Boston Properties (BXP) Financials

$65.03 -2.58 (-3.81%)

Closing price 05/21/2025 03:59 PM Eastern

Extended Trading

$64.96 -0.06 (-0.09%)

As of 05/21/2025 04:15 PM Eastern

Annual Income Statements for Boston Properties

This table shows Boston Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	14	190	849	496	862	511	572	452	502	573
Consolidated Net Income / (Loss)	84	291	1,021	632	1,019	652	713	562	570	800
Net Income / (Loss) Continuing Operations	98	292	1,021	632	1,019	652	713	562	570	800
Total Pre-Tax Income	98	292	1,021	632	1,019	652	713	551	562	800
Total Operating Income	1,020	1,034	1,059	968	905	1,046	1,096	908	826	849
Total Gross Profit	2,069	2,040	1,958	1,842	1,724	1,911	1,694	1,640	2,519	2,459
Total Revenue	3,408	3,274	3,109	2,889	2,766	2,961	2,717	2,602	2,551	2,491
Operating Revenue	3,177	3,055	2,918	2,753	2,646	2,961	2,717	2,235	2,523	2,491
Other Revenue	231	219	190	136	119	-	-	368	28	-
Total Cost of Revenue	1,339	1,234	1,151	1,047	1,042	1,050	1,023	962	31	32
Operating Cost of Revenue	1,339	1,234	1,151	1,047	1,042	1,050	1,023	962	31	32
Total Operating Expenses	1,049	1,005	899	874	818	865	598	732	1,694	1,609
Selling, General & Admin Expense	162	174	149	157	135	143	123	114	105	96
Depreciation Expense	887	831	750	717	684	678	646	618	694	640
Total Other Income / (Expense), net	-923	-743	-38	-336	113	-394	-383	-357	-264	-49
Interest Expense	645	580	437	469	432	442	395	374	413	454
Interest & Investment Income	-279	-164	-54	8.76	-74	25	11	9.46	9.50	29
Other Income / (Expense), net	1.15	0.76	454	124	619	23	-	7.66	138	376
Net Income / (Loss) Attributable to Noncontrolling Interest	70	101	172	127	146	130	130	100	57	217
Basic Earnings per Share	$0.09	$1.21	$5.41	$3.18	$5.54	-	$3.71	$2.93	$3.27	$3.73
Weighted Average Basic Shares Outstanding	157.47M	156.86M	156.73M	156.12M	155.43M	154.58M	154.43M	154.19M	153.72M	153.47M
Diluted Earnings per Share	$0.09	$1.21	$5.40	$3.17	$5.54	$3.30	$3.70	$2.93	$3.26	$3.72
Weighted Average Diluted Shares Outstanding	157.79M	157.20M	157.14M	156.38M	155.52M	154.88M	154.68M	154.39M	153.98M	153.84M
Weighted Average Basic & Diluted Shares Outstanding	158.21M	314.02M	313.65M	313.35M	311.61M	155.12M	154.51M	154.34M	153.84M	153.59M

This table shows Boston Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	61	-229	84	80	80	120	-112	104	78	122	361
Consolidated Net Income / (Loss)	87	-238	108	107	107	153	-104	136	106	156	421
Net Income / (Loss) Continuing Operations	87	-238	108	107	120	153	-104	136	106	156	421
Total Pre-Tax Income	87	-238	108	107	120	153	-104	136	106	156	421
Total Operating Income	248	262	261	251	246	262	272	266	235	261	272
Total Gross Profit	522	521	518	515	515	515	511	513	500	496	496
Total Revenue	865	859	859	850	839	829	824	817	803	790	791
Operating Revenue	811	798	799	791	789	769	767	762	757	739	739
Other Revenue	54	60	60	60	51	60	57	55	46	51	51
Total Cost of Revenue	344	337	341	335	324	314	313	304	303	294	294
Operating Cost of Revenue	344	337	341	335	324	314	313	304	303	294	294
Total Operating Expenses	273	259	256	264	269	253	240	247	265	235	225
Selling, General & Admin Expense	53	33	34	44	51	41	32	44	57	37	34
Depreciation Expense	220	226	223	220	219	212	207	203	209	198	191
Total Other Income / (Expense), net	-162	-500	-153	-144	-126	-109	-375	-130	-129	-105	149
Interest Expense	164	170	163	150	162	155	148	142	134	120	112
Interest & Investment Income	5.25	-329	9.62	5.30	36	46	-228	12	5.04	-51	-1.37
Other Income / (Expense), net	-2.97	0.08	0.61	0.06	0.40	-0.09	0.47	0.12	0.26	66	262
Net Income / (Loss) Attributable to Noncontrolling Interest	26	-8.96	25	27	27	33	8.28	32	28	34	60
Basic Earnings per Share	$0.39	($1.46)	$0.53	$0.51	$0.51	$0.75	($0.71)	$0.67	$0.50	$0.78	$2.30
Weighted Average Basic Shares Outstanding	158.20M	157.47M	157.73M	157.04M	156.98M	156.86M	156.88M	156.83M	156.80M	156.73M	156.75M
Diluted Earnings per Share	$0.39	($1.46)	$0.53	$0.51	$0.51	$0.76	($0.71)	$0.66	$0.50	$0.78	$2.29
Weighted Average Diluted Shares Outstanding	158.63M	157.79M	158.21M	157.29M	157.13M	157.20M	156.88M	157.22M	157.04M	157.14M	157.13M
Weighted Average Basic & Diluted Shares Outstanding	158.32M	158.21M	158.11M	315.87M	314.12M	314.02M	313.88M	313.73M	313.67M	313.65M	313.51M

This table details how cash moves in and out of Boston Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	1,114	876	666	-77	1,027	53	134	85	-377	-1,039
Net Cash From Operating Activities	1,235	1,302	1,282	1,133	1,157	1,181	1,150	912	1,035	799
Net Cash From Continuing Operating Activities	2,626	1,508	1,713	1,277	1,156	1,181	1,150	912	1,035	799
Net Income / (Loss) Continuing Operations	84	291	1,021	632	1,019	652	713	562	570	800
Consolidated Net Income / (Loss)	84	291	1,021	632	1,019	652	713	562	570	800
Depreciation Expense	887	831	750	717	684	678	646	618	694	640
Amortization Expense	2.26	1.94	2.43	3.52	2.23	2.41	-	0.00	-	-
Non-Cash Adjustments To Reconcile Net Income	1,520	241	-119	-41	-438	23	-261	-22	-250	-545
Changes in Operating Assets and Liabilities, net	133	143	59	-35	-110	-174	53	-246	20	-95
Net Cash From Investing Activities	-1,237	-1,194	-1,603	-1,040	-614	-1,015	-1,099	-882	-1,337	-280
Net Cash From Continuing Investing Activities	-1,237	-1,194	-1,603	-1,040	-619	-1,022	-1,099	-882	-1,337	-280
Purchase of Property, Plant & Equipment	-876	-697	-1,998	-1,151	-781	-876	-1,095	-847	-729	-487
Acquisitions	-126	-206	-278	-98	-172	-87	-346	-109	-576	-38
Purchase of Investments	-2.36	-0.69	2.50	0.00	2.55	-2.13	-0.90	-1.67	-1.16	-669
Sale of Property, Plant & Equipment	0.60	0.52	835	-	519	91	-	30	123	603
Divestitures	0.00	0.00	6.62	18	0.00	0.00	0.00	0.00	56	0.00
Sale and/or Maturity of Investments	28	33	37	181	55	137	455	251	20	25
Other Investing Activities, net	-262	-323	-209	10	-238	-285	-113	-205	-230	287
Net Cash From Financing Activities	-274	768	556	-1,311	484	-113	82	55	-75	-1,559
Net Cash From Continuing Financing Activities	-273	785	556	-314	484	-113	82	55	-75	-1,559
Repayment of Debt	-6,080	-1,249	-1,138	-2,879	-293	-1,167	-1,534	-3,141	-1,369	-57
Repurchase of Preferred Equity	0.00	0.00	0.00	-200	0.00	0.00	-	-	-	-0.63
Payment of Dividends	-768	-758	-771	-944	-748	-923	-670	-581	-715	-1,399
Issuance of Debt	6,213	2,548	2,465	3,667	1,513	1,928	2,241	3,751	2,015	0.00
Issuance of Common Equity	375	245	0.50	42	11	50	47	52	-0.27	0.80
Other Financing Activities, net	-13	0.00	0.00	-1.25	0.00	-0.50	-0.96	-26	-5.26	5.60
Cash Interest Paid	718	597	502	465	487	494	416	660	473	516

This table details how cash moves in and out of Boston Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-856	599	-1,780	2,981	-686	-294	279	664	227	553	111
Net Cash From Operating Activities	210	384	286	367	198	387	301	379	234	370	296
Net Cash From Continuing Operating Activities	245	1,120	503	654	349	-365	1,165	403	306	635	461
Net Income / (Loss) Continuing Operations	87	-238	108	107	107	153	-104	136	106	156	421
Consolidated Net Income / (Loss)	87	-238	108	107	107	153	-104	136	106	156	421
Depreciation Expense	220	226	223	220	219	212	207	203	209	198	191
Amortization Expense	0.20	4.79	-1.36	-2.60	1.44	0.44	0.57	0.28	0.65	0.58	0.44
Non-Cash Adjustments To Reconcile Net Income	55	975	178	280	86	-813	975	33	45	204	-260
Changes in Operating Assets and Liabilities, net	-152	152	-5.38	50	-64	82	181	6.69	-126	77	109
Net Cash From Investing Activities	-309	-387	-297	-267	-287	-318	-321	-269	-286	-290	-333
Net Cash From Continuing Investing Activities	-309	-387	-297	-267	-287	-318	-321	-269	-286	-279	-333
Purchase of Property, Plant & Equipment	-196	-288	-208	-167	-214	-218	-165	-155	-159	-180	-1,419
Acquisitions	-53	-45	-27	-34	-20	-57	-45	-43	-61	-168	-40
Purchase of Investments	0.60	-1.89	-1.02	-0.88	1.43	-0.48	-1.51	0.19	1.11	7.54	723
Sale of Property, Plant & Equipment	0.00	0.09	0.52	-	0.00	-	0.52	-	0.00	140	-
Divestitures	0.00	-	-	-	0.00	-	-	-	0.00	-	-
Sale and/or Maturity of Investments	0.00	28	-	-	0.00	25	-	7.35	0.00	0.50	-163
Other Investing Activities, net	-61	-81	-62	-65	-54	-68	-109	-79	-67	-79	-140
Net Cash From Financing Activities	-757	-133	745	-129	-757	613	-679	554	279	208	-17
Net Cash From Continuing Financing Activities	-757	-133	-1,985	2,595	-749	613	-661	554	279	208	-17
Repayment of Debt	-1,625	-1,811	-4,424	855	-701	-6.78	-500	-6.13	-736	-446	-370
Repurchase of Preferred Equity	0.00	-	-	-	0.00	-	-	-	0.00	-	-
Payment of Dividends	-193	-198	-188	-190	-192	-194	-184	-187	-193	-196	-192
Issuance of Debt	1,060	1,808	2,546	1,859	0.00	600	-	748	1,200	850	545
Issuance of Common Equity	4.33	70	96	67	141	214	23	-0.63	8.14	0.01	0.01
Other Financing Activities, net	-3.34	-3.30	-15	2.84	3.16	-	-	-	0.00	-	-
Cash Interest Paid	186	181	175	172	190	159	143	158	136	123	163

This table presents Boston Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	26,085	26,026	24,208	22,365	22,858	21,285	20,256	19,372	18,852	18,351
Total Current Assets	111	101	76	101	1,819	883	739	634	666	1,101
Short-Term Investments	40	36	32	44	39	37	28	29	24	20
Prepaid Expenses	71	64	44	58	34	42	81	78	130	185
Plant, Property, & Equipment, net	20,677	20,192	-6,298	-5,646	17,819	17,622	-4,898	-4,590	15,925	15,556
Plant, Property & Equipment, gross	28,205	27,074	-	238	23,353	22,889	0.00	-	20,147	19,482
Accumulated Depreciation	7,528	6,882	6,298	5,884	5,534	5,267	4,898	4,590	4,222	3,926
Total Noncurrent Assets	4,821	5,230	30,101	27,910	3,220	2,780	24,415	23,328	2,260	1,695
Long-Term Investments	1,094	1,377	1,716	1,483	1,310	956	956	620	775	235
Noncurrent Note & Lease Receivables	4.95	1.71	0.00	88	96	96	99	0.00	-	-
Other Noncurrent Operating Assets	3,722	3,851	28,385	26,339	1,813	1,728	23,359	22,708	1,485	1,460
Total Liabilities & Shareholders' Equity	26,085	26,026	24,208	22,365	22,858	21,285	20,256	19,372	18,852	18,351
Total Liabilities	18,137	17,834	15,837	14,322	14,512	13,262	12,043	11,270	10,920	10,465
Total Current Liabilities	702	763	588	491	614	638	531	554	673	792
Short-Term Debt	0.00	0.00	-	-	0.00	0.00	-	-	-	-
Accounts Payable	402	458	418	321	336	378	277	332	299	275
Dividends Payable	172	171	171	170	171	171	165	139	130	327
Other Current Nonoperating Liabilities	128	134	-	-	106	90	89	84	244	190
Total Noncurrent Liabilities	16,935	17,071	15,249	13,832	13,898	12,624	11,511	10,716	10,247	9,672
Long-Term Debt	15,720	15,856	14,240	12,897	13,048	11,812	11,008	10,272	9,796	9,189
Other Noncurrent Operating Liabilities	1,214	1,214	1,009	935	850	812	504	444	451	484
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	9.54	8.38	6.61	9.57	6.90	8.37	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,938	8,184	8,364	8,033	8,340	8,014	8,214	8,102	7,932	7,887
Total Preferred & Common Equity	5,413	5,877	6,133	5,834	5,996	5,685	5,883	5,814	5,786	5,709
Preferred Stock	0.00	0.00	0.00	0.00	200	200	200	200	200	200
Total Common Equity	5,413	5,877	6,133	5,834	5,796	5,485	5,683	5,614	5,586	5,509
Common Stock	6,838	6,717	6,541	6,499	6,358	6,296	6,409	6,379	6,335	6,307
Retained Earnings	-1,420	-816	-391	-626	-510	-761	-676	-712	-694	-781
Treasury Stock	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72
Accumulated Other Comprehensive Income / (Loss)	-2.07	-21	-14	-37	-50	-48	-48	-50	-52	-14
Noncontrolling Interest	2,525	2,307	2,231	2,199	2,344	2,330	2,331	2,288	2,146	2,177

This table presents Boston Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	25,437	26,085	26,406	25,474	25,526	26,026	24,739	25,342	24,625	24,208	23,727
Total Current Assets	177	111	1,742	891	183	101	154	111	174	76	138
Short-Term Investments	38	40	39	37	37	36	33	33	32	32	30
Prepaid Expenses	139	71	132	86	146	64	121	77	142	44	108
Plant, Property, & Equipment, net	20,746	20,677	20,528	20,419	-7,041	20,192	-6,486	-6,331	-6,187	-6,298	-5,933
Plant, Property & Equipment, gross	28,446	28,205	27,898	27,618	-	27,074	238	238	238	-	238
Accumulated Depreciation	7,699	7,528	7,370	7,199	7,041	6,882	6,724	6,569	6,425	6,298	6,170
Total Noncurrent Assets	4,036	4,821	3,659	3,689	31,879	5,230	30,969	31,549	30,625	30,101	29,522
Long-Term Investments	1,138	1,094	1,422	1,419	1,400	1,377	1,537	1,781	1,753	1,716	1,594
Noncurrent Note & Lease Receivables	5.54	4.95	3.94	3.16	2.27	1.71	-	89	79	0.00	79
Other Noncurrent Operating Assets	2,893	3,722	2,233	2,267	30,477	3,851	29,432	29,679	28,794	28,385	27,850
Total Liabilities & Shareholders' Equity	25,437	26,085	26,406	25,474	25,526	26,026	24,739	25,342	24,625	24,208	23,727
Total Liabilities	17,578	18,137	18,123	17,184	17,240	17,834	16,699	17,049	16,313	15,837	15,327
Total Current Liabilities	992	702	738	657	547	763	634	606	569	588	532
Short-Term Debt	300	0.00	0.00	0.00	-	0.00	-	-	-	-	-
Accounts Payable	399	402	444	372	375	458	462	435	398	418	361
Dividends Payable	173	172	172	172	172	171	172	171	171	171	171
Other Current Nonoperating Liabilities	120	128	121	112	-	134	-	-	-	-	-
Total Noncurrent Liabilities	16,086	16,935	16,885	16,027	16,693	17,071	16,065	16,443	15,744	15,249	14,795
Long-Term Debt	14,872	15,720	15,715	14,867	15,362	15,856	14,962	15,456	14,709	14,240	13,833
Other Noncurrent Operating Liabilities	1,214	1,214	1,170	1,160	1,331	1,214	1,103	987	1,035	1,009	962
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	8.94	9.54	11	7.92	8.14	8.38	6.79	6.29	5.60	6.61	6.99
Total Equity & Noncontrolling Interests	7,850	7,938	8,272	8,282	8,278	8,184	8,034	8,287	8,306	8,364	8,393
Total Preferred & Common Equity	5,320	5,413	5,759	5,803	5,858	5,877	5,788	6,040	6,063	6,133	6,156
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5,320	5,413	5,759	5,803	5,858	5,877	5,788	6,040	6,063	6,133	6,156
Common Stock	6,848	6,838	6,824	6,770	6,754	6,717	6,570	6,563	6,551	6,541	6,534
Retained Earnings	-1,514	-1,420	-1,036	-965	-890	-816	-782	-517	-467	-391	-360
Treasury Stock	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72
Accumulated Other Comprehensive Income / (Loss)	-11	-2.07	-26	-0.16	-3.62	-21	2.87	-3.41	-18	-14	-16
Noncontrolling Interest	2,530	2,525	2,512	2,479	2,420	2,307	2,245	2,246	2,244	2,231	2,237

This table displays calculated financial ratios and metrics derived from Boston Properties' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.10%	5.31%	7.61%	4.45%	-6.58%	8.96%	4.42%	2.01%	2.41%	3.91%
EBITDA Growth	2.31%	-17.51%	24.92%	-17.99%	26.37%	0.42%	13.59%	-7.53%	-11.08%	16.66%
EBIT Growth	-1.32%	-31.54%	38.51%	-28.38%	42.60%	-2.48%	19.68%	-4.99%	-21.34%	26.33%
NOPAT Growth	-1.35%	-2.28%	9.35%	6.93%	-13.42%	-4.60%	20.69%	9.97%	-2.78%	5.93%
Net Income Growth	-71.11%	-71.45%	61.50%	-37.97%	56.24%	-8.50%	26.68%	-1.32%	-28.75%	52.06%
EPS Growth	-92.56%	-77.59%	70.35%	-42.78%	67.88%	-10.81%	26.28%	-10.12%	-12.37%	31.45%
Operating Cash Flow Growth	-5.15%	1.49%	13.16%	-2.04%	-2.06%	2.69%	26.13%	-11.85%	29.41%	14.93%
Free Cash Flow Firm Growth	185.64%	-1,003.50%	-264.64%	-94.22%	13.76%	-11.76%	137.31%	-42.32%	-51.11%	0.46%
Invested Capital Growth	1.89%	8.36%	5.73%	4.98%	1.32%	2.58%	2.49%	3.73%	2.07%	-0.83%
Revenue Q/Q Growth	0.88%	1.21%	1.93%	2.43%	-11.32%	11.31%	2.50%	0.98%	3.82%	-1.68%
EBITDA Q/Q Growth	0.99%	-2.14%	-0.75%	10.05%	-5.02%	-0.08%	6.88%	-3.58%	-57.71%	12.79%
EBIT Q/Q Growth	0.04%	-5.00%	-2.47%	16.72%	-7.01%	-0.76%	10.14%	-3.49%	-62.35%	20.62%
NOPAT Q/Q Growth	0.00%	0.13%	0.75%	36.90%	-25.33%	-2.92%	10.14%	3.39%	-1.29%	0.19%
Net Income Q/Q Growth	-82.28%	-0.87%	-6.21%	45.76%	-12.92%	-1.40%	8.04%	-5.49%	-0.32%	-5.29%
EPS Q/Q Growth	-96.10%	-1.63%	-6.90%	55.39%	-13.44%	-1.49%	8.50%	-8.72%	1.88%	-6.53%
Operating Cash Flow Q/Q Growth	-0.27%	1.34%	1.88%	-2.42%	1.14%	-1.52%	4.79%	4.14%	10.73%	-4.23%
Free Cash Flow Firm Q/Q Growth	-47.64%	-324.20%	85.90%	-33.34%	-51.69%	62.28%	161.36%	-98.29%	101.56%	-30.67%
Invested Capital Q/Q Growth	6.91%	4.34%	-0.36%	1.56%	0.11%	-2.03%	-0.70%	1.04%	-48.47%	0.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.72%	62.31%	62.97%	63.77%	62.33%	64.53%	62.36%	63.03%	98.77%	98.71%
EBITDA Margin	56.08%	57.06%	72.84%	62.75%	79.92%	59.08%	64.10%	58.93%	65.01%	74.87%
Operating Margin	29.94%	31.60%	34.05%	33.51%	32.73%	35.32%	40.34%	34.90%	32.37%	34.10%
EBIT Margin	29.98%	31.62%	48.64%	37.79%	55.11%	36.10%	40.34%	35.19%	37.79%	49.19%
Profit (Net Income) Margin	2.47%	8.90%	32.83%	21.88%	36.83%	22.02%	26.23%	21.62%	22.34%	32.11%
Tax Burden Percent	86.08%	99.97%	100.00%	100.00%	100.00%	100.00%	100.00%	102.04%	101.44%	100.00%
Interest Burden Percent	9.57%	28.16%	67.50%	57.89%	66.83%	61.00%	65.01%	60.19%	58.30%	65.29%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.51%	4.80%	5.25%	5.06%	4.89%	5.75%	6.18%	5.28%	4.94%	5.11%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.92%	-0.80%	4.94%	1.99%	5.98%	1.84%	2.18%	1.52%	2.04%	4.54%
Return on Net Nonoperating Assets (RNNOA)	-3.46%	-1.28%	7.18%	2.65%	7.56%	2.28%	2.55%	1.74%	2.26%	4.95%
Return on Equity (ROE)	1.04%	3.52%	12.44%	7.71%	12.45%	8.03%	8.73%	7.02%	7.21%	10.06%
Cash Return on Invested Capital (CROIC)	2.64%	-3.23%	-0.31%	0.20%	3.58%	3.21%	3.73%	1.62%	2.89%	5.94%
Operating Return on Assets (OROA)	3.92%	4.12%	6.49%	4.83%	6.91%	5.15%	5.53%	4.79%	5.18%	6.41%
Return on Assets (ROA)	0.32%	1.16%	4.38%	2.79%	4.62%	3.14%	3.60%	2.94%	3.06%	4.18%
Return on Common Equity (ROCE)	0.73%	2.55%	9.07%	5.47%	8.58%	5.52%	6.05%	4.90%	5.05%	6.97%
Return on Equity Simple (ROE_SIMPLE)	1.56%	4.96%	16.64%	10.83%	16.99%	11.47%	12.11%	9.67%	9.85%	14.01%
Net Operating Profit after Tax (NOPAT)	1,020	1,034	1,059	968	905	1,046	1,096	908	826	849
NOPAT Margin	29.94%	31.60%	34.05%	33.51%	32.73%	35.32%	40.34%	34.90%	32.37%	34.10%
Net Nonoperating Expense Percent (NNEP)	6.42%	5.59%	0.32%	3.08%	-1.10%	3.91%	4.01%	3.76%	2.91%	0.57%
Return On Investment Capital (ROIC_SIMPLE)	4.31%	4.30%	4.68%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	39.28%	37.69%	37.03%	36.23%	37.67%	35.47%	37.64%	36.97%	1.23%	1.29%
SG&A Expenses to Revenue	4.74%	5.33%	4.80%	5.42%	4.87%	4.82%	4.54%	4.40%	4.13%	3.87%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	30.78%	30.71%	28.92%	30.25%	29.59%	29.21%	22.02%	28.13%	66.39%	64.61%
Earnings before Interest and Taxes (EBIT)	1,021	1,035	1,512	1,092	1,524	1,069	1,096	916	964	1,225
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,911	1,868	2,264	1,813	2,210	1,749	1,742	1,533	1,658	1,865
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.17	1.77	1.53	2.67	2.12	3.11	2.37	2.69	2.55	2.56
Price to Tangible Book Value (P/TBV)	2.17	1.77	1.53	2.67	2.12	3.11	2.37	2.69	2.55	2.56
Price to Revenue (P/Rev)	3.45	3.18	3.01	5.39	4.44	5.75	4.97	5.81	5.58	5.66
Price to Earnings (P/E)	823.79	54.64	11.02	31.37	14.25	33.33	23.57	33.47	28.33	24.64
Dividend Yield	5.27%	5.92%	6.57%	3.93%	4.97%	3.48%	4.01%	3.11%	2.92%	3.48%
Earnings Yield	0.12%	1.83%	9.08%	3.19%	7.02%	3.00%	4.24%	2.99%	3.53%	4.06%
Enterprise Value to Invested Capital (EV/IC)	1.26	1.21	1.16	1.49	1.33	1.61	1.42	1.53	1.49	1.49
Enterprise Value to Revenue (EV/Rev)	8.47	8.29	7.75	10.09	8.99	10.03	9.39	10.30	9.86	9.89
Enterprise Value to EBITDA (EV/EBITDA)	15.11	14.54	10.64	16.08	11.25	16.98	14.64	17.48	15.17	13.20
Enterprise Value to EBIT (EV/EBIT)	28.27	26.23	15.93	26.70	16.32	27.78	23.27	29.27	26.10	20.10
Enterprise Value to NOPAT (EV/NOPAT)	28.30	26.25	22.75	30.11	27.47	28.40	23.27	29.51	30.46	28.99
Enterprise Value to Operating Cash Flow (EV/OCF)	23.39	20.86	18.78	25.72	21.50	25.14	22.17	29.39	24.31	30.80
Enterprise Value to Free Cash Flow (EV/FCFF)	48.38	0.00	0.00	759.66	37.50	50.94	38.60	96.26	52.11	24.94
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.98	1.94	1.70	1.60	1.56	1.47	1.34	1.27	1.24	1.17
Long-Term Debt to Equity	1.98	1.94	1.70	1.60	1.56	1.47	1.34	1.27	1.24	1.17
Financial Leverage	1.81	1.60	1.45	1.33	1.26	1.24	1.17	1.15	1.11	1.09
Leverage Ratio	3.23	3.03	2.84	2.76	2.70	2.56	2.43	2.38	2.35	2.41
Compound Leverage Factor	0.31	0.85	1.92	1.60	1.80	1.56	1.58	1.44	1.37	1.57
Debt to Total Capital	66.42%	65.93%	62.98%	61.59%	60.99%	59.55%	57.27%	55.90%	55.26%	53.81%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	66.42%	65.93%	62.98%	61.59%	60.99%	59.55%	57.27%	55.90%	55.26%	53.81%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.93%	1.01%	1.04%	1.09%	1.13%	1.17%
Noncontrolling Interests to Total Capital	10.71%	9.63%	9.90%	10.55%	10.99%	11.79%	12.13%	12.46%	12.10%	12.75%
Common Equity to Total Capital	22.87%	24.44%	27.12%	27.86%	27.09%	27.65%	29.57%	30.55%	31.51%	32.27%
Debt to EBITDA	8.23	8.49	6.29	7.12	5.90	6.75	6.32	6.70	5.91	4.93
Net Debt to EBITDA	7.63	7.73	5.52	6.27	4.54	5.79	5.44	5.99	5.17	4.36
Long-Term Debt to EBITDA	8.23	8.49	6.29	7.12	5.90	6.75	6.32	6.70	5.91	4.93
Debt to NOPAT	15.41	15.33	13.45	13.32	14.41	11.30	10.04	11.31	11.86	10.82
Net Debt to NOPAT	14.30	13.96	11.80	11.75	11.08	9.69	8.65	10.12	10.39	9.58
Long-Term Debt to NOPAT	15.41	15.33	13.45	13.32	14.41	11.30	10.04	11.31	11.86	10.82
Altman Z-Score	0.55	0.53	0.64	0.88	0.88	1.04	0.95	1.05	1.03	1.13
Noncontrolling Interest Sharing Ratio	30.05%	27.49%	27.09%	29.04%	31.08%	31.22%	30.76%	30.15%	29.86%	30.75%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.16	0.13	0.13	0.21	2.97	1.38	1.39	1.14	0.99	1.39
Quick Ratio	0.06	0.05	0.05	0.09	2.91	1.24	1.24	1.00	0.70	1.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	597	-697	-63	38	663	583	661	278	483	987
Operating Cash Flow to CapEx	140.96%	186.77%	110.29%	98.45%	442.71%	150.50%	105.08%	111.62%	170.65%	0.00%
Free Cash Flow to Firm to Interest Expense	0.93	-1.20	-0.14	0.08	1.54	1.32	1.67	0.74	1.17	2.17
Operating Cash Flow to Interest Expense	1.91	2.25	2.93	2.42	2.68	2.67	2.91	2.44	2.50	1.76
Operating Cash Flow Less CapEx to Interest Expense	0.56	1.04	0.27	-0.04	2.07	0.90	0.14	0.25	1.04	2.01
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.13	0.13	0.13	0.13	0.14	0.14	0.14	0.14	0.13
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	29.08	29.69	30.39	28.17	26.79	34.48
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.17	0.00	0.00	0.00	0.16	0.00	0.00	0.00	0.16	0.16
Accounts Payable Turnover	3.11	2.82	3.12	3.19	2.92	3.21	3.36	3.05	0.11	0.12
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	12.55	12.29	12.01	12.96	13.62	10.58
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	117.28	129.54	117.07	114.57	125.02	113.70	108.53	119.52	3,324.70	2,946.33
Cash Conversion Cycle (CCC)	-117.28	-129.54	-117.07	-114.57	-112.47	-101.41	-96.52	-106.56	-3,311.08	-2,935.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	22,859	22,436	20,704	19,583	18,653	18,411	17,948	17,513	16,883	16,540
Invested Capital Turnover	0.15	0.15	0.15	0.15	0.15	0.16	0.15	0.15	0.15	0.15
Increase / (Decrease) in Invested Capital	423	1,731	1,122	930	242	463	435	630	343	-138
Enterprise Value (EV)	28,879	27,152	24,084	29,144	24,869	29,698	25,503	26,801	25,153	24,622
Market Capitalization	11,757	10,394	9,354	15,566	12,290	17,032	13,493	15,125	14,230	14,110
Book Value per Share	$34.24	$37.45	$39.12	$37.35	$37.24	$35.47	$36.80	$36.38	$36.33	$35.87
Tangible Book Value per Share	$34.24	$37.45	$39.12	$37.35	$37.24	$35.47	$36.80	$36.38	$36.33	$35.87
Total Capital	23,668	24,049	22,611	20,939	21,394	19,834	19,222	18,374	17,728	17,075
Total Debt	15,720	15,856	14,240	12,897	13,048	11,812	11,008	10,272	9,796	9,189
Total Long-Term Debt	15,720	15,856	14,240	12,897	13,048	11,812	11,008	10,272	9,796	9,189
Net Debt	14,587	14,443	12,492	11,370	10,029	10,128	9,480	9,188	8,577	8,135
Capital Expenditures (CapEx)	876	697	1,163	1,151	261	785	1,095	817	606	-115
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-632	-699	-545	-433	-502	-484	-363	-384	-451	-509
Debt-free Net Working Capital (DFNWC)	-592	-663	-512	-389	1,206	245	208	80	-6.65	308
Net Working Capital (NWC)	-592	-663	-512	-389	1,206	245	208	80	-6.65	308
Net Nonoperating Expense (NNE)	936	743	38	336	-113	394	383	346	256	49
Net Nonoperating Obligations (NNO)	14,911	14,243	12,334	11,540	10,306	10,388	9,734	9,410	8,951	8,653
Total Depreciation and Amortization (D&A)	889	833	752	721	686	680	646	618	694	640
Debt-free, Cash-free Net Working Capital to Revenue	-18.53%	-21.35%	-17.52%	-14.98%	-18.16%	-16.34%	-13.38%	-14.76%	-17.66%	-20.45%
Debt-free Net Working Capital to Revenue	-17.37%	-20.24%	-16.48%	-13.47%	43.60%	8.27%	7.66%	3.07%	-0.26%	12.38%
Net Working Capital to Revenue	-17.37%	-20.24%	-16.48%	-13.47%	43.60%	8.27%	7.66%	3.07%	-0.26%	12.38%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.09	$1.21	$5.41	$0.00	$5.55	$3.31	$3.71	$2.93	$3.27	$3.73
Adjusted Weighted Average Basic Shares Outstanding	157.47M	156.86M	156.73M	156.12M	155.43M	154.58M	154.43M	154.19M	153.72M	153.47M
Adjusted Diluted Earnings per Share	$0.09	$1.21	$5.40	$3.17	$5.54	$3.30	$3.70	$2.93	$3.26	$3.72
Adjusted Weighted Average Diluted Shares Outstanding	157.79M	157.20M	157.14M	156.38M	155.52M	154.88M	154.68M	154.39M	153.98M	153.84M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	158.21M	314.02M	313.65M	313.35M	311.61M	155.12M	154.51M	154.34M	153.84M	153.59M
Normalized Net Operating Profit after Tax (NOPAT)	714	724	741	678	634	732	648	636	578	595
Normalized NOPAT Margin	20.96%	22.12%	23.84%	23.46%	22.91%	24.72%	23.84%	24.43%	22.66%	23.87%
Pre Tax Income Margin	2.87%	8.90%	32.83%	21.88%	36.83%	22.02%	26.23%	21.19%	22.03%	32.11%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.58	1.79	3.46	2.33	3.53	2.42	2.78	2.45	2.33	2.70
NOPAT to Interest Expense	1.58	1.78	2.42	2.07	2.10	2.36	2.78	2.43	2.00	1.87
EBIT Less CapEx to Interest Expense	0.23	0.58	0.80	-0.13	2.93	0.64	0.00	0.26	0.87	2.95
NOPAT Less CapEx to Interest Expense	0.22	0.58	-0.24	-0.39	1.49	0.59	0.00	0.24	0.53	2.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	911.74%	260.03%	75.50%	149.31%	73.40%	141.59%	94.04%	103.28%	125.47%	174.91%
Augmented Payout Ratio	911.74%	260.03%	75.50%	149.31%	73.40%	141.59%	94.15%	103.28%	125.47%	188.48%

This table displays calculated financial ratios and metrics derived from Boston Properties' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.07%	3.58%	4.24%	4.08%	4.51%	4.95%	4.27%	5.59%	6.48%	8.04%	8.28%
EBITDA Growth	-0.11%	3.90%	0.73%	-0.22%	4.97%	-9.67%	-33.79%	-16.05%	-2.42%	-3.16%	69.01%
EBIT Growth	-0.28%	0.07%	-3.68%	-5.68%	4.82%	-19.73%	-49.05%	-28.95%	-15.24%	-10.49%	114.14%
NOPAT Growth	1.09%	-30.00%	37.52%	-5.65%	4.77%	0.53%	-29.99%	-2.13%	-7.78%	3.11%	9.06%
Net Income Growth	-18.48%	-255.28%	204.74%	-21.47%	0.92%	-1.65%	-124.61%	-49.04%	-40.31%	-30.26%	202.09%
EPS Growth	-23.53%	-292.11%	174.65%	-22.73%	2.00%	-2.56%	-131.00%	-53.52%	-45.05%	-33.90%	231.88%
Operating Cash Flow Growth	6.30%	-0.88%	-5.01%	-3.19%	-15.56%	4.64%	1.83%	-4.53%	6.62%	6.82%	30.65%
Free Cash Flow Firm Growth	81.71%	83.67%	171.63%	170.83%	83.93%	-70.64%	56.65%	-29.84%	-2,384.15%	-27.20%	-206.34%
Invested Capital Growth	1.33%	1.89%	-0.56%	-3.47%	2.26%	8.36%	3.47%	8.36%	8.72%	5.73%	7.77%
Revenue Q/Q Growth	0.77%	-0.08%	1.03%	1.32%	1.27%	0.56%	0.87%	1.74%	1.69%	-0.09%	2.14%
EBITDA Q/Q Growth	-5.50%	1.93%	3.27%	0.42%	-1.65%	-1.18%	2.30%	5.65%	-13.79%	-27.57%	29.70%
EBIT Q/Q Growth	-6.34%	0.01%	4.27%	2.10%	-5.92%	-3.74%	2.11%	13.46%	-25.77%	-38.90%	42.38%
NOPAT Q/Q Growth	35.47%	-29.85%	4.06%	2.24%	-6.19%	37.80%	-28.61%	13.54%	-9.99%	-4.03%	-0.21%
Net Income Q/Q Growth	136.54%	-319.28%	1.41%	0.32%	-30.39%	247.91%	-176.03%	28.93%	-32.17%	-62.98%	57.41%
EPS Q/Q Growth	126.71%	-375.47%	3.92%	0.00%	-32.89%	207.04%	-207.58%	32.00%	-35.90%	-65.94%	61.27%
Operating Cash Flow Q/Q Growth	-45.27%	34.13%	-22.06%	85.77%	-36.41%	28.54%	-20.57%	62.03%	-36.75%	25.10%	-25.53%
Free Cash Flow Firm Q/Q Growth	81.86%	-162.99%	-62.60%	528.06%	-483.63%	-176.22%	63.02%	2.90%	-72.06%	29.83%	-10.76%
Invested Capital Q/Q Growth	-3.01%	6.91%	0.27%	-2.53%	4.66%	4.34%	-2.67%	3.26%	3.34%	-0.36%	1.92%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.28%	60.71%	60.27%	60.56%	61.35%	62.14%	62.01%	62.82%	62.25%	62.76%	62.79%
EBITDA Margin	53.83%	57.41%	56.28%	55.05%	55.55%	57.23%	58.24%	57.43%	55.30%	66.49%	91.71%
Operating Margin	28.71%	30.51%	30.42%	29.54%	29.27%	31.60%	32.95%	32.59%	29.20%	32.99%	34.35%
EBIT Margin	28.37%	30.52%	30.50%	29.55%	29.32%	31.59%	33.00%	32.60%	29.23%	41.30%	67.53%
Profit (Net Income) Margin	10.04%	-27.70%	12.62%	12.58%	12.70%	18.48%	-12.56%	16.67%	13.15%	19.72%	53.21%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	88.67%	99.95%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	35.41%	-90.76%	41.39%	42.56%	48.85%	58.52%	-38.06%	51.12%	44.99%	47.74%	78.79%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.48%	3.21%	4.79%	4.55%	4.48%	4.80%	3.53%	4.91%	4.49%	5.09%	5.23%
ROIC Less NNEP Spread (ROIC-NNEP)	3.32%	0.32%	3.64%	3.47%	3.43%	3.98%	1.26%	3.91%	3.45%	4.21%	6.49%
Return on Net Nonoperating Assets (RNNOA)	5.74%	0.59%	5.93%	5.62%	5.52%	6.38%	1.97%	6.19%	5.20%	6.13%	9.31%
Return on Equity (ROE)	10.21%	3.80%	10.72%	10.17%	10.00%	11.18%	5.50%	11.10%	9.69%	11.22%	14.54%
Cash Return on Invested Capital (CROIC)	3.32%	2.64%	5.32%	8.28%	2.60%	-3.23%	1.47%	-3.16%	-3.30%	-0.31%	-2.24%
Operating Return on Assets (OROA)	3.82%	3.99%	4.03%	3.89%	3.87%	4.12%	4.41%	4.29%	3.92%	5.51%	8.84%
Return on Assets (ROA)	1.35%	-3.62%	1.67%	1.65%	1.68%	2.41%	-1.68%	2.19%	1.76%	2.63%	6.97%
Return on Common Equity (ROCE)	7.07%	2.66%	7.58%	7.26%	7.18%	8.10%	4.00%	8.08%	7.05%	8.18%	10.48%
Return on Equity Simple (ROE_SIMPLE)	1.21%	0.00%	8.25%	4.54%	4.99%	0.00%	5.08%	13.55%	15.66%	0.00%	17.68%
Net Operating Profit after Tax (NOPAT)	248	183	261	251	246	262	190	266	235	261	272
NOPAT Margin	28.71%	21.36%	30.42%	29.54%	29.27%	31.60%	23.06%	32.59%	29.20%	32.99%	34.35%
Net Nonoperating Expense Percent (NNEP)	1.16%	2.89%	1.15%	1.08%	1.04%	0.82%	2.27%	1.00%	1.04%	0.88%	-1.26%
Return On Investment Capital (ROIC_SIMPLE)	1.08%	0.78%	-	-	-	1.09%	-	-	-	1.15%	-
Cost of Revenue to Revenue	39.72%	39.29%	39.73%	39.44%	38.65%	37.86%	37.99%	37.18%	37.75%	37.24%	37.21%
SG&A Expenses to Revenue	6.13%	3.87%	3.90%	5.21%	6.02%	4.96%	3.90%	5.44%	7.06%	4.65%	4.32%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.57%	30.20%	29.84%	31.02%	32.07%	30.54%	29.07%	30.23%	33.05%	29.76%	28.44%
Earnings before Interest and Taxes (EBIT)	245	262	262	251	246	262	272	266	235	326	534
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	466	493	484	468	466	474	480	469	444	525	725
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.00	2.17	2.21	1.67	1.72	1.77	1.52	1.40	1.29	1.53	1.70
Price to Tangible Book Value (P/TBV)	2.00	2.17	2.21	1.67	1.72	1.77	1.52	1.40	1.29	1.53	1.70
Price to Revenue (P/Rev)	3.10	3.45	3.76	2.89	3.05	3.18	2.72	2.65	2.48	3.01	3.44
Price to Earnings (P/E)	0.00	823.79	35.01	57.71	52.47	54.64	45.77	12.75	9.99	11.02	11.50
Dividend Yield	5.83%	5.27%	4.87%	6.37%	6.10%	5.92%	6.99%	7.25%	7.85%	6.57%	5.86%
Earnings Yield	0.00%	0.12%	2.86%	1.73%	1.91%	1.83%	2.18%	7.84%	10.01%	9.08%	8.69%
Enterprise Value to Invested Capital (EV/IC)	1.23	1.26	1.31	1.17	1.21	1.21	1.14	1.10	1.08	1.16	1.20
Enterprise Value to Revenue (EV/Rev)	7.91	8.47	8.29	7.44	7.99	8.29	7.56	7.62	7.29	7.75	8.18
Enterprise Value to EBITDA (EV/EBITDA)	14.22	15.11	14.80	13.17	13.99	14.54	12.81	11.32	10.26	10.64	10.93
Enterprise Value to EBIT (EV/EBIT)	26.61	28.27	27.44	24.13	25.27	26.23	22.44	18.04	15.76	15.93	16.09
Enterprise Value to NOPAT (EV/NOPAT)	26.55	28.30	27.46	24.15	25.29	26.25	23.67	23.60	22.15	22.75	23.74
Enterprise Value to Operating Cash Flow (EV/OCF)	21.79	23.39	22.63	19.86	20.90	20.86	19.03	19.06	17.74	18.78	19.81
Enterprise Value to Free Cash Flow (EV/FCFF)	37.16	48.38	24.57	13.84	47.06	0.00	78.63	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.93	1.98	1.90	1.79	1.85	1.94	1.86	1.86	1.77	1.70	1.65
Long-Term Debt to Equity	1.89	1.98	1.90	1.79	1.85	1.94	1.86	1.86	1.77	1.70	1.65
Financial Leverage	1.73	1.81	1.63	1.62	1.61	1.60	1.57	1.58	1.51	1.45	1.43
Leverage Ratio	3.16	3.23	3.13	3.06	3.02	3.03	2.95	2.96	2.88	2.84	2.83
Compound Leverage Factor	1.12	-2.93	1.30	1.30	1.48	1.77	-1.12	1.51	1.29	1.35	2.23
Debt to Total Capital	65.88%	66.42%	65.49%	64.20%	64.96%	65.93%	65.05%	65.08%	63.89%	62.98%	62.22%
Short-Term Debt to Total Capital	1.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	64.57%	66.42%	65.49%	64.20%	64.96%	65.93%	65.05%	65.08%	63.89%	62.98%	62.22%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	11.02%	10.71%	10.51%	10.74%	10.27%	9.63%	9.79%	9.49%	9.77%	9.90%	10.10%
Common Equity to Total Capital	23.10%	22.87%	24.00%	25.06%	24.77%	24.44%	25.16%	25.43%	26.34%	27.12%	27.69%
Debt to EBITDA	7.94	8.23	8.31	7.87	8.13	8.49	7.84	7.18	6.56	6.29	6.06
Net Debt to EBITDA	7.33	7.63	6.76	6.74	7.37	7.73	7.02	6.33	5.76	5.52	5.35
Long-Term Debt to EBITDA	7.78	8.23	8.31	7.87	8.13	8.49	7.84	7.18	6.56	6.29	6.06
Debt to NOPAT	14.83	15.41	15.40	14.43	14.69	15.33	14.48	14.96	14.16	13.45	13.17
Net Debt to NOPAT	13.68	14.30	12.53	12.35	13.32	13.96	12.96	13.21	12.44	11.80	11.62
Long-Term Debt to NOPAT	14.54	15.41	15.40	14.43	14.69	15.33	14.48	14.96	14.16	13.45	13.17
Altman Z-Score	0.41	0.45	0.57	0.46	0.45	0.43	0.42	0.41	0.40	0.48	0.57
Noncontrolling Interest Sharing Ratio	30.77%	30.05%	29.26%	28.58%	28.18%	27.49%	27.35%	27.21%	27.24%	27.09%	27.89%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.18	0.16	2.36	1.36	0.34	0.13	0.24	0.18	0.31	0.13	0.26
Quick Ratio	0.04	0.06	2.11	1.22	0.07	0.05	0.05	0.06	0.06	0.05	0.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-44	-240	381	1,019	-238	-1,469	-532	-1,439	-1,482	-861	-1,227
Operating Cash Flow to CapEx	107.06%	133.28%	137.92%	220.22%	92.45%	177.29%	182.73%	244.80%	147.38%	904.64%	20.85%
Free Cash Flow to Firm to Interest Expense	-0.27	-1.41	2.34	6.81	-1.47	-9.48	-3.60	-10.10	-11.04	-7.18	-10.97
Operating Cash Flow to Interest Expense	1.28	2.25	1.75	2.45	1.22	2.50	2.04	2.66	1.74	3.09	2.64
Operating Cash Flow Less CapEx to Interest Expense	0.08	0.56	0.48	1.34	-0.10	1.09	0.92	1.57	0.56	2.74	-10.04
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.17	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	3.51	3.11	2.90	3.19	3.25	2.82	2.95	3.08	3.35	3.12	3.25
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	103.96	117.28	125.81	114.46	112.32	129.54	123.66	118.64	109.09	117.07	112.14
Cash Conversion Cycle (CCC)	-103.96	-117.28	-125.81	-114.46	-112.32	-129.54	-123.66	-118.64	-109.09	-117.07	-112.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	22,171	22,859	21,382	21,325	21,879	22,436	21,502	22,093	21,395	20,704	20,780
Invested Capital Turnover	0.16	0.15	0.16	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15
Increase / (Decrease) in Invested Capital	292	423	-120	-768	484	1,731	722	1,705	1,716	1,122	1,499
Enterprise Value (EV)	27,165	28,879	28,013	24,882	26,439	27,152	24,446	24,376	23,007	24,084	24,940
Market Capitalization	10,630	11,757	12,707	9,669	10,086	10,394	8,802	8,482	7,833	9,354	10,487
Book Value per Share	$33.63	$34.24	$36.47	$36.95	$37.31	$37.45	$36.90	$38.51	$38.66	$39.12	$39.27
Tangible Book Value per Share	$33.63	$34.24	$36.47	$36.95	$37.31	$37.45	$36.90	$38.51	$38.66	$39.12	$39.27
Total Capital	23,030	23,668	23,998	23,158	23,648	24,049	23,002	23,749	23,022	22,611	22,233
Total Debt	15,172	15,720	15,715	14,867	15,362	15,856	14,962	15,456	14,709	14,240	13,833
Total Long-Term Debt	14,872	15,720	15,715	14,867	15,362	15,856	14,962	15,456	14,709	14,240	13,833
Net Debt	13,996	14,587	12,783	12,726	13,925	14,443	13,392	13,642	12,925	12,492	12,209
Capital Expenditures (CapEx)	196	288	207	167	214	218	165	155	159	41	1,419
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-553	-632	-506	-488	-401	-699	-513	-529	-427	-545	-424
Debt-free Net Working Capital (DFNWC)	-515	-592	1,005	234	-363	-663	-480	-495	-395	-512	-394
Net Working Capital (NWC)	-815	-592	1,005	234	-363	-663	-480	-495	-395	-512	-394
Net Nonoperating Expense (NNE)	162	421	153	144	139	109	294	130	129	105	-149
Net Nonoperating Obligations (NNO)	14,312	14,911	13,100	13,035	13,593	14,243	13,462	13,800	13,083	12,334	12,380
Total Depreciation and Amortization (D&A)	220	231	222	217	220	213	208	203	209	199	191
Debt-free, Cash-free Net Working Capital to Revenue	-16.11%	-18.53%	-14.98%	-14.61%	-12.10%	-21.35%	-15.85%	-16.51%	-13.53%	-17.52%	-13.90%
Debt-free Net Working Capital to Revenue	-14.99%	-17.37%	29.74%	6.99%	-10.98%	-20.24%	-14.84%	-15.47%	-12.52%	-16.48%	-12.92%
Net Working Capital to Revenue	-23.73%	-17.37%	29.74%	6.99%	-10.98%	-20.24%	-14.84%	-15.47%	-12.52%	-16.48%	-12.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.39	($1.46)	$0.53	$0.51	$0.51	$0.75	($0.71)	$0.67	$0.50	$0.78	$2.30
Adjusted Weighted Average Basic Shares Outstanding	158.20M	157.47M	157.73M	157.04M	156.98M	156.86M	156.88M	156.83M	156.80M	156.73M	156.75M
Adjusted Diluted Earnings per Share	$0.39	($1.46)	$0.53	$0.51	$0.51	$0.76	($0.71)	$0.66	$0.50	$0.78	$2.29
Adjusted Weighted Average Diluted Shares Outstanding	158.63M	157.79M	158.21M	157.29M	157.13M	157.20M	156.88M	157.22M	157.04M	157.14M	157.13M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	158.32M	158.21M	158.11M	315.87M	314.12M	314.02M	313.88M	313.73M	313.67M	313.65M	313.51M
Normalized Net Operating Profit after Tax (NOPAT)	174	183	183	176	172	183	190	186	164	182	190
Normalized NOPAT Margin	20.10%	21.36%	21.30%	20.68%	20.49%	22.12%	23.06%	22.81%	20.44%	23.09%	24.04%
Pre Tax Income Margin	10.04%	-27.70%	12.62%	12.58%	14.32%	18.49%	-12.56%	16.67%	13.15%	19.72%	53.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.50	1.54	1.61	1.68	1.52	1.69	1.84	1.87	1.75	2.72	4.77
NOPAT to Interest Expense	1.52	1.08	1.60	1.68	1.52	1.69	1.29	1.87	1.75	2.17	2.43
EBIT Less CapEx to Interest Expense	0.30	-0.15	0.33	0.57	0.20	0.28	0.73	0.78	0.57	2.38	-7.91
NOPAT Less CapEx to Interest Expense	0.32	-0.61	0.33	0.57	0.20	0.28	0.17	0.78	0.56	1.83	-10.26
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	1,191.52%	911.74%	160.82%	288.90%	258.80%	260.03%	258.23%	93.75%	80.72%	75.50%	86.32%
Augmented Payout Ratio	1,191.52%	911.74%	160.82%	288.90%	258.80%	260.03%	258.23%	93.75%	80.72%	75.50%	86.32%

Frequently Asked Questions About Boston Properties' Financials

When does Boston Properties's fiscal year end?

According to the most recent income statement we have on file, Boston Properties' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Boston Properties' net income changed over the last 9 years?

Boston Properties' net income appears to be on a downward trend, with a most recent value of $84.19 million in 2024, falling from $799.92 million in 2015. The previous period was $291.42 million in 2023. View Boston Properties' forecast to see where analysts expect Boston Properties to go next.

What is Boston Properties's operating income?

Boston Properties's total operating income in 2024 was $1.02 billion, based on the following breakdown:

Total Gross Profit: $2.07 billion
Total Operating Expenses: $1.05 billion

How has Boston Properties revenue changed over the last 9 years?

Over the last 9 years, Boston Properties' total revenue changed from $2.49 billion in 2015 to $3.41 billion in 2024, a change of 36.8%.

How much debt does Boston Properties have?

Boston Properties' total liabilities were at $18.14 billion at the end of 2024, a 1.7% increase from 2023, and a 73.3% increase since 2015.

How has Boston Properties' book value per share changed over the last 9 years?

Over the last 9 years, Boston Properties' book value per share changed from 35.87 in 2015 to 34.24 in 2024, a change of -4.6%.

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This page (NYSE:BXP) was last updated on 5/22/2025 by MarketBeat.com Staff

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Boston Properties (BXP) Financials

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Boston Properties (BXP) Financials

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