Cash flow BXP, Inc.

Stocks

BXP

US1011211018

Commercial REITs

Market Closed - NYSE 16:00:02 2026-10-09 EDT			5-day change	1st Jan Change
59.05 ^USD	-0.46%		-2.32%	-12.49%

10-06	Evercore ISI Cuts Price Target on BXP to $65 From $67, Keeps In Line Rating	MT
10-05	JPMorgan Adjusts Price Target on BXP to $81 From $87, Maintains Overweight Rating	MT

17670ae3.h8p2l9sqGTb1AzJCC9pGyvZDZHI2N7cqJKlZtzVn8J0.6vhP9eJEd3OlTlwFfY0srIJ2DABDVN1LbeQShH8yvczkmwz2oRt-Q7Fsaw

Published financial data: BXP, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Rental Revenues	2.83B	3.03B	3.17B	3.31B	3.38B
Tenant Reimbursements	-	-	-	-	-
Property Management Fee	27.7M	28.06M	40.85M	28.06M	36.58M
Other Revenues, Total	3.36M	36.93M	27.76M	40.31M	-263M
Total Revenues	2.87B	3.09B	3.24B	3.38B	3.15B
Property Expenses	1.04B	1.14B	1.22B	1.32B	1.37B
Selling General & Admin Expenses, Total	152M	146M	170M	160M	169M
Depreciation & Amortization - (IS) - (Collected)	701M	750M	830M	887M	912M
Other Operating Expenses	0	0	0	0	0
Total Operating Expenses	1.89B	2.03B	2.22B	2.37B	2.45B
Operating Income (REIT / Utility Template)	974M	1.06B	1.02B	1.01B	699M
Interest Expense, Total	-423M	-437M	-580M	-645M	-653M
Interest and Investment Income	10.12M	11.72M	75.89M	64.69M	40.13M
Net Interest Expenses	-413M	-425M	-504M	-580M	-613M
Other Non Operating Income (Expenses)	1.21M	6.85M	-452K	-78K	1.13M
EBT, Excl. Unusual Items	562M	637M	511M	429M	86.99M
Gain (Loss) on Sale of Investments	7.68M	-63.89M	-220M	-332M	209M
Gain (Loss) on Sale of Assets	124M	447M	517K	602K	174M
Asset Writedown	-16.3M	-	-800K	-13.62M	-85.8M
Other Unusual Items	-45.18M	-	-	-	-338K
EBT, Incl. Unusual Items	632M	1.02B	291M	84.19M	384M
Earnings From Continuing Operations	632M	1.02B	291M	84.19M	384M
Net Income to Company	632M	1.02B	291M	84.19M	384M
Minority Interest	-127M	-172M	-101M	-69.92M	-107M
Net Income - (IS)	505M	849M	190M	14.27M	277M
Preferred Dividend and Other Adjustments	8.97M	891K	-	-	-
Net Income to Common Incl Extra Items	496M	848M	190M	14.27M	277M
Net Income to Common Excl. Extra Items	496M	848M	190M	14.27M	277M
Per Share Items
Net EPS - Basic	3.18	5.41	1.21	0.09	1.75
Basic EPS - Continuing Operations	3.18	5.41	1.21	0.09	1.75
Basic Weighted Average Shares Outstanding	156M	157M	157M	157M	158M
Net EPS - Diluted	3.17	5.4	1.21	0.09	1.74
Diluted EPS - Continuing Operations	3.17	5.4	1.21	0.09	1.74
Diluted Weighted Average Shares Outstanding	156M	157M	157M	158M	159M
Normalized Basic EPS	1.44	1.45	1.39	1.26	-0.33
Normalized Diluted EPS	1.44	1.44	1.39	1.26	-0.33
Dividend Per Share	3.92	3.92	3.92	3.92	3.36
Payout Ratio	135.34	80.69	361.6	4.83K	232.34
American Depositary Receipts Ratio (ADR)	0.1	0.1	0.1	0.1	0.1
Supplemental Items
EBITDA	1.68B	1.81B	1.85B	1.9B	1.61B
EBITA	974M	1.06B	1.02B	1.01B	699M
EBIT	974M	1.06B	1.02B	1.01B	699M
EBITDAR	1.69B	1.82B	1.86B	1.91B	1.63B
Total Revenues (As Reported)	2.89B	3.11B	3.27B	3.41B	3.48B
Normalized Net Income	225M	227M	218M	198M	-52.83M
Interest Capitalized	53.1M	52.13M	42.63M	41.98M	50.63M
Interest on Long-Term Debt	55.57M	55.34M	56.35M	55.37M	72.45M
Supplemental Operating Expense Items
General and Administrative Expenses	152M	146M	170M	160M	169M
Net Rental Expense, Total	13.15M	12.7M	14.45M	14.58M	14.62M
Imputed Operating Lease Interest Expense	3.74M	3.55M	4.59M	4.77M	4.79M
Imputed Operating Lease Depreciation	9.41M	9.15M	9.86M	9.81M	9.83M
Stock-Based Comp., Other (Total)	49.7M	50.7M	50.2M	42.6M	43.5M
Total Stock-Based Compensation	49.7M	50.7M	50.2M	42.6M	43.5M

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Assets
Gross Property Plant And Equipment	23.6B	25.07B	26.78B	27.86B	28.42B
Accumulated Depreciation	-5.88B	-6.3B	-6.88B	-7.53B	-8.04B
Net Property Plant And Equipment	17.72B	18.77B	19.9B	20.34B	20.38B
Land Held For Development Or Sale	560M	722M	697M	714M	518M
Total Real Estate Assets	18.28B	19.5B	20.59B	21.05B	20.9B
Cash And Equivalents	453M	690M	1.53B	1.25B	1.48B
Accounts Receivable, Total	1.3B	1.37B	1.49B	1.59B	1.65B
Investment In Debt and Equity Securities	43.63M	32.28M	36.34M	46.81M	55.51M
Notes Receivable (Collected)	87.98M	78.58M	90.49M	93.73M	37.72M
Restricted Cash	48.47M	46.48M	81.09M	80.31M	79.06M
Other Current Assets, Total	57.81M	43.59M	64.23M	58.49M	122M
Trading Asset Securities, Total	-	-	-	5.25M	-
Deferred Charges Long-Term	619M	733M	760M	813M	848M
Other Long-Term Assets, Total	1.48B	1.72B	1.38B	1.09B	999M
Total Assets	22.37B	24.21B	26.03B	26.08B	26.17B
Liabilities
Current Portion of Long-Term Debt	-	1.23B	1.9B	1.64B	2.1B
Current Portion of Leases	28.38M	31.72M	100M	71.25M	60.68M
Short-Term Borrowings	-	-	-	500M	750M
Long-Term Debt	12.9B	13.01B	13.96B	14.08B	13.76B
Long-Term Leases	421M	422M	668M	692M	689M
Accounts Payable, Total	321M	418M	458M	402M	480M
Accrued Expenses, Total	94.8M	104M	134M	128M	125M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	170M	171M	171M	172M	124M
Other Non Current Liabilities	401M	458M	454M	460M	385M
Total Liabilities	14.33B	15.84B	17.84B	18.15B	18.48B
Preferred Stock Redeemable	-	-	-	-	-
Total Preferred Equity	-	-	-	-	-
Common Stock, Total	1.56M	1.57M	1.57M	1.58M	1.58M
Additional Paid In Capital	6.5B	6.54B	6.72B	6.84B	6.84B
Distributions In Excess Of Earnings	-626M	-391M	-816M	-1.42B	-1.67B
Treasury Stock	-2.72M	-2.72M	-2.72M	-2.72M	-2.72M
Comprehensive Income and Other	-36.66M	-13.72M	-21.15M	-2.07M	-12.92M
Total Common Equity	5.83B	6.13B	5.88B	5.41B	5.15B
Minority Interest	2.2B	2.23B	2.31B	2.52B	2.54B
Total Equity	8.03B	8.36B	8.18B	7.94B	7.68B
Total Liabilities And Equity	22.37B	24.21B	26.03B	26.08B	26.17B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	157M	157M	157M	158M	159M
ECS Total Common Shares Outstanding	157M	157M	157M	158M	159M
Book Value / Share	37.27	39.12	37.45	34.22	32.46
Tangible Book Value	5.83B	6.13B	5.88B	5.41B	5.15B
Tangible Book Value Per Share	37.27	39.12	37.45	34.22	32.46
Total Debt	13.35B	14.69B	16.62B	16.98B	17.37B
Net Debt	12.89B	14B	15.09B	15.72B	15.89B
Debt Equivalent Oper. Leases	105M	102M	116M	117M	117M
Minority Interest, Total (Incl. Fin. Div)	2.2B	2.23B	2.31B	2.52B	2.54B
Equity Method Investments, Total	1.48B	1.72B	1.38B	1.09B	999M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	5.06B	5.19B	5.25B	5.32B	5.24B
Buildings, Total	14.29B	15.82B	16.61B	17.15B	16.91B
Machinery, Total	51.7M	50.31M	53.72M	57.14M	54.16M
Full Time Employees	743	780	836	816	826
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	267K	285K	281K

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Net Income	505M	849M	190M	14.27M	277M
Depreciation, Depletion & Amortization	705M	752M	832M	889M	912M
Total Depreciation, Depletion & Amortization	705M	752M	832M	889M	912M
(Gain) Loss On Sale of Asset - (CF)	-124M	-447M	-517K	-602K	-175M
(Gain) Loss on Sale of Investments - (CF)	-5.63M	6.6M	-5.8M	-4.96M	-5.14M
Total Asset Writedown	16.3M	-	800K	13.62M	85.8M
Provision for Credit Losses	-1.21M	-	-	-	-
(Income) Loss On Equity Investments - (CF)	24.11M	86.67M	264M	377M	162M
Stock-Based Compensation (CF)	50.86M	52.03M	51.48M	43.95M	44.33M
Provision and Write-off of Bad Debts	-	-224K	373K	78K	-1.13M
Change in Accounts Receivable	-97.27M	-106M	-131M	-83.89M	-69.37M
Change in Accounts Payable	20.02M	-22.78M	41.7M	-2.4M	27.16M
Change in Other Net Operating Assets (Collected)	-147M	-78.96M	-73.59M	-118M	-152M
Other Operating Activities	187M	191M	132M	106M	140M
Cash from Operations	1.13B	1.28B	1.3B	1.23B	1.25B
Acquisition of Real Estate Assets, Total	-1.15B	-2.22B	-1.02B	-1.13B	-1.3B
Sale of Real Estate Assets, Total	180M	835M	517K	6.69M	683M
Net Sale / Acquisition of Real Estate Assets	-971M	-1.38B	-1.02B	-1.13B	-613M
Divestitures	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-78.79M	-238M	-161M	-106M	-89.07M
Other Investing Activities, Total	10.04M	16.62M	-12.18M	-3.26M	57.14M
Cash from Investing	-1.04B	-1.6B	-1.19B	-1.24B	-645M
Short Term Debt Issued, Total	-	-	-	5.36B	8.66B
Long-Term Debt Issued, Total	3.67B	2.46B	2.55B	850M	2.56B
Total Debt Issued	3.67B	2.46B	2.55B	6.21B	11.22B
Short Term Debt Repaid, Total	-	-	-	-4.86B	-8.41B
Long-Term Debt Repaid, Total	-3.8B	-1.13B	-1.23B	-1.22B	-2.43B
Total Debt Repaid	-3.8B	-1.13B	-1.23B	-6.08B	-10.84B
Issuance of Common Stock	24.21M	-	367K	-	-
Repurchase of Common Stock	-	-	-	-1.73M	-435K
Repurchase of Preferred Stock	-200M	-	-	-	-
Common Dividends Paid	-	-685M	-688M	-690M	-643M
Common & Preferred Stock Dividends Paid	-684M	-	-	-	-
Common & Preferred Stock Dividends Paid	-684M	-685M	-688M	-690M	-643M
Other Financing Activities, Total	-322M	-93.48M	138M	285M	-117M
Cash from Financing	-1.31B	556M	768M	-274M	-379M
Net Change in Cash	-1.22B	236M	876M	-277M	222M
Supplemental Items
Cash Interest Paid	465M	450M	554M	676M	677M
Net Debt Issued / Repaid	-130M	1.33B	1.32B	132M	382M
Levered Free Cash Flow	960M	1.25B	1.04B	1B	946M
Unlevered Free Cash Flow	1.22B	1.52B	1.4B	1.4B	1.35B
Change In Net Working Capital	139M	-58.29M	116M	159M	38.05M

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Profitability
Return on Assets	2.69	2.83	2.53	2.42	1.67
Return on Total Capital	2.82	2.97	2.65	2.54	1.75
Return On Equity %	7.72	12.45	3.52	1.04	4.92
Return on Common Equity	8.53	14.17	3.17	0.25	5.24
Margin Analysis
Gross Profit Margin %	63.74	63.16	62.29	60.84	56.44
SG&A Margin	5.29	4.74	5.26	4.73	5.35
EBITDA Margin %	58.45	58.43	57.03	56.11	51.09
EBITA Margin %	33.99	34.17	31.38	29.86	22.16
EBIT Margin %	33.99	34.17	31.38	29.86	22.16
Income From Continuing Operations Margin %	22.05	33.02	9.01	2.49	12.18
Net Income Margin %	17.63	27.47	5.88	0.42	8.78
Net Avail. For Common Margin %	17.31	27.44	5.88	0.42	8.78
Normalized Net Income Margin	7.84	7.34	6.75	5.86	-1.68
Levered Free Cash Flow Margin	33.49	40.38	32.08	29.6	30.01
Unlevered Free Cash Flow Margin	42.72	49.22	43.27	41.53	42.96
Asset Turnover
Asset Turnover	0.13	0.13	0.13	0.13	0.12
Fixed Assets Turnover	0.16	0.17	0.17	0.17	0.15
Receivables Turnover (Average Receivables)	2.29	2.29	2.24	2.17	2.11
Short Term Liquidity
Current Ratio	3.17	1.14	1.18	1.06	0.92
Quick Ratio	2.85	1.05	1.09	0.98	0.86
Operating Cash Flow to Current Liabilities	1.85	0.66	0.47	0.42	0.34
Days Sales Outstanding (Average Receivables)	159.19	159.43	162.8	168.73	172.84
Average Days Payable Outstanding	115.39	118.36	130.97	118.92	117.19
Long Term Solvency
Total Debt/Equity	166.13	175.69	203.14	213.96	225.99
Total Debt / Total Capital	62.42	63.73	67.01	68.15	69.32
LT Debt/Equity	165.78	160.6	178.71	186.07	188.06
Long-Term Debt / Total Capital	62.29	58.26	58.96	59.27	57.69
Total Liabilities / Total Assets	64.08	65.45	68.55	69.57	70.63
EBIT / Interest Expense	2.3	2.42	1.75	1.56	1.07
EBITDA / Interest Expense	3.99	4.16	3.21	2.96	2.49
(EBITDA - Capex) / Interest Expense	3.99	4.16	3.21	2.96	2.49
Total Debt / EBITDA	7.9	8.08	8.94	8.89	10.68
Net Debt / EBITDA	7.64	7.7	8.11	8.23	9.77
Total Debt / (EBITDA - Capex)	7.9	8.08	8.94	8.89	10.68
Net Debt / (EBITDA - Capex)	7.64	7.7	8.11	8.23	9.77
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	4.68	7.84	4.71	4.45	-6.72
Gross Profit, 1 Yr. Growth %	7.08	6.87	3.26	2.03	-13.46
EBITDA, 1 Yr. Growth %	6.5	7.8	2.2	2.77	-15.06
EBITA, 1 Yr. Growth %	9.56	8.41	-3.83	-0.6	-30.77
EBIT, 1 Yr. Growth %	9.56	8.41	-3.83	-0.6	-30.77
Earnings From Cont. Operations, 1 Yr. Growth %	-37.97	61.5	-71.45	-71.11	356.12
Net Income, 1 Yr. Growth %	-42.11	68.04	-77.59	-92.5	1.84K
Diluted EPS Before Extra, 1 Yr. Growth %	-42.78	70.35	-77.59	-92.56	1.83K
Normalized Net Income, 1 Yr. Growth %	52.88	0.97	-3.67	-9.28	-126.66
Net Property, Plant and Equip., 1 Yr. Growth %	2	5.98	5.97	2.21	0.22
Accounts Receivable, 1 Yr. Growth %	8.09	5.69	8.79	6.5	3.68
Total Assets, 1 Yr. Growth %	-2.16	8.24	7.51	0.23	0.31
Common Equity, 1 Yr. Growth %	0.65	5.12	-4.18	-7.89	-4.92
Tangible Book Value, 1 Yr. Growth %	0.65	5.12	-4.18	-7.89	-4.92
Cash From Operations, 1 Yr. Growth %	-2.04	13.16	1.49	-5.15	0.86
Levered Free Cash Flow, 1 Yr. Growth %	1.48	30.04	-16.81	-4.03	-5.43
Unlevered Free Cash Flow, 1 Yr. Growth %	0.72	24.25	-7.94	-0.08	-3.51
Dividend Per Share, 1 Yr. Growth %	0	0	0	0	-14.29
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-1.84	6.25	6.26	4.58	-1.29
Gross Profit, 2 Yr. CAGR %	-1.65	6.97	5.05	2.64	-6.04
EBITDA, 2 Yr. CAGR %	-2.1	7.15	4.96	2.49	-6.57
EBITA, 2 Yr. CAGR %	-4.59	8.98	2.97	-2.23	-17.01
EBIT, 2 Yr. CAGR %	-4.59	8.98	2.97	-2.23	-17.01
Earnings From Cont. Operations, 2 Yr. CAGR %	-1.55	0.09	-32.09	-71.28	14.79
Net Income, 2 Yr. CAGR %	-1.58	-1.37	-38.64	-87.03	20.63
Diluted EPS Before Extra, 2 Yr. CAGR %	-1.99	-1.27	-38.22	-87.09	19.92
Normalized Net Income, 2 Yr. CAGR %	-12.93	24.24	0.94	-6.51	-50.77
Net Property, Plant and Equip., 2 Yr. CAGR %	1	3.97	5.98	4.07	1.21
Accounts Receivable, 2 Yr. CAGR %	6.12	6.88	7.23	7.64	5.08
Total Assets, 2 Yr. CAGR %	2.51	2.91	7.87	3.81	0.27
Common Equity, 2 Yr. CAGR %	3.14	2.86	0.37	-6.05	-6.41
Tangible Book Value, 2 Yr. CAGR %	3.14	2.86	0.37	-6.05	-6.41
Cash From Operations, 2 Yr. CAGR %	-2.05	5.29	7.17	-1.89	-2.19
Levered Free Cash Flow, 2 Yr. CAGR %	-10.56	14.88	3.68	-10.45	-4.75
Unlevered Free Cash Flow, 2 Yr. CAGR %	-8.35	11.87	6.68	-3.93	-1.82
Dividend Per Share, 2 Yr. CAGR %	1.17	0	0	0	-7.42
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.81	1.28	5.73	5.66	0.67
Gross Profit, 3 Yr. CAGR %	2.41	1.11	5.72	4.03	-3.03
EBITDA, 3 Yr. CAGR %	1.98	1.09	5.48	4.23	-3.73
EBITA, 3 Yr. CAGR %	1.43	-0.44	4.53	1.77	-12.85
EBIT, 3 Yr. CAGR %	1.43	-0.44	4.53	1.77	-12.85
Earnings From Cont. Operations, 3 Yr. CAGR %	-3.92	16.11	-34.11	-48.93	-27.81
Net Income, 3 Yr. CAGR %	-4.65	17.63	-39.82	-69.54	-31.17
Diluted EPS Before Extra, 3 Yr. CAGR %	-5.02	17.84	-39.78	-69.49	-31.44
Normalized Net Income, 3 Yr. CAGR %	0.06	-8.53	14.14	-2.59	-38.47
Net Property, Plant and Equip., 3 Yr. CAGR %	2.29	2.63	4.63	4.71	2.77
Accounts Receivable, 3 Yr. CAGR %	8.28	5.98	7.52	6.99	6.31
Total Assets, 3 Yr. CAGR %	3.36	4.38	4.42	5.26	2.63
Common Equity, 3 Yr. CAGR %	0.88	3.79	0.46	-2.46	-5.67
Tangible Book Value, 3 Yr. CAGR %	0.88	3.79	0.46	-2.46	-5.67
Cash From Operations, 3 Yr. CAGR %	-0.5	2.78	4.01	2.89	-0.98
Levered Free Cash Flow, 3 Yr. CAGR %	5.72	1.32	3.16	1.19	-8.81
Unlevered Free Cash Flow, 3 Yr. CAGR %	5.3	1.43	4.83	4.5	-3.79
Dividend Per Share, 3 Yr. CAGR %	3.85	0.78	0	0	-5.01
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	2.28	3.35	3.57	2.59	2.86
Gross Profit, 5 Yr. CAGR %	2.22	3.32	3.45	1.72	0.85
EBITDA, 5 Yr. CAGR %	1.8	3.18	3.17	1.65	0.48
EBITA, 5 Yr. CAGR %	1.86	2.65	1.7	-1.16	-4.7
EBIT, 5 Yr. CAGR %	1.86	2.65	1.7	-1.16	-4.7
Earnings From Cont. Operations, 5 Yr. CAGR %	2.09	12.65	-16.37	-33.6	-17.73
Net Income, 5 Yr. CAGR %	-0.3	12.92	-20.06	-51.31	-20.52
Diluted EPS Before Extra, 5 Yr. CAGR %	-0.56	13.01	-20.03	-51.34	-20.68
Normalized Net Income, 5 Yr. CAGR %	-1.79	-2.01	-0.52	-7.73	-18.5
Net Property, Plant and Equip., 5 Yr. CAGR %	2.47	2.86	3.75	3.21	3.25
Accounts Receivable, 5 Yr. CAGR %	7.78	7.52	7.86	6.64	6.54
Total Assets, 5 Yr. CAGR %	3.48	4.56	5.14	4.15	2.74
Common Equity, 5 Yr. CAGR %	0.87	1.78	0.67	-0.26	-2.35
Tangible Book Value, 5 Yr. CAGR %	0.87	1.78	0.67	-0.26	-2.35
Cash From Operations, 5 Yr. CAGR %	1.84	7.06	2.5	0.89	1.48
Levered Free Cash Flow, 5 Yr. CAGR %	1.82	7.76	5.03	-3.56	0.01
Unlevered Free Cash Flow, 5 Yr. CAGR %	1.53	6.84	5.96	-0.75	2.19
Dividend Per Share, 5 Yr. CAGR %	7.74	5.15	2.29	0.47	-3.04