Intrinsic value of Boston Properties - BXP

Previous Close

$125.05

  Intrinsic Value

$9.37

stock screener

  Rating & Target

str. sell

-93%

Previous close

$125.05

 
Intrinsic value

$9.37

 
Up/down potential

-93%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as BXP.

We calculate the intrinsic value of BXP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 19.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.41
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  2,551
  2,612
  2,682
  2,759
  2,845
  2,939
  3,041
  3,151
  3,269
  3,396
  3,531
  3,676
  3,830
  3,993
  4,166
  4,350
  4,544
  4,749
  4,966
  5,195
  5,437
  5,691
  5,960
  6,242
  6,540
  6,854
  7,183
  7,531
  7,896
  8,280
  8,684
Variable operating expenses, $m
 
  1,745
  1,791
  1,843
  1,900
  1,963
  2,031
  2,105
  2,184
  2,268
  2,359
  2,455
  2,558
  2,667
  2,783
  2,906
  3,035
  3,173
  3,317
  3,470
  3,632
  3,802
  3,981
  4,170
  4,369
  4,578
  4,799
  5,030
  5,274
  5,531
  5,801
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,725
  1,745
  1,791
  1,843
  1,900
  1,963
  2,031
  2,105
  2,184
  2,268
  2,359
  2,455
  2,558
  2,667
  2,783
  2,906
  3,035
  3,173
  3,317
  3,470
  3,632
  3,802
  3,981
  4,170
  4,369
  4,578
  4,799
  5,030
  5,274
  5,531
  5,801
Operating income, $m
  825
  867
  890
  916
  945
  976
  1,009
  1,046
  1,085
  1,127
  1,172
  1,220
  1,271
  1,326
  1,383
  1,444
  1,509
  1,577
  1,649
  1,725
  1,805
  1,890
  1,979
  2,072
  2,171
  2,275
  2,385
  2,500
  2,621
  2,749
  2,883
EBITDA, $m
  1,519
  1,577
  1,619
  1,666
  1,718
  1,774
  1,836
  1,902
  1,974
  2,050
  2,132
  2,220
  2,312
  2,411
  2,516
  2,626
  2,744
  2,868
  2,999
  3,137
  3,283
  3,436
  3,598
  3,769
  3,949
  4,138
  4,337
  4,547
  4,767
  4,999
  5,243
Interest expense (income), $m
  434
  451
  464
  481
  499
  519
  541
  565
  591
  619
  649
  681
  715
  751
  789
  830
  873
  919
  967
  1,018
  1,072
  1,129
  1,189
  1,252
  1,319
  1,389
  1,462
  1,540
  1,622
  1,708
  1,798
Earnings before tax, $m
  570
  417
  426
  435
  446
  457
  468
  481
  494
  509
  524
  540
  557
  575
  594
  614
  635
  658
  682
  706
  733
  761
  790
  820
  853
  887
  922
  960
  1,000
  1,041
  1,085
Tax expense, $m
  0
  112
  115
  118
  120
  123
  126
  130
  133
  137
  141
  146
  150
  155
  160
  166
  172
  178
  184
  191
  198
  205
  213
  222
  230
  239
  249
  259
  270
  281
  293
Net income, $m
  513
  304
  311
  318
  325
  333
  342
  351
  361
  371
  382
  394
  406
  420
  434
  448
  464
  480
  498
  516
  535
  555
  576
  599
  622
  647
  673
  701
  730
  760
  792

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  357
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  18,852
  18,929
  19,433
  19,995
  20,616
  21,295
  22,033
  22,830
  23,688
  24,607
  25,589
  26,637
  27,751
  28,935
  30,191
  31,521
  32,928
  34,416
  35,987
  37,646
  39,396
  41,241
  43,186
  45,235
  47,392
  49,664
  52,054
  54,569
  57,215
  59,998
  62,925
Adjusted assets (=assets-cash), $m
  18,495
  18,929
  19,433
  19,995
  20,616
  21,295
  22,033
  22,830
  23,688
  24,607
  25,589
  26,637
  27,751
  28,935
  30,191
  31,521
  32,928
  34,416
  35,987
  37,646
  39,396
  41,241
  43,186
  45,235
  47,392
  49,664
  52,054
  54,569
  57,215
  59,998
  62,925
Revenue / Adjusted assets
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
Average production assets, $m
  15,741
  16,117
  16,546
  17,025
  17,554
  18,132
  18,760
  19,439
  20,169
  20,952
  21,788
  22,680
  23,629
  24,637
  25,706
  26,838
  28,037
  29,303
  30,642
  32,054
  33,544
  35,115
  36,771
  38,516
  40,353
  42,287
  44,322
  46,464
  48,717
  51,086
  53,578
Working capital, $m
  0
  -366
  -375
  -386
  -398
  -411
  -426
  -441
  -458
  -475
  -494
  -515
  -536
  -559
  -583
  -609
  -636
  -665
  -695
  -727
  -761
  -797
  -834
  -874
  -916
  -960
  -1,006
  -1,054
  -1,105
  -1,159
  -1,216
Total debt, $m
  9,796
  10,094
  10,449
  10,847
  11,285
  11,764
  12,285
  12,848
  13,453
  14,102
  14,796
  15,536
  16,322
  17,158
  18,045
  18,983
  19,977
  21,027
  22,137
  23,308
  24,544
  25,846
  27,219
  28,666
  30,189
  31,793
  33,480
  35,256
  37,124
  39,089
  41,155
Total liabilities, $m
  13,065
  13,364
  13,719
  14,117
  14,555
  15,034
  15,555
  16,118
  16,723
  17,372
  18,066
  18,806
  19,592
  20,428
  21,315
  22,253
  23,247
  24,297
  25,407
  26,578
  27,814
  29,116
  30,489
  31,936
  33,459
  35,063
  36,750
  38,526
  40,394
  42,359
  44,425
Total equity, $m
  5,786
  5,565
  5,713
  5,879
  6,061
  6,261
  6,478
  6,712
  6,964
  7,234
  7,523
  7,831
  8,159
  8,507
  8,876
  9,267
  9,681
  10,118
  10,580
  11,068
  11,582
  12,125
  12,697
  13,299
  13,933
  14,601
  15,304
  16,043
  16,821
  17,640
  18,500
Total liabilities and equity, $m
  18,851
  18,929
  19,432
  19,996
  20,616
  21,295
  22,033
  22,830
  23,687
  24,606
  25,589
  26,637
  27,751
  28,935
  30,191
  31,520
  32,928
  34,415
  35,987
  37,646
  39,396
  41,241
  43,186
  45,235
  47,392
  49,664
  52,054
  54,569
  57,215
  59,999
  62,925
Debt-to-equity ratio
  1.693
  1.810
  1.830
  1.850
  1.860
  1.880
  1.900
  1.910
  1.930
  1.950
  1.970
  1.980
  2.000
  2.020
  2.030
  2.050
  2.060
  2.080
  2.090
  2.110
  2.120
  2.130
  2.140
  2.160
  2.170
  2.180
  2.190
  2.200
  2.210
  2.220
  2.220
Adjusted equity ratio
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  513
  304
  311
  318
  325
  333
  342
  351
  361
  371
  382
  394
  406
  420
  434
  448
  464
  480
  498
  516
  535
  555
  576
  599
  622
  647
  673
  701
  730
  760
  792
Depreciation, amort., depletion, $m
  694
  710
  729
  750
  773
  799
  826
  856
  889
  923
  960
  999
  1,041
  1,085
  1,132
  1,182
  1,235
  1,291
  1,350
  1,412
  1,478
  1,547
  1,620
  1,697
  1,778
  1,863
  1,953
  2,047
  2,146
  2,250
  2,360
Funds from operations, $m
  935
  1,014
  1,040
  1,068
  1,099
  1,132
  1,168
  1,207
  1,249
  1,294
  1,342
  1,393
  1,447
  1,505
  1,566
  1,631
  1,699
  1,771
  1,847
  1,928
  2,013
  2,102
  2,196
  2,296
  2,400
  2,510
  2,626
  2,748
  2,876
  3,011
  3,152
Change in working capital, $m
  -102
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
Cash from operations, $m
  1,037
  1,023
  1,050
  1,079
  1,111
  1,145
  1,183
  1,223
  1,266
  1,312
  1,361
  1,413
  1,469
  1,528
  1,590
  1,656
  1,726
  1,800
  1,878
  1,960
  2,046
  2,138
  2,234
  2,335
  2,442
  2,554
  2,672
  2,796
  2,927
  3,064
  3,209
Maintenance CAPEX, $m
  0
  -693
  -710
  -729
  -750
  -773
  -799
  -826
  -856
  -889
  -923
  -960
  -999
  -1,041
  -1,085
  -1,132
  -1,182
  -1,235
  -1,291
  -1,350
  -1,412
  -1,478
  -1,547
  -1,620
  -1,697
  -1,778
  -1,863
  -1,953
  -2,047
  -2,146
  -2,250
New CAPEX, $m
  -959
  -377
  -429
  -479
  -529
  -578
  -628
  -679
  -730
  -783
  -837
  -892
  -949
  -1,008
  -1,069
  -1,132
  -1,198
  -1,267
  -1,338
  -1,413
  -1,490
  -1,571
  -1,656
  -1,744
  -1,837
  -1,934
  -2,035
  -2,142
  -2,253
  -2,370
  -2,492
Cash from investing activities, $m
  -1,329
  -1,070
  -1,139
  -1,208
  -1,279
  -1,351
  -1,427
  -1,505
  -1,586
  -1,672
  -1,760
  -1,852
  -1,948
  -2,049
  -2,154
  -2,264
  -2,380
  -2,502
  -2,629
  -2,763
  -2,902
  -3,049
  -3,203
  -3,364
  -3,534
  -3,712
  -3,898
  -4,095
  -4,300
  -4,516
  -4,742
Free cash flow, $m
  -292
  -48
  -89
  -129
  -168
  -206
  -244
  -282
  -321
  -359
  -398
  -438
  -479
  -521
  -564
  -609
  -654
  -702
  -751
  -802
  -856
  -911
  -969
  -1,029
  -1,092
  -1,158
  -1,226
  -1,298
  -1,373
  -1,451
  -1,533
Issuance/(repayment) of debt, $m
  662
  298
  355
  397
  438
  479
  521
  563
  605
  649
  694
  740
  787
  836
  886
  939
  994
  1,050
  1,110
  1,171
  1,236
  1,303
  1,373
  1,446
  1,523
  1,604
  1,688
  1,776
  1,868
  1,965
  2,066
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  12
  20
  29
  39
  48
  58
  68
Cash from financing (excl. dividends), $m  
  597
  298
  355
  397
  438
  479
  521
  563
  605
  649
  694
  740
  787
  836
  886
  939
  994
  1,050
  1,110
  1,171
  1,236
  1,303
  1,373
  1,449
  1,535
  1,624
  1,717
  1,815
  1,916
  2,023
  2,134
Total cash flow (excl. dividends), $m
  305
  250
  266
  268
  270
  273
  276
  280
  285
  290
  295
  301
  308
  315
  322
  330
  339
  348
  358
  369
  380
  392
  404
  421
  443
  466
  491
  517
  543
  572
  601
Retained Cash Flow (-), $m
  -77
  -136
  -148
  -165
  -183
  -200
  -217
  -234
  -252
  -270
  -289
  -308
  -328
  -348
  -369
  -391
  -414
  -437
  -462
  -488
  -515
  -543
  -572
  -602
  -634
  -668
  -703
  -739
  -778
  -818
  -860
Prev. year cash balance distribution, $m
 
  357
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  471
  118
  103
  88
  73
  60
  46
  33
  19
  6
  -7
  -20
  -33
  -47
  -61
  -75
  -89
  -104
  -119
  -135
  -151
  -168
  -182
  -191
  -201
  -212
  -223
  -235
  -247
  -259
Discount rate, %
 
  9.70
  10.19
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.38
  29.79
  31.28
  32.85
  34.49
  36.21
  38.03
  39.93
PV of cash for distribution, $m
 
  430
  97
  76
  57
  42
  30
  20
  12
  6
  2
  -1
  -3
  -4
  -4
  -4
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.9
  99.8
  99.7
  99.6
  99.5

Boston Properties, Inc. is a real estate investment trust. The Company is an owner and developer of office properties in the United States. Its segments by geographic area are Boston, New York, San Francisco and Washington, DC. Its segments by property type include Office, Residential and Hotel. As of December 31, 2016, the Company owned or had interests in 174 commercial real estate properties, aggregating approximately 47.7 million net rentable square feet of primarily Class A office properties, including eight properties under construction/redevelopment totaling approximately 4.0 million net rentable square feet. As of December 31, 2016, its properties consisted of 164 Office properties (including six properties under construction/redevelopment); one hotel; five retail properties, and four residential properties (including two under construction). Its tenant base includes sectors, such as media technology, legal services, government/public administration and retail.

FINANCIAL RATIOS  of  Boston Properties (BXP)

Valuation Ratios
P/E Ratio 37.5
Price to Sales 7.5
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 18.5
Price to Free Cash Flow 246.6
Growth Rates
Sales Growth Rate 2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 51.7%
Cap. Spend. - 3 Yr. Gr. Rate -0.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 169.3%
Total Debt to Equity 169.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 5.4%
Return On Total Capital 3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity 8.9%
Return On Equity - 3 Yr. Avg. 9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 63.9%
Gross Margin - 3 Yr. Avg. 63.8%
EBITDA Margin 66.6%
EBITDA Margin - 3 Yr. Avg. 73%
Operating Margin 32.4%
Oper. Margin - 3 Yr. Avg. 32.9%
Pre-Tax Margin 22.3%
Pre-Tax Margin - 3 Yr. Avg. 25.5%
Net Profit Margin 20.1%
Net Profit Margin - 3 Yr. Avg. 20.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 131%

BXP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BXP stock intrinsic value calculation we used $2551 million for the last fiscal year's total revenue generated by Boston Properties. The default revenue input number comes from 2016 income statement of Boston Properties. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BXP stock valuation model: a) initial revenue growth rate of 2.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.7%, whose default value for BXP is calculated based on our internal credit rating of Boston Properties, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Boston Properties.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BXP stock the variable cost ratio is equal to 66.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BXP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.6% for Boston Properties.

Corporate tax rate of 27% is the nominal tax rate for Boston Properties. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BXP stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BXP are equal to 617%.

Life of production assets of 22.7 years is the average useful life of capital assets used in Boston Properties operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BXP is equal to -14%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5786 million for Boston Properties - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 154.315 million for Boston Properties is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Boston Properties at the current share price and the inputted number of shares is $19.3 billion.

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COMPANY NEWS

▶ [$$] Office Landlords Look to High-End Condos for Inspiration   [Nov-05-17 09:00AM  The Wall Street Journal]
▶ Boston Properties, Inc. to Host Earnings Call   [Nov-02-17 08:20AM  ACCESSWIRE]
▶ Boston Properties reports 3Q results   [Nov-01-17 06:06PM  Associated Press]
▶ StonebridgeCarras sets stage for its $300M Bethesda tower   [Sep-26-17 03:25PM  American City Business Journals]
▶ Boston Properties Announces 2017 Investor Conference   [Sep-25-17 05:38PM  Business Wire]
▶ Boston Properties Declares Regular Quarterly Dividends   [Sep-15-17 04:01PM  Business Wire]
▶ How Do Wall Street Analysts Rate Boston Properties?   [Sep-06-17 09:06AM  Market Realist]
▶ How Does Boston Properties Compare to Peers?   [07:36AM  Market Realist]
▶ Can Boston Properties Flourish amid Higher Interest Rates?   [Sep-04-17 10:37AM  Market Realist]
▶ Marriott's planned Bethesda HQ will anchor a 1M-square-foot complex   [Sep-01-17 02:50PM  American City Business Journals]
▶ Marriott's new Bethesda HQ will be larger than previously planned   [02:31PM  American City Business Journals]
▶ How Did Boston Properties Fare in 1H17?   [12:36PM  Market Realist]
▶ At long last, GSA picks a new headquarters site for the TSA   [06:01PM  American City Business Journals]
▶ 3 Real Estate Stocks You Can Keep Forever   [Aug-22-17 10:46AM  Motley Fool]
▶ Canada Goose swooping into Boston with new retail store   [Aug-10-17 04:36PM  American City Business Journals]
▶ Vornados New Leases Drove Revenue in 2Q17   [Aug-03-17 11:40AM  Market Realist]
▶ Where Does Vornado Stand after 2Q17 Earnings?   [10:07AM  Market Realist]
▶ Boston Properties reports 2Q results   [Aug-01-17 11:00PM  Associated Press]
▶ How Wall Street Analysts Rate Vornado   [Jul-27-17 09:07AM  Market Realist]
▶ JBG Smith to establish new headquarters after merger   [Jul-12-17 04:31PM  American City Business Journals]
▶ How Wall Street Analysts Rate Vornado Realty Trust   [Jul-11-17 07:35AM  Market Realist]
▶ Where Vornado Stands among Its Peers   [Jul-10-17 10:35AM  Market Realist]
▶ How Prologis Has Managed to Remain Afloat amid Online Hype   [Jun-19-17 03:34PM  Market Realist]
▶ Boston Properties Declares Regular Quarterly Dividends   [Jun-16-17 04:01PM  Business Wire]
▶ Reston Town Center restaurant scores a win in paid parking lawsuit   [Jun-14-17 05:50PM  American City Business Journals]
Financial statements of BXP
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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