Intrinsic value of Boston Properties - BXP

Previous Close

$120.97

  Intrinsic Value

$9.46

stock screener

  Rating & Target

str. sell

-92%

Previous close

$120.97

 
Intrinsic value

$9.46

 
Up/down potential

-92%

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
Revenue, $m
  2,551
  2,686
  2,828
  2,976
  3,131
  3,294
  3,465
  3,643
  3,831
  4,027
  4,233
  4,449
  4,676
  4,914
  5,163
  5,425
  5,700
  5,988
  6,290
  6,607
  6,940
  7,290
  7,657
  8,042
  8,446
  8,871
  9,316
  9,784
  10,274
  10,790
  11,331
Variable operating expenses, $m
 
  1,794
  1,889
  1,988
  2,092
  2,200
  2,314
  2,434
  2,559
  2,690
  2,828
  2,972
  3,124
  3,282
  3,449
  3,624
  3,807
  4,000
  4,202
  4,414
  4,636
  4,870
  5,115
  5,372
  5,642
  5,926
  6,223
  6,535
  6,863
  7,208
  7,569
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
  1,794
  1,889
  1,988
  2,092
  2,200
  2,314
  2,434
  2,559
  2,690
  2,828
  2,972
  3,124
  3,282
  3,449
  3,624
  3,807
  4,000
  4,202
  4,414
  4,636
  4,870
  5,115
  5,372
  5,642
  5,926
  6,223
  6,535
  6,863
  7,208
  7,569
Operating income, $m
  825
  892
  939
  988
  1,040
  1,094
  1,150
  1,210
  1,272
  1,337
  1,405
  1,477
  1,552
  1,631
  1,714
  1,801
  1,892
  1,988
  2,088
  2,194
  2,304
  2,420
  2,542
  2,670
  2,804
  2,945
  3,093
  3,248
  3,411
  3,582
  3,762
EBITDA, $m
  1,519
  1,622
  1,707
  1,797
  1,891
  1,989
  2,092
  2,200
  2,313
  2,432
  2,556
  2,687
  2,823
  2,967
  3,118
  3,276
  3,441
  3,615
  3,798
  3,990
  4,191
  4,402
  4,623
  4,856
  5,100
  5,356
  5,625
  5,907
  6,204
  6,515
  6,842
Interest expense (income), $m
  434
  451
  482
  515
  550
  586
  625
  665
  707
  751
  797
  846
  897
  950
  1,006
  1,065
  1,126
  1,191
  1,259
  1,330
  1,405
  1,483
  1,565
  1,652
  1,742
  1,837
  1,937
  2,042
  2,152
  2,268
  2,389
Earnings before tax, $m
  570
  441
  457
  473
  490
  507
  525
  545
  565
  586
  608
  631
  656
  681
  708
  736
  766
  797
  830
  864
  900
  937
  977
  1,018
  1,062
  1,108
  1,156
  1,206
  1,259
  1,315
  1,373
Tax expense, $m
  0
  119
  123
  128
  132
  137
  142
  147
  153
  158
  164
  170
  177
  184
  191
  199
  207
  215
  224
  233
  243
  253
  264
  275
  287
  299
  312
  326
  340
  355
  371
Net income, $m
  513
  322
  334
  345
  357
  370
  384
  398
  412
  428
  444
  461
  479
  497
  517
  538
  559
  582
  606
  631
  657
  684
  713
  743
  775
  809
  844
  881
  919
  960
  1,002

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
  19,465
  20,491
  21,565
  22,691
  23,870
  25,106
  26,401
  27,759
  29,183
  30,676
  32,242
  33,884
  35,607
  37,415
  39,311
  41,301
  43,389
  45,580
  47,880
  50,293
  52,826
  55,485
  58,275
  61,205
  64,279
  67,507
  70,896
  74,453
  78,187
  82,108
Adjusted assets (=assets-cash), $m
  18,495
  19,465
  20,491
  21,565
  22,691
  23,870
  25,106
  26,401
  27,759
  29,183
  30,676
  32,242
  33,884
  35,607
  37,415
  39,311
  41,301
  43,389
  45,580
  47,880
  50,293
  52,826
  55,485
  58,275
  61,205
  64,279
  67,507
  70,896
  74,453
  78,187
  82,108
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
  16,574
  17,447
  18,362
  19,320
  20,324
  21,377
  22,480
  23,636
  24,848
  26,119
  27,453
  28,851
  30,318
  31,857
  33,472
  35,166
  36,944
  38,810
  40,768
  42,823
  44,979
  47,243
  49,619
  52,113
  54,731
  57,480
  60,365
  63,394
  66,573
  69,911
Working capital, $m
  0
  -376
  -396
  -417
  -438
  -461
  -485
  -510
  -536
  -564
  -593
  -623
  -655
  -688
  -723
  -759
  -798
  -838
  -881
  -925
  -972
  -1,021
  -1,072
  -1,126
  -1,182
  -1,242
  -1,304
  -1,370
  -1,438
  -1,511
  -1,586
Total debt, $m
  9,796
  10,472
  11,197
  11,955
  12,750
  13,582
  14,455
  15,369
  16,328
  17,333
  18,387
  19,493
  20,652
  21,869
  23,145
  24,484
  25,888
  27,363
  28,910
  30,533
  32,237
  34,025
  35,902
  37,872
  39,940
  42,111
  44,390
  46,782
  49,294
  51,930
  54,698
Total liabilities, $m
  13,065
  13,742
  14,467
  15,225
  16,020
  16,852
  17,725
  18,639
  19,598
  20,603
  21,657
  22,763
  23,922
  25,139
  26,415
  27,754
  29,158
  30,633
  32,180
  33,803
  35,507
  37,295
  39,172
  41,142
  43,210
  45,381
  47,660
  50,052
  52,564
  55,200
  57,968
Total equity, $m
  5,786
  5,723
  6,024
  6,340
  6,671
  7,018
  7,381
  7,762
  8,161
  8,580
  9,019
  9,479
  9,962
  10,469
  11,000
  11,557
  12,142
  12,756
  13,401
  14,077
  14,786
  15,531
  16,313
  17,133
  17,994
  18,898
  19,847
  20,843
  21,889
  22,987
  24,140
Total liabilities and equity, $m
  18,851
  19,465
  20,491
  21,565
  22,691
  23,870
  25,106
  26,401
  27,759
  29,183
  30,676
  32,242
  33,884
  35,608
  37,415
  39,311
  41,300
  43,389
  45,581
  47,880
  50,293
  52,826
  55,485
  58,275
  61,204
  64,279
  67,507
  70,895
  74,453
  78,187
  82,108
Debt-to-equity ratio
  1.693
  1.830
  1.860
  1.890
  1.910
  1.940
  1.960
  1.980
  2.000
  2.020
  2.040
  2.060
  2.070
  2.090
  2.100
  2.120
  2.130
  2.150
  2.160
  2.170
  2.180
  2.190
  2.200
  2.210
  2.220
  2.230
  2.240
  2.240
  2.250
  2.260
  2.270
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
  322
  334
  345
  357
  370
  384
  398
  412
  428
  444
  461
  479
  497
  517
  538
  559
  582
  606
  631
  657
  684
  713
  743
  775
  809
  844
  881
  919
  960
  1,002
Depreciation, amort., depletion, $m
  694
  730
  769
  809
  851
  895
  942
  990
  1,041
  1,095
  1,151
  1,209
  1,271
  1,336
  1,403
  1,475
  1,549
  1,627
  1,710
  1,796
  1,886
  1,981
  2,081
  2,186
  2,296
  2,411
  2,532
  2,659
  2,793
  2,933
  3,080
Funds from operations, $m
  935
  1,052
  1,102
  1,154
  1,209
  1,266
  1,325
  1,388
  1,454
  1,522
  1,595
  1,670
  1,750
  1,833
  1,920
  2,012
  2,108
  2,209
  2,315
  2,427
  2,543
  2,666
  2,794
  2,929
  3,071
  3,220
  3,376
  3,540
  3,712
  3,892
  4,082
Change in working capital, $m
  -102
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -57
  -59
  -62
  -65
  -69
  -72
  -76
Cash from operations, $m
  1,037
  1,071
  1,122
  1,175
  1,230
  1,288
  1,349
  1,413
  1,480
  1,550
  1,623
  1,701
  1,781
  1,866
  1,955
  2,049
  2,147
  2,250
  2,358
  2,471
  2,590
  2,715
  2,846
  2,983
  3,128
  3,279
  3,438
  3,605
  3,781
  3,965
  4,158
Maintenance CAPEX, $m
  0
  -693
  -730
  -769
  -809
  -851
  -895
  -942
  -990
  -1,041
  -1,095
  -1,151
  -1,209
  -1,271
  -1,336
  -1,403
  -1,475
  -1,549
  -1,627
  -1,710
  -1,796
  -1,886
  -1,981
  -2,081
  -2,186
  -2,296
  -2,411
  -2,532
  -2,659
  -2,793
  -2,933
New CAPEX, $m
  -959
  -833
  -873
  -915
  -958
  -1,004
  -1,052
  -1,103
  -1,156
  -1,212
  -1,271
  -1,333
  -1,398
  -1,467
  -1,539
  -1,615
  -1,694
  -1,778
  -1,866
  -1,958
  -2,055
  -2,157
  -2,264
  -2,376
  -2,494
  -2,618
  -2,748
  -2,885
  -3,029
  -3,180
  -3,338
Cash from investing activities, $m
  -1,329
  -1,526
  -1,603
  -1,684
  -1,767
  -1,855
  -1,947
  -2,045
  -2,146
  -2,253
  -2,366
  -2,484
  -2,607
  -2,738
  -2,875
  -3,018
  -3,169
  -3,327
  -3,493
  -3,668
  -3,851
  -4,043
  -4,245
  -4,457
  -4,680
  -4,914
  -5,159
  -5,417
  -5,688
  -5,973
  -6,271
Free cash flow, $m
  -292
  -456
  -481
  -508
  -537
  -567
  -598
  -632
  -667
  -704
  -743
  -783
  -826
  -872
  -919
  -969
  -1,022
  -1,077
  -1,136
  -1,197
  -1,261
  -1,329
  -1,399
  -1,474
  -1,552
  -1,635
  -1,721
  -1,812
  -1,907
  -2,008
  -2,113
Issuance/(repayment) of debt, $m
  662
  676
  724
  758
  795
  833
  872
  914
  959
  1,005
  1,054
  1,106
  1,160
  1,216
  1,276
  1,339
  1,405
  1,474
  1,547
  1,623
  1,704
  1,788
  1,877
  1,970
  2,068
  2,171
  2,279
  2,392
  2,511
  2,636
  2,768
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  4
  9
  14
  20
  26
  32
  39
  45
  53
  60
  68
  77
  86
  95
  105
  116
  127
  138
  150
Cash from financing (excl. dividends), $m  
  597
  676
  724
  758
  795
  833
  872
  914
  959
  1,005
  1,054
  1,106
  1,164
  1,225
  1,290
  1,359
  1,431
  1,506
  1,586
  1,668
  1,757
  1,848
  1,945
  2,047
  2,154
  2,266
  2,384
  2,508
  2,638
  2,774
  2,918
Total cash flow (excl. dividends), $m
  305
  221
  243
  250
  258
  266
  274
  283
  292
  302
  312
  322
  337
  354
  371
  389
  409
  429
  450
  472
  496
  520
  546
  573
  602
  631
  663
  696
  731
  767
  805
Retained Cash Flow (-), $m
  -77
  -294
  -302
  -316
  -331
  -347
  -363
  -381
  -399
  -419
  -439
  -460
  -483
  -507
  -531
  -558
  -585
  -614
  -644
  -676
  -710
  -745
  -782
  -820
  -861
  -904
  -949
  -996
  -1,046
  -1,098
  -1,153
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
 
  284
  -59
  -66
  -73
  -81
  -89
  -98
  -107
  -117
  -127
  -138
  -146
  -153
  -160
  -168
  -176
  -185
  -194
  -204
  -214
  -225
  -236
  -247
  -260
  -273
  -286
  -300
  -315
  -331
  -347
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
 
  259
  -48
  -49
  -48
  -46
  -44
  -42
  -39
  -35
  -31
  -28
  -23
  -19
  -15
  -12
  -9
  -7
  -5
  -4
  -3
  -2
  -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
  99.9
  99.9
  99.8
  99.7
  99.6
  99.5
  99.4
  99.3
  99.1
  99.0
  98.8
  98.7
  98.5
  98.3
  98.1
  97.9
  97.7

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 36.3
Price to Sales 7.3
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 17.9
Price to Free Cash Flow 238.5
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 5.3% 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 152.888 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 $18.5 billion.

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COMPANY NEWS

▶ Boston Properties reports 4Q results   [Jan-30-18 06:40PM  Associated Press]
▶ International Trade Commission's D.C. headquarters sells for $118.5M   [Jan-10-18 06:29PM  American City Business Journals]
▶ 2 REITs To Avoid In 2018, According To BMO   [Jan-09-18 05:24PM  Benzinga]
▶ [$$] 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]
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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