At a glance
Boston Properties Inc is worth $10.13B, about 37 times its fiscal 2025 earnings. Revenue grew 2.2% to $3.48B in fiscal 2025, with 7.9% kept as profit; over 5 years it has grown 4.7% a year. It pays a 4.41% dividend yield, and returned $3.39B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −6.7% over the past year with dividends reinvested and −6.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.0% in the 2020 crash (S&P 500: 33.7%) and 45.3% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The business in plain English
BXP, Inc., formerly Boston Properties, is one of the largest publicly traded office REITs in the US. A REIT, or real estate investment trust, owns income-producing property and pays out most of its taxable income as dividends. BXP develops, owns and manages what it calls "premier workplaces": modern, well-located office buildings with amenities aimed at employers that use their offices to attract staff.
BXP makes its money mainly by leasing space to businesses, which it calls clients. As of December 31, 2025, it owned, alone or with joint venture partners, 179 properties with about 52.6 million rentable square feet: 157 office buildings, 14 retail properties, seven residential properties and one hotel. Substantially all revenue comes from six markets: Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. Clients cluster by industry: government contractors and law firms in Washington, technology and media firms on the West Coast, and financial and professional firms in New York.
Revenue was about $3.48 billion in 2025. At the end of 2025, BXP also had eight properties under construction or redevelopment, totaling about 3.5 million square feet; its share of the remaining cost was about $2.5 billion. Excluding residential, 61% of the development pipeline was already leased as of February 20, 2026.
Price history
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BXP -6.7% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $895.7M, up 3.1% from a year earlier, and net income was $68.6M (-22.9%).
- For fiscal 2025, revenue was $3.48B (+2.2% year over year; +4.7% a year from FY2020 to FY2025) with a 7.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.7% watch |
|---|---|
| Free cash flow margin | 29.5% good |
| Return on equity (FY2025) | 5.4% weak |
| Return on assets (FY2025) | 1.1% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.77B | $872.7M | $996.7M |
| FY2021 | $2.89B | $505.2M | $982.2M |
| FY2022 | $3.11B | $848.9M | $1.11B |
| FY2023 | $3.27B | $190.2M | $1.13B |
| FY2024 | $3.41B | $14.3M | $1.04B |
| FY2025 | $3.48B | $276.8M | $1.03B |
Valuation snapshot
| Market value | $10.13B |
|---|---|
| P/E ratio | 36.5 |
| Dividend yield | 4.41% |
Rank among 1514 US companies
Market value at each year end
Boston Properties’s market value went from $19.34B at the end of 2016 to $10.13B on Nov 2, 2026, down 48%; since the end of 2025 it is down 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $10.13B | -5.2% |
| 2025 | $10.69B | -9.0% |
| 2024 | $11.76B | +6.8% |
| 2023 | $11.01B | +4.0% |
| 2022 | $10.59B | -41.1% |
| 2021 | $17.99B | +22.3% |
| 2020 | $14.71B | -31.0% |
| 2019 | $21.32B | +22.6% |
| 2018 | $17.38B | -13.4% |
| 2017 | $20.07B | +3.7% |
| 2016 | $19.34B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BXP price data to Nov 2, 2026 | -2.6% | -6.7% | +9.9% | -6.3% | -1.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -2.6% |
| 2025 | -4.7% |
| 2024 | +12.1% |
| 2023 | +10.8% |
| 2022 | -38.6% |
| 2021 | +26.2% |
| 2020 | -28.4% |
| 2019 | +26.1% |
| 2018 | -10.9% |
| 2017 | +5.9% |
| 2016 | +0.7% |
| 2015 | +2.1% |
| 2014 | +35.5% |
| 2013 | -0.6% |
| 2012 | +8.6% |
| 2011 | +18.1% |
| 2010 | +31.6% |
| 2009 | +27.5% |
| 2008 | -37.9% |
| 2007 | -10.4% |
| 2006 | +62.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 67.7% over that stretch · deepest drop along the way 69.2%, back to its old high 23.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.2% over that stretch · deepest drop along the way 47%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.8% over that stretch · deepest drop along the way 45.3%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 2 sales ($1.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 9, 2026 | Michael E Labelle EVP and CFO | sell | $1.2M |
| Jun 9, 2026 | Michael E Labelle EVP and CFO | sell | $538K |
Who owns it
Large shareholders (13G filings)
| Cohen & Steers, Inc. | 14.33% | Jun 30, 2026 |
| BlackRock, Inc. | 10% | Sep 30, 2025 |
| Vanguard Portfolio Management | 8.09% | Mar 31, 2026 |
| Vanguard Capital Management | 7.17% | Mar 31, 2026 |
| STATE STREET CORPORATION | 6.2% | Mar 31, 2026 |
| First Eagle Investment Management, LLC | 6% | Mar 31, 2026 |
| Norges Bank | 4.0641% | Jun 30, 2026 |
ETFs with the most weight in BXP
| DESK VanEck Office and Commercial REIT ETF | 10.06% |
| RSPR Invesco S&P 500 Equal Weight Real Estate ETF | 3.11% |
| ICAP Infrastructure Capital Equity Income ETF | 2.73% |
| BLDG Cambria Global Real Estate ETF | 1.15% |
| INRO iShares U.S. Industry Rotation Active ETF | 1% |
| JPRE JPMorgan Realty Income ETF | 0.98% |
| BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 0.92% |
| FRI First Trust S&P REIT Index Fund | 0.83% |
What could go wrong
- Remote work and AI shrinking office demand. BXP's portfolio is mostly office buildings. The company says remote work, AI-related job cuts and lower federal spending have reduced demand for office space and could keep doing so, putting pressure on rents.
- Heavy reliance on six big-city markets. Substantially all revenue comes from Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. A downturn there, or in key client industries such as tech, media, law or finance, could hurt results.
- Costly developments could disappoint. BXP's share of eight projects under way at the end of 2025 was about $3.9 billion, with $2.5 billion left to spend. Costs can run over budget, and returns may fall short.
- Higher interest costs on large debt. Total debt was about $13.8 billion as of June 30, 2026. Maturing debt carries lower rates than new borrowing, so refinancing it has raised, and may keep raising, BXP's interest costs.
- More write-downs on property values. In 2025 BXP wrote down properties by about $85.8 million and its Gateway Commons joint venture stake by about $145.1 million. It disclosed another write-down in May 2026; more would cut reported earnings.
- Tenant failures and hard-to-fill space. If major clients go bankrupt or leave when leases end, BXP may struggle to re-lease space quickly or on similar terms, while competing with many other office landlords.
Recent events
- Quarterly results released
- Other company announcement
- Quarterly results released
- Asset impairment
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
For income and retirement investors
BXP pays a sizable dividend but has not raised it. Dividends per share slipped from $4.43 in 2020 to $4.37 in 2024 and $4.05 in 2025, so there is no streak of increases. The yield was 4.55% as of October 28, 2026. Dividends equaled 232% of 2025 net income, but REIT profits are reduced by depreciation, a non-cash expense. Against free cash flow, the payout was a more manageable 62.5%. BXP made no share repurchases from FY2021 to FY2025, and its share count rose about 2.2% between August 2021 and July 2026.
The shares fell hard in past downturns: 69.2% in the 2008 financial crisis, 47% in the 2020 COVID crash and 45.3% in the 2022 bear market. After 2008 they took about 23 months from the low to recover, but had not regained their 2020 or 2022 peaks as of October 28, 2026. As with any single stock, BXP carries more risk than a diversified fund.
Questions investors ask
How does BXP make money?
Mainly by renting out office space. BXP is a real estate investment trust (REIT) that develops, owns and manages office buildings, plus some retail, residential and one hotel. As of December 31, 2025, it owned, alone or with joint venture partners, 179 properties totaling about 52.6 million rentable square feet. Substantially all revenue comes from Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. Revenue was about $3.48 billion in 2025, up 2.2% from 2024.
Is BXP the same company as Boston Properties?
Yes. BXP, Inc. was formerly named Boston Properties, and "Boston Properties" remains a registered trademark owned by its operating partnership. BXP was formed in 1997 to succeed a company founded by Mortimer B. Zuckerman and Edward H. Linde in 1970. It runs nearly all its business through Boston Properties Limited Partnership, in which it held about 89.4% of the economic interest as of February 20, 2026. The shares trade on the NYSE under the ticker BXP.
Does BXP raise its dividend every year?
No. BXP's dividends per share have drifted lower, from $4.43 in 2020 to $4.37 in 2024 and $4.05 in 2025, a decline of about 1.8% a year on average. That means there is no streak of annual increases. The dividend yield was 4.55% as of October 28, 2026. Over FY2021 to FY2025, BXP paid about $3.39 billion in dividends in total.
Is BXP's dividend covered by earnings?
Not by reported earnings, but it is by cash flow. In 2025, dividends were about 232% of net income but 62.5% of free cash flow. That gap is common for REITs because depreciation, a non-cash expense, shrinks reported profit. Debt is a factor to watch: BXP had about $13.8 billion of it as of June 30, 2026, and its annual report says refinancing at higher rates has raised its interest costs.
How has BXP stock performed over the long term?
Weakly over most longer periods. As of October 28, 2026, the share price was down 13.1% over one year, about 30% over five years and about 21% over ten years, though up about 37% over three years. Yearly results swing widely, from a 38.6% fall in 2022 to gains of 10.8% in 2023 and 12.1% in 2024. The deepest peak-to-trough drop in about 21 years of price history was 72.8%.