BXP, Inc. (BXP) Stock

BXP, Inc. (BXP) is a Real Estate stock trading at $67.65 (as of 2026-08-21), with a market capitalization of $10.79B and a trailing P/E of 39.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

BXP, Inc. is a publicly held real estate investment trust that develops, manages, operates, acquires, and owns a portfolio of Class A office properties. Its holdings are concentrated in Boston, Los Angeles, New York, San Francisco, and Washington, DC, totaling 196 properties and 51.2 million square feet, including properties under construction or redevelopment.

Understand BXP, Inc.: how it makes money

Boston Properties develops, manages, and owns primarily Class A office properties in major U.S. markets, and it makes money mainly from leasing office space and related income such as parking revenue.

The profit engine for BXP is how much of its office portfolio is leased (occupancy), and the rent gains it captures when space is leased or renewed (starting cash rents vs prior in-place cash rent, plus cash basis mark-to-market on new and previously leased space).

Business quality (Weak): BXP runs a large, concentrated Class A office REIT portfolio, and its key operational metrics are occupancy and leasing-driven rent step-ups, but the provided data does not show reportable revenue segments beyond parking.

Valuation: At 33× earnings, BXP trades in line with the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

High occupancy in its operating portfolio: In-Service Occupancy is 87.4 percent, with Portfolio Occupancy at 86.4 percent, both pointing to a largely leased operating base.
Rent step-ups show up in leasing metrics: Starting Cash Rents vs. Previous In-Place Cash Rent is 2.0 percent, and Cash Basis Mark-to-Market on New Leases Signed is 7.0 percent (with Mark-to-Market on Previously Leased Space also at 7.0 percent).
Active leasing momentum: The quarter includes 91.0 Individual Leasing Transactions Completed and 1,140,000 Leasing Square Feet Completed.

Bear case

Vacancy risk persists in key central business districts: The Vacancy Rate for Premier Workplaces (Five Central Business Districts) is 13.0 percent, which can pressure leasing outcomes.
Development exposure, even if not fully leased: The company has six properties under construction or redevelopment, and its Development Pipeline Percent Leased is 59.0 percent.
Concentration means weaker markets can matter more: The portfolio is concentrated in five markets (Boston, Los Angeles, New York, San Francisco, and Washington, DC), so localized demand shifts can impact performance.

Valuation — source: SEC EDGAR (first-party)
Price	$67.65
Market Cap	$10.79B
P/E Ratio	39.0
Price / Book	1.40
Price / Sales	3.10
DCF Value (model)	$125.67
DCF Upside vs Price	85.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$872.15M
Net Margin	11.6%
Revenue Growth (YoY)	0.8%
EPS Growth (YoY)	64.1%

Valuation vs Sector & Industry
Stock P/E	39.0
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3
vs Sector	43.4%
vs Industry	10.3%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($1.62B)
Institutional Holders Tracked	10
Congressional Trades (recent)	8

Company
Sector	Real Estate
Industry	Trading
CEO	Owen David Thomas
Employees	816
Country	US
IPO Date	1997-06-18

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.