BXP, Inc. BXP
BXP, Inc. is a publicly traded real estate investment trust specializing in Premier Office properties.
Executive Summary: BXP, Inc. (BXP) Institutional Rating
Quantitative Verdict: BXP, Inc. (BXP) trades at an annualized dividend yield of 8.21% with an AFFO payout ratio of 78.0%, earning a Dividend Safety Score of 52 / 100 (Elevated Risk). The stock currently trades at a 8.3% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $67.69, backed by an institutional portfolio of 150 commercial properties operating at 89.0% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
BXP, Inc. operates as a Passive Capital Allocator in the Premier Office real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 89.0%.
Labor & Overhead Efficiency
- • Total Global Employees: Reported in 10-K
- • Estimated Market Cap: $7.45 B
- • Capital Per Employee: N/A
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.54%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 5.04% | $87.84 | +29.8% | $62.10 | Undervalued |
| 5.54% | $79.91 | +18.1% | $62.10 | Undervalued |
| 6.04% | $73.29 | +8.3% | $62.10 | Undervalued |
| 6.54% Base Case | $67.69 | 0.0% | $62.10 | Undervalued |
| 7.04% | $62.88 | -7.1% | $62.10 | Undervalued |
| 7.54% | $58.71 | -13.3% | $62.10 | Overvalued |
| 8.04% | $55.06 | -18.7% | $62.10 | Overvalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $1.2750 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| 767 Fifth Avenue (The GM Building) (60% ownership) | New York, NY | 1,970,335 sq ft | 98.8% | Tech / Law / Financial Services Headquarters | $2,083,567,688 |
| 200 Clarendon Street | Boston, MA | 1,700,914 sq ft | 99.9% | Tech / Law / Financial Services Headquarters | $1,818,689,000 |
| 601 Lexington Avenue (55% ownership) | New York, NY | 1,671,682 sq ft | 99.9% | Tech / Law / Financial Services Headquarters | $1,787,432,906 |
| 399 Park Avenue | New York, NY | 1,567,470 sq ft | 100.0% | Tech / Law / Financial Services Headquarters | $1,677,682,734 |
| Salesforce Tower | San Francisco, CA | 1,420,682 sq ft | 98.0% | Tech / Law / Financial Services Headquarters | $1,490,162,219 |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: BXP vs Peers
Institutional CompsDirect peer benchmark comparing BXP, Inc. against its top competitors in the Premier Office industry.
| Metric | BXP (Current) | EQIX | PSA | WELL |
|---|---|---|---|---|
| Share Price | $62.10 | $955.03 | $309.89 | $237.32 |
| Dividend Yield | 8.21% | 1.78% | 3.87% | 1.16% |
| Dividend Safety Score | 52 / 100 | 91 / 100 | 93 / 100 | 88 / 100 |
| Price / AFFO Multiple | 9.5x | 26.24x | 18.56x | 57.88x |
| NAV Premium / Discount | -8.3% | +3.8% | -10.2% | +89.9% |
| Portfolio Occupancy | 89.0% | 97.4% | 92.4% | 87.5% |
| Commercial Properties | 150 | 260 | 3,050 | 2,100 |
Frequently Asked Questions (BXP FAQ)
BXP, Inc. (BXP) currently pays an annualized dividend of $5.10 per share, representing an annualized dividend yield of 8.21%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 78.0%, earning a Dividend Safety Score of 52/100 with a risk rating of 'Elevated Risk'.
Based on REITwave's institutional property-level valuation models, BXP, Inc.'s consensus base NAV is $67.69 per share. Trading at $62.10, the stock reflects an implied market cap rate of 6.54% and trades at a 8.3% discount to NAV (undervalued).
BXP, Inc. owns and operates approximately 150 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 89.0% with a weighted average lease term (WALT) of 6.5 years.
BXP, Inc. currently trades at a Price / AFFO multiple of 9.5x based on forward AFFO per share of $6.54. Its Price / FFO multiple stands at 8.8x against forward FFO per share of $7.06.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Owen D. Thomas. Total annual reported compensation was $12,100,000, reflecting a CEO-to-median-worker pay ratio of 125:1.
BXP, Inc. maintains a Net Debt-to-EBITDA ratio of 6.8x and carries an investment-grade credit rating of BBB. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.