value against a peer median of 2.14× (10th cheapest of 21).
Price implies The share price implies a return on equity of about 17.2%; BXP delivers 10.4%, so the price asks more than the business earns today.
Credit BXP has 10 bonds outstanding ($8.55B), rated BBB by the agencies and trading like BBB at a weighted spread of 100 bp.
Short interest Short interest is 7.8% of the free float (15 Oct 2026).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.56B | $3.48B | $3.41B | $3.27B | $3.11B |
| Revenue growth | — | +2% | +4% | +5% | — |
| Gross profit | $1.22B | $1.18B | $1.18B | $1.21B | $1.21B |
| EBITDA | $1.96B | $1.92B | $1.91B | $1.87B | $1.81B |
| Net income | $533M | $277M | $14.3M | $190M | $848M |
| Free cash flow | n/a | $690M | $787M | $819M | $887M |
| Capital expenditure | n/a | $559M | $450M | $485M | $398M |
| Total debt | $17.3B | $17.4B | $17.0B | $16.6B | $14.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| BXP BXP | $10.4B | +11% | +3% | 10% | 2.00× | 17.2% |
| Vornado Realty Trust VNO | $6.70B | +11% | +2% | 0% | 1.44× | 17.3% |
| SL Green Realty SLG | $3.88B | +11% | +9% | -3% | 1.12× | 14.6% |
| Kilroy Realty KRC | $4.21B | +3% | -4% | 1% | 0.80× | 9.3% |
| Alexandria Real Estate Equities ARE | $7.80B | -2% | -10% | -9% | 0.52× | 7.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BXP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.6% | +6.8% | 7th highest of 21 |
| 6-month return | +10.5% | -1.4% | 5th highest of 21 |
| Return on equity | 10.4% | 9.1% | 8th highest of 20 |
| Price / book | 2.00× | 2.14× | 10th cheapest of 21 |
| Trailing P/E | 19.5× | 26.0× | 6th cheapest of 18 |
| ROE the price implies | 17.2% | 14.8% | 9th most demanding of 21 |
| ROE delivered | 10.4% | 9.1% | 8th highest of 20 |
| Bond spread | 100 bp | 88 bp | 5th widest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| BXP BXP | United States | $10.4B | +11% | +3% | 10% | 2.00× | 17.2% | 10.4% |
| EastGroup Properties EGP | United States | $10.4B | -6% | +10% | 9% | 2.92× | 22.3% | 8.9% |
| CubeSmart CUBE | United States | $10.1B | +11% | +3% | 13% | 4.06× | 30.4% | 13.1% |
| Janus Living JAN | United States | $9.93B | +15% | n/a | n/a | 2.41× | 15.7% | n/a |
| Federal Realty Investment Trust FRT | United States | $9.74B | -2% | +8% | 14% | 3.14× | 23.7% | 13.6% |
| AGNC Investment AGNC | United States | $11.2B | -19% | +152% | 1% | 1.15× | 13.1% | 0.9% |
| Gaming and Leisure Properties GLPI | United States | $11.3B | -19% | +7% | 20% | 2.28× | 14.8% | 19.6% |
| UDR UDR | United States | $11.6B | -1% | +1% | 22% | 3.76× | 22.9% | 21.8% |
| CapitaLand Investment 9CI.SI | Singapore | $9.22B | -11% | -15% | 1% | 0.94× | 7.9% | 1.5% |
| Brixmor Property BRX | United States | $9.21B | +1% | +5% | 14% | 3.05× | 23.1% | 14.2% |
| American Homes 4 Rent AMH | United States | $11.8B | +2% | +4% | 7% | 1.73× | 12.9% | 6.8% |
| Ryman Hospitality Properties RHP | United States | $9.11B | +19% | +13% | 26% | 6.58× | 55.9% | 26.0% |
| Agree Realty ADC | United States | $9.09B | -8% | +18% | 4% | 1.34× | 8.2% | 3.8% |
| CareTrust REIT CTRE | United States | $9.03B | -8% | +53% | 9% | 2.01× | 14.7% | 9.1% |
| Lineage LINE | United States | $8.91B | -2% | +1% | -2% | 1.13× | 9.9% | -2.0% |
| CapitaLand Ascendas REIT A17U.SI | Singapore | $8.83B | -9% | +7% | 7% | 0.99× | 5.2% | 7.0% |
| Equity LifeStyle Properties ELS | United States | $12.3B | 0% | +3% | 22% | 6.99× | 37.4% | 22.3% |
| American Healthcare REIT AHR | United States | $12.7B | +12% | +16% | 4% | 3.05× | 20.7% | 4.0% |
| Scentre SCG.AX | Australia | $13.1B | -1% | -4% | 10% | 0.97× | 11.6% | 10.4% |
| MERLIN Properties SOCIMI MRL.MC | Spain | $8.05B | -23% | +13% | 10% | 0.77× | 8.0% | 9.9% |
| Rexford Industrial Realty REXR | United States | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% | -5.9% |
BXP has 10 bonds outstanding with $8.55B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.61%, a spread of 100 bp over government bonds.