NYSE : BXP
BXP, Inc. — Financial statements
Real Estate · REIT - Office · United States
Last price 62.8 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 11.16B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 3.45B | 3.38B | 3.31B | 3.17B | 3.03B | 2.83B |
| Property Management Fees | 35.27M | 36.58M | 28.06M | 40.85M | 28.06M | 27.70M |
| Other Revenue | -75.22M | -262.81M | 40.31M | 27.76M | 36.93M | 3.35M |
| Total Revenue | 3.41B | 3.15B | 3.38B | 3.24B | 3.09B | 2.87B |
| Property Expenses | 1.39B | 1.37B | 1.32B | 1.22B | 1.14B | 1.04B |
| Selling, General & Administrative | 185.19M | 168.79M | 159.98M | 170.16M | 146.38M | 151.57M |
| Depreciation & Amortization | 925.64M | 912.09M | 887.19M | 830.81M | 749.77M | 717.34M |
| Total Operating Expenses | 2.50B | 2.45B | 2.37B | 2.22B | 2.03B | 1.91B |
| Operating Income | 912.05M | 698.86M | 1.01B | 1.01B | 1.06B | 957.79M |
| Interest Expense | -627.26M | -653.14M | -645.12M | -579.57M | -437.14M | -423.35M |
| Interest & Investment Income | 37.77M | 40.13M | 64.69M | 75.89M | 11.72M | 10.12M |
| Other Non-Operating Income | 1.13M | 1.13M | -78.00K | -452.00K | 6.85M | 1.21M |
| EBT Excluding Unusual Items | 323.69M | 86.99M | 428.92M | 510.61M | 637.40M | 545.77M |
| Gain (Loss) on Sale of Investments | 209.75M | 208.90M | -331.72M | -219.71M | -63.89M | 7.68M |
| Gain (Loss) on Sale of Assets | 187.25M | 174.24M | 602.00K | 517.00K | 447.08M | 123.66M |
| Asset Writedown | -34.94M | -85.80M | -13.62M | |||
| Other Unusual Items | -338.00K | -45.18M | ||||
| Pretax Income | 685.75M | 384.00M | 84.19M | 291.42M | 1.02B | 631.93M |
| Earnings From Continuing Operations | 685.75M | 384.00M | 84.19M | 291.42M | 1.02B | 631.93M |
| Minority Interest in Earnings | -152.80M | -107.19M | -69.92M | -101.21M | -171.64M | -126.74M |
| Net Income | 532.96M | 276.80M | 14.27M | 190.22M | 848.95M | 505.19M |
| Preferred Dividends & Other Adjustments | 891.00K | 8.97M | ||||
| Net Income to Common | 532.96M | 276.80M | 14.27M | 190.22M | 848.06M | 496.22M |
| Basic Shares Outstanding | 158.94M | 158.33M | 157.47M | 156.86M | 156.73M | 156.12M |
| Diluted Shares Outstanding | 159.48M | 158.87M | 157.79M | 157.20M | 157.14M | 156.38M |
| EPS (Basic) | 3.35 | 1.75 | 0.09 | 1.21 | 5.41 | 3.18 |
| EPS (Diluted) | 3.34 | 1.74 | 0.09 | 1.21 | 5.40 | 3.17 |
| Dividend Per Share | 2.80 | 3.36 | 3.92 | 3.92 | 3.92 | 3.92 |
| Operating Margin | 26.71% | 22.16% | 29.86% | 31.36% | 34.17% | 33.42% |
| Profit Margin | 15.61% | 8.78% | 0.42% | 5.88% | 27.44% | 17.32% |
| EBITDA | 1.85B | 1.61B | 1.90B | 1.85B | 1.81B | 1.68B |
| EBITDA Margin | 54.32% | 51.09% | 56.11% | 57.03% | 58.43% | 58.45% |
| D&A For Ebitda | 942.95M | 912.09M | 887.19M | 830.81M | 749.77M | 717.34M |
| EBIT | 912.05M | 698.86M | 1.01B | 1.01B | 1.06B | 957.79M |
| EBIT Margin | 26.71% | 22.16% | 29.86% | 31.36% | 34.17% | 33.42% |
| Funds From Operations (FFO) | 1.12B | 1.09B | 1.12B | 1.14B | 1.18B | 1.03B |
| FFO Per Share | 7.01 | 6.85 | 7.10 | 7.28 | ||
| Adjusted Funds From Operations (AFFO) | 1.09B | 1.12B | 1.14B | 1.18B | 1.03B | |
| AFFO Per Share | 6.85 | 7.10 | 7.28 | |||
| FFO Payout Ratio | 59.05% | 61.57% | 60.13% | 57.88% | ||
| Revenue as Reported | 3.56B | 3.48B | 3.41B | 3.27B | 3.11B | 2.89B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 20.57B | 20.38B | 20.34B | 19.90B | 18.77B | 17.72B |
| Total Real Estate Assets | 21.08B | 20.90B | 21.05B | 20.59B | 19.50B | 18.28B |
| Cash & Equivalents | 1.47B | 1.48B | 1.25B | 1.53B | 690.33M | 452.69M |
| Accounts Receivable | 1.71B | 1.65B | 1.59B | 1.49B | 1.37B | 1.30B |
| Investment In Debt and Equity Securities | 45.93M | 55.51M | 46.81M | 40.94M | 32.28M | 43.63M |
| Loans Receivable Current | 40.66M | 37.72M | 93.73M | 90.49M | 78.58M | 87.98M |
| Restricted Cash | 50.03M | 79.06M | 80.31M | 81.09M | 46.48M | 48.47M |
| Other Current Assets | 204.00M | 121.97M | 58.49M | 59.63M | 43.59M | 57.81M |
| Trading Asset Securities | 5.25M | |||||
| Deferred Long-Term Charges | 843.15M | 847.69M | 813.35M | 760.42M | 733.28M | 618.80M |
| Other Long-Term Assets | 831.23M | 999.31M | 1.09B | 1.38B | 1.72B | 1.48B |
| Total Assets | 26.27B | 26.17B | 26.08B | 26.03B | 24.21B | 22.37B |
| Current Portion of Long-Term Debt | 3.40B | 2.10B | 700.00M | 1.20B | 730.00M | |
| Current Portion of Leases | 60.68M | 71.25M | 100.36M | 31.72M | 28.39M | |
| Long-Term Debt | 12.44B | 13.76B | 15.02B | 14.66B | 13.51B | 12.90B |
| Long-Term Leases | 735.17M | 688.57M | 692.32M | 667.99M | 422.30M | 420.60M |
| Accounts Payable | 536.43M | 480.02M | 401.87M | 458.33M | 417.55M | 320.77M |
| Accrued Expenses | 127.38M | 125.34M | 128.10M | 133.68M | 103.77M | 94.80M |
| Other Current Liabilities | 123.85M | 123.75M | 172.49M | 171.18M | 170.64M | 169.86M |
| Other Long-Term Liabilities | 354.60M | 385.33M | 460.33M | 454.33M | 457.53M | 401.01M |
| Total Liabilities | 18.47B | 18.48B | 18.15B | 17.84B | 15.84B | 14.33B |
| Common Stock | 1.60M | 1.58M | 1.58M | 1.57M | 1.57M | 1.56M |
| Additional Paid-In Capital | 6.90B | 6.84B | 6.84B | 6.72B | 6.54B | 6.50B |
| Distributions in Excess of Earnings | -1.72B | -1.67B | -1.42B | -816.15M | -391.36M | -625.89M |
| Treasury Stock | -2.72M | -2.72M | -2.72M | -2.72M | -2.72M | -2.72M |
| Comprehensive Income & Other | 15.27M | -12.92M | -2.07M | -21.15M | -13.72M | -36.66M |
| Total Common Equity | 5.19B | 5.15B | 5.41B | 5.88B | 6.13B | 5.83B |
| Minority Interest | 2.61B | 2.54B | 2.52B | 2.31B | 2.23B | 2.20B |
| Shareholders' Equity | 7.80B | 7.68B | 7.94B | 8.18B | 8.36B | 8.03B |
| Total Liabilities & Equity | 26.27B | 26.17B | 26.08B | 26.03B | 24.21B | 22.37B |
| Total Debt | 17.33B | 17.37B | 16.98B | 16.62B | 14.69B | 13.35B |
| Net Cash (Debt) | -15.85B | -15.89B | -15.72B | -15.09B | -14.00B | -12.89B |
| Net Cash Per Share | -99.41 | -100.01 | -99.65 | -96.01 | -89.12 | -82.45 |
| Filing Date Shares Outstanding | 159.67M | 158.63M | 158.21M | 157.01M | 156.74M | 156.60M |
| Total Common Shares Outstanding | 159.67M | 158.55M | 158.17M | 156.94M | 156.76M | 156.54M |
| Book Value Per Share | 32.51 | 32.46 | 34.22 | 37.45 | 39.12 | 37.27 |
| Tangible Book Value | 5.19B | 5.15B | 5.41B | 5.88B | 6.13B | 5.83B |
| Tangible Book Value Per Share | 32.51 | 32.46 | 34.22 | 37.45 | 39.12 | 37.27 |
| Land | 5.24B | 5.32B | 5.25B | 5.19B | 5.06B | |
| Buildings | 16.91B | 17.15B | 16.61B | 15.82B | 14.29B | |
| Construction In Progress | 1.13B | 1.48B | 764.64M | 547.28M | 406.57M | 894.17M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 276.80M | 14.27M | 190.22M | 848.95M | 505.19M | |
| Depreciation & Amortization | 912.35M | 889.45M | 832.75M | 752.20M | 720.85M | |
| Gain (Loss) on Sale of Assets | -175.23M | -1.59M | -517.00K | -447.08M | -123.66M | |
| Gain (Loss) on Sale of Investments | -5.13M | -4.96M | -5.79M | 6.60M | -5.63M | |
| Asset Writedown | 85.80M | 13.62M | ||||
| Stock-Based Compensation | 44.33M | 43.95M | 51.48M | 52.03M | 50.86M | |
| Income (Loss) on Equity Investments | 161.98M | 377.04M | 264.18M | 86.67M | 24.11M | |
| Change in Accounts Receivable | -69.37M | -83.89M | -131.01M | -105.85M | -97.27M | |
| Change in Accounts Payable | 27.16M | -2.40M | 41.70M | -22.78M | 20.02M | |
| Change in Other Net Operating Assets | -152.19M | -118.12M | -73.59M | -78.96M | -146.84M | |
| Other Operating Activities | 139.78M | 107.06M | 131.73M | 190.84M | 186.79M | |
| Operating Cash Flow | 1.25B | 1.23B | 1.30B | 1.28B | 1.13B | |
| Acquisition of Real Estate Assets | -1.30B | -1.13B | -1.02B | -2.22B | -1.15B | |
| Sale of Real Estate Assets | 682.51M | 6.69M | 517.00K | 834.77M | 179.89M | |
| Net Sale / Acq. of Real Estate Assets | -612.60M | -1.13B | -1.02B | -1.38B | -971.20M | |
| Investment in Marketable & Equity Securities | -89.07M | -106.14M | -160.55M | -237.96M | -78.79M | |
| Other Investing Activities | 57.14M | -3.26M | -12.18M | 16.62M | 10.04M | |
| Investing Cash Flow | -644.53M | -1.24B | -1.19B | -1.60B | -1.04B | |
| Short-Term Debt Issued | 8.66B | 5.36B | ||||
| Long-Term Debt Issued | 2.56B | 849.67M | 2.55B | 2.46B | 3.67B | |
| Total Debt Issued | 11.22B | 6.21B | 2.55B | 2.46B | 3.67B | |
| Short-Term Debt Repaid | -8.41B | -4.86B | ||||
| Long-Term Debt Repaid | -2.43B | -1.22B | -1.23B | -1.13B | -3.80B | |
| Total Debt Repaid | -10.84B | -6.08B | -1.23B | -1.13B | -3.80B | |
| Net Debt Issued (Repaid) | 382.09M | 132.34M | 1.32B | 1.33B | -130.16M | |
| Issuance of Common Stock | 367.00K | 24.21M | ||||
| Repurchase of Common Stock | -435.00K | -1.73M | -352.00K | |||
| Preferred Share Repurchases | -200.00M | |||||
| Common Dividends Paid | -643.11M | -689.87M | -687.81M | -685.02M | -683.75M | |
| Total Dividends Paid | -643.11M | -689.87M | -687.81M | -685.02M | -683.75M | |
| Other Financing Activities | -117.11M | 284.78M | 137.63M | -93.13M | -321.74M | |
| Net Cash Flow | 222.07M | -277.37M | 875.75M | 235.65M | -1.22B | |
| Levered Free Cash Flow | 946.38M | 1.00B | 1.04B | 1.25B | 965.81M | |
| Unlevered Free Cash Flow | 1.35B | 1.40B | 1.41B | 1.52B | 1.23B | |
| Cash Interest Paid | 677.16M | 676.07M | 553.99M | 449.90M | 465.44M | |
| Change in Working Capital | -194.40M | -204.41M | -162.90M | -207.59M | -224.09M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 11.16B | 10.69B | 11.76B | 11.01B | 10.59B | 17.99B |
| Enterprise Value | 27.01B | 29.70B | 29.84B | 27.93B | 26.74B | 33.15B |
| Last Close Price | 62.80 | 65.13 | 68.37 | 60.89 | 54.87 | 89.31 |
| Price/FFO Ratio | 8.72 | 9.51 | 9.63 | 8.36 | ||
| Price/AFFO Ratio | 9.50 | 9.63 | 8.37 | |||
| PE Ratio | 18.83 | 38.63 | 823.79 | 57.90 | 12.49 | 36.26 |
| PS Ratio | 3.27 | 3.39 | 3.48 | 3.40 | 3.43 | 6.28 |
| PB Ratio | 1.93 | 1.39 | 1.48 | 1.35 | 1.27 | 2.24 |
| P/OCF Ratio | 8.69 | 8.59 | 9.52 | 8.46 | 8.26 | 15.88 |
| EV/Sales Ratio | 7.91 | 9.42 | 8.83 | 8.63 | 8.65 | 11.57 |
| EV/EBITDA Ratio | 14.56 | 18.43 | 15.73 | 15.13 | 14.81 | 19.79 |
| EV/EBIT Ratio | 29.61 | 42.49 | 29.56 | 27.53 | 25.32 | 34.61 |
| Debt / Equity Ratio | 2.22 | 2.26 | 2.14 | 2.03 | 1.76 | 1.66 |
| Debt / EBITDA Ratio | 9.27 | 10.68 | 8.89 | 8.94 | 8.08 | 7.90 |
| Net Debt / Equity Ratio | 2.03 | 2.07 | 1.98 | 1.84 | 1.67 | 1.60 |
| Net Debt / EBITDA Ratio | 8.55 | 9.86 | 8.29 | 8.18 | 7.75 | 7.70 |
| Asset Turnover | 0.13 | 0.12 | 0.13 | 0.13 | 0.13 | 0.13 |
| Quick Ratio | 0.64 | 0.86 | 1.44 | 1.47 | 1.42 | 2.85 |
| Current Ratio | 0.70 | 0.92 | 1.56 | 1.58 | 1.53 | 3.17 |
| Return on Equity (ROE) | 8.96% | 4.92% | 1.04% | 3.52% | 12.45% | 7.72% |
| Return on Assets (ROA) | 2.18% | 1.67% | 2.42% | 2.53% | 2.83% | 2.65% |
| Earnings Yield | 5.31% | 2.59% | 0.12% | 1.73% | 8.01% | 2.81% |
| Dividend Yield | 4.46% | 4.98% | 5.27% | 5.59% | 5.80% | 3.41% |
| Payout Ratio | 83.95% | 232.34% | 4,833.73% | 361.60% | 80.69% | 135.34% |
| Buyback Yield / Dilution | -0.78% | -0.68% | -0.38% | -0.04% | -0.49% | -0.55% |
| Total Shareholder Return | 3.68% | 4.30% | 4.90% | 5.54% | 5.31% | 2.86% |