BXP
Owner, developer, and manager of premier workplaces across six U.S. gateway markets.
Something off on this page? Send us feedback.
Profile
Owns, develops, and manages office-led real estate across six U.S. gateway markets, earning primarily rent from premier workplaces. Life sciences, retail, residential, hotel, development, and property-management activities extend the platform, while most rental obligations come from central-business-district properties.
Owns, develops, redevelops, and manages premier workplaces, with office properties—including life sciences space—at the center of a portfolio that also includes retail, residential rentals, and a hotel. Rental income supplies the core economics, supplemented by development and property-management services. Properties are concentrated in Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC.
Runs leasing, construction, financing, capital markets, and property management through an integrated platform, while using joint ventures and asset sales to fund development and reshape the portfolio. Most rental obligations come from central-business-district properties. Cash flow therefore depends on workplace demand, occupancy, tenant credit, lease economics, and access to capital, while REIT rules and the operating-partnership structure govern how assets and income are held.
Company facts
Categories
Key statistics
Year to date +2.2% · Average volume (30d) 1.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | Piper Sandler | Target | $86 | $88 | ||
| Aug 25, 2026 | UBS | Reiterate | Neutral | $76 | $70 | |
| Aug 5, 2026 | UBS | Target | $61 | $76 | ||
| Jul 21, 2026 | Scotiabank | Reiterate | Outperform | $70 | $74 | |
| Jul 21, 2026 | Mizuho Securities | Target | $62 | $68 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $0.40 | $0.43 | +6.7% | $858.1M | $895.7M | +4.4% | +4.30% |
| Apr 28, 2026Q1 FY26 | $1.58 | $1.59 | +0.6% | $847.2M | $872.1M | +2.9% | −2.64% |
| Jan 27, 2026Q4 FY25 | $1.80 | $1.76 | −2.2% | $861.2M | $877.1M | +1.8% | −1.64% |
| Oct 28, 2025Q3 FY25 | $1.72 | $1.74 | +1.2% | $881.3M | $871.5M | −1.1% | −5.03% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $865.2M | $868.5M | $871.5M | $877.1M | $872.1M | $895.7M | |
| Gross profit | $525.3M | $527.0M | $530.1M | $528.2M | $515.2M | $72.3M | |
| Operating income | $473.0M | $256.6M | $254.0M | $490.4M | $227.8M | $258.9M | |
| Net income | $61.2M | $89.0M | −$121.7M | $248.5M | $101.6M | $68.6M | |
| Diluted EPS | $0.39 | $0.56 | −$0.77 | $1.56 | $0.64 | $0.43 | |
| Gross margin | 60.7% | 60.7% | 60.8% | 60.2% | 59.1% | 8.1% | |
| Operating margin | 54.7% | 29.5% | 29.1% | 55.9% | 26.1% | 28.9% |
Fiscal years (4-quarter sums)FY21 $2.89B · FY22 $3.11B · FY23 $3.27B · FY24 $3.41B · FY25 $3.48B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $553.5M · Total debt $16.36B · Total assets $25.17B · Shareholders' equity $5.16B
Dividends
Last cut to $0.70 from $0.98 in Sep 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 31 | $0.70 | |
| Mar 31, 2026 | Mar 31 | Apr 30 | $0.70 | |
| Dec 31, 2025 | Dec 31 | Jan 29 | $0.70 | |
| Sep 30, 2025 | Sep 30 | Oct 31 | $0.70 | cut from $0.98 |
| Jun 30, 2025 | Jun 30 | Jul 31 | $0.98 | |
| Mar 31, 2025 | Mar 31 | Apr 30 | $0.98 | |
| Dec 31, 2024 | Dec 31 | Jan 30 | $0.98 | |
| Sep 30, 2024 | Sep 30 | Oct 31 | $0.98 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 159.48M · Float 147.87M · 92.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Cohen & Steers, Inc. | 22.78M | 14.29% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 17.98M | 11.28% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 12.96M | 8.13% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 10.05M | 6.30% | 13F | Aug 13, 2026 |
| State Street Corp | 9.85M | 6.17% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 9, 2026 | Michael E. Labelle | officer: EVP and CFO | −26,113 | $66.35 |
| May 22, 2026 | Eric G. Kevorkian | officer: SVP, CLO and Secretary | −2,000 | $59.85 |
| May 21, 2026 | Eric G. Kevorkian | officer: SVP, CLO and Secretary | −200 | $60.23 |
| May 20, 2026 | Peter V. Otteni | officer: Executive Vice President | −4,863 | $59.06 |
| Feb 27, 2026 | Hilary J. Spann | officer: Executive Vice President | −5,495 | $59.69 |
Peers
- Vornado Realty Trust
NYC trophy-office and retail landlord overlapping Manhattan tenants
- SL Green Realty
Manhattan office specialist competing for Midtown tenants
- Kilroy Realty
West Coast office and life-science landlord in shared tech hubs
- Alexandria Real Estate Equities
Life-science campus specialist in BXP innovation markets
- Hudson Pacific Properties
West Coast office and studio landlord serving tech and media users
- Douglas Emmett
Los Angeles office landlord in coastal Class A submarkets
- JBG SMITH
Washington, DC mixed-use landlord with office and retail overlap
- Empire State Realty Trust
NYC office landlord competing in flight-to-quality leasing
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| BXP | $68.89 | −0.61% | $11.05B | 37.3 | 33.8 | 3.1 | +3.1% |
| Vornado Realty Trust | $38.20 | 0.00% | $7.19B | 1,154.1 | — | 3.9 | +4.7% |
| SL Green Realty | $57.95 | +0.68% | $4.09B | — | — | 3.9 | −29.0% |
| Kilroy Realty | $36.21 | −0.03% | $4.21B | 25.3 | 86.1 | 3.8 | −6.0% |
| Alexandria Real Estate Equities | $51.98 | +0.81% | $8.99B | — | — | 3.0 | −15.6% |
| Hudson Pacific Properties | $13.14 | −0.23% | $712.7M | — | — | 0.9 | −0.9% |
| Douglas Emmett | $11.76 | 0.00% | $1.97B | — | — | 2.0 | +1.6% |
| JBG SMITH | $12.08 | −0.08% | $703.7M | — | — | 1.4 | +2.3% |
| Empire State Realty Trust | $4.59 | 0.00% | $787.0M | — | — | 1.0 | +3.0% |
| Median | 589.7 | 86.1 | 2.5 | +0.4% |