Latest revenue
$61.7M
as of 2025-09-30
Latest net income
$28.4M
as of 2025-09-30
Net margin
46.1%
as of 2025-09-30
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $9.38B
- Enterprise value
- $18.32B
- P/E (trailing)
- 33.9×
- Forward P/E
- —
- P/B
- 1.88×
- Dividend yield
- 5.1%
- 52-wk high
- $79.33
- 52-wk low
- $49.72
- Beta
- —
- Shares out
- 155.6M
5-year trend
What this company does
BXP owns, develops, and manages a portfolio of premier office properties concentrated in Boston, New York, San Francisco, Seattle, and Washington DC. The company generates roughly 93% of revenue from leasing office space to corporate tenants, supplemented by parking, hotel, and development management fees. BXP swung to a $122 million quarterly loss after booking $149 million in joint venture losses and $69 million in impairments, signaling continued pressure on office valuations despite stable lease revenue growth.
Key risks
- Q3 swung to $116.8M net loss driven by $148.3M JV loss and $68.9M impairment, signaling further office asset write-downs ahead
- Heavy leverage: ~$16.6B total debt against $7.5B equity; dividends in excess of earnings widened to $1.81B from $1.42B YE2024
- Rising short-term funding reliance: unsecured commercial paper grew to $750M and $975M exchangeable notes added, increasing refinancing/rate exposure
Profitability
Net margin
7.9%
1797.9%Return on equity
5.4%
1939.7%Return on assets
1.1%
1833.4%Leverage
Debt / equity
4.08×
6.9%Long-term debt / equity
1.91×
3.1%Debt / assets
80.3%
1.4%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q4 2025 2025-12-31 | $3.30B | +2.1% | $98.2M | +142.9% | 3.0% |
Q3 2025 2025-09-30 | $61.7M | +3.2% | $28.4M | -66.0% | 46.1% |
Q2 2025 2025-06-30 | $62.5M | +4.3% | $89.0M | +11.8% | 142.3% |
Q1 2025 2025-03-31 | $54.1M | +6.4% | $61.2M | -23.4% | 113.1% |
Q4 2024 2024-12-31 | $3.24B | — | $-228.9M | — | -7.1% |
Q3 2024 2024-09-30 | $59.8M | +4.6% | $83.6M | +19.0% | 139.9% |
Q2 2024 2024-06-30 | $59.9M | +8.1% | $79.6M | -23.7% | 132.9% |
Q1 2024 2024-03-31 | $50.8M | — | $79.9M | — | 157.1% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Real Estate Investment Trusts · SIC 6798
Your notes
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Insider activity
Insider buying
$0
Insider selling
$5.9M
Net activity
−$5.9M
Distinct insiders
6
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns BXP
Institutional value
$5.17B
Total shares held
101.0M
Distinct holders
362
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 16.5M | $854.3M | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 12.8M | $665.6M | — | New |
| 3 | VANGUARD CAPITAL MANAGEMENT LLC | 10.0M | $517.5M | — | New |
| 4 | First Eagle Investment Management, LLC | 9.3M | $485.0M | — | New |
| 5 | APG Asset Management US Inc. | 7.2M | $368.0M | — | New |
| 6 | Invesco Ltd. | 6.3M | $324.9M | — | New |
| 7 | Daiwa Securities Group Inc. | 4.3M | $224.2M | — | New |
| 8 | JPMORGAN CHASE & CO | 4.2M | $218.4M | — | New |
| 9 | DIMENSIONAL FUND ADVISORS LP | 2.3M | $121.7M | — | New |
| 10 | SEI INVESTMENTS CO | 2.0M | $103.8M | — | New |
| 11 | PRUDENTIAL FINANCIAL INC | 1.3M | $69.1M | — | New |
| 12 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 1.3M | $67.8M | — | New |
| 13 | Legal & General Group Plc | 1.3M | $65.3M | — | New |
| 14 | Bank of New York Mellon Corp | 906.3K | $47.0M | — | New |
| 15 | DUFF & PHELPS INVESTMENT MANAGEMENT CO | 888.8K | $46.1M | — | New |
| 16 | HSBC HOLDINGS PLC | 865.3K | $44.9M | — | New |
| 17 | UBS Group AG | 841.9K | $43.7M | — | New |
| 18 | VANGUARD FIDUCIARY TRUST CO | 840.4K | $43.6M | — | New |
| 19 | DEUTSCHE BANK AG\ | 818.8K | $42.5M | — | New |
| 20 | FRANKLIN RESOURCES INC | 750.3K | $38.9M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Q3 swung to a $121.7M net loss driven by $148M JV losses and $69M impairments—which specific assets, and are further write-downs likely?
- 2
Dividends in excess of earnings grew $393M YTD while you paid $123M quarterly—how sustainable is the dividend given negative GAAP earnings?
- 3
Commercial paper rose to $750M and you issued $975M exchangeable notes—what's the refinancing plan for the $842M senior notes reduction?