Intrinsic value of Boston Properties - BXP

Previous Close

$122.03

  Intrinsic Value

$9.46

stock screener

  Rating & Target

str. sell

-92%

  Value-price divergence*

-52%

Previous close

$122.03

 
Intrinsic value

$9.46

 
Up/down potential

-92%

 
Rating

str. sell

 
Value-price divergence*

-52%

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 18.7

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,551
  2,602
  2,662
  2,730
  2,807
  2,892
  2,986
  3,087
  3,197
  3,316
  3,443
  3,579
  3,725
  3,879
  4,044
  4,218
  4,403
  4,599
  4,805
  5,024
  5,255
  5,499
  5,755
  6,026
  6,311
  6,612
  6,928
  7,261
  7,612
  7,980
  8,368
Variable operating expenses, $m
 
  1,738
  1,778
  1,824
  1,875
  1,932
  1,994
  2,062
  2,136
  2,215
  2,300
  2,391
  2,488
  2,591
  2,701
  2,818
  2,941
  3,072
  3,210
  3,356
  3,510
  3,673
  3,845
  4,025
  4,216
  4,417
  4,628
  4,851
  5,085
  5,331
  5,590
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
  1,738
  1,778
  1,824
  1,875
  1,932
  1,994
  2,062
  2,136
  2,215
  2,300
  2,391
  2,488
  2,591
  2,701
  2,818
  2,941
  3,072
  3,210
  3,356
  3,510
  3,673
  3,845
  4,025
  4,216
  4,417
  4,628
  4,851
  5,085
  5,331
  5,590
Operating income, $m
  825
  864
  884
  906
  932
  960
  991
  1,025
  1,062
  1,101
  1,143
  1,188
  1,237
  1,288
  1,342
  1,400
  1,462
  1,527
  1,595
  1,668
  1,745
  1,826
  1,911
  2,001
  2,095
  2,195
  2,300
  2,411
  2,527
  2,649
  2,778
EBITDA, $m
  1,519
  1,571
  1,607
  1,649
  1,695
  1,746
  1,803
  1,864
  1,931
  2,002
  2,079
  2,161
  2,249
  2,342
  2,442
  2,547
  2,658
  2,777
  2,902
  3,034
  3,173
  3,320
  3,475
  3,639
  3,811
  3,992
  4,183
  4,384
  4,596
  4,819
  5,053
Interest expense (income), $m
  434
  451
  462
  476
  492
  510
  530
  552
  576
  602
  630
  660
  692
  726
  762
  801
  842
  886
  932
  980
  1,032
  1,086
  1,144
  1,204
  1,268
  1,335
  1,406
  1,480
  1,558
  1,641
  1,728
Earnings before tax, $m
  570
  413
  422
  430
  440
  450
  461
  473
  485
  499
  513
  528
  545
  562
  580
  599
  620
  641
  664
  688
  713
  739
  767
  797
  828
  860
  895
  931
  969
  1,009
  1,051
Tax expense, $m
  0
  112
  114
  116
  119
  122
  124
  128
  131
  135
  139
  143
  147
  152
  157
  162
  167
  173
  179
  186
  192
  200
  207
  215
  223
  232
  242
  251
  262
  272
  284
Net income, $m
  513
  302
  308
  314
  321
  329
  337
  345
  354
  364
  375
  386
  398
  410
  423
  437
  452
  468
  484
  502
  520
  540
  560
  582
  604
  628
  653
  679
  707
  736
  767

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
  18,855
  19,289
  19,785
  20,341
  20,958
  21,634
  22,371
  23,169
  24,028
  24,950
  25,937
  26,989
  28,110
  29,301
  30,565
  31,905
  33,323
  34,822
  36,406
  38,079
  39,844
  41,706
  43,668
  45,735
  47,912
  50,205
  52,618
  55,157
  57,828
  60,638
Adjusted assets (=assets-cash), $m
  18,495
  18,855
  19,289
  19,785
  20,341
  20,958
  21,634
  22,371
  23,169
  24,028
  24,950
  25,937
  26,989
  28,110
  29,301
  30,565
  31,905
  33,323
  34,822
  36,406
  38,079
  39,844
  41,706
  43,668
  45,735
  47,912
  50,205
  52,618
  55,157
  57,828
  60,638
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
  16,054
  16,424
  16,846
  17,320
  17,845
  18,421
  19,048
  19,727
  20,459
  21,244
  22,084
  22,980
  23,935
  24,949
  26,025
  27,166
  28,373
  29,650
  30,999
  32,423
  33,926
  35,511
  37,181
  38,942
  40,795
  42,747
  44,802
  46,964
  49,238
  51,631
Working capital, $m
  0
  -260
  -266
  -273
  -281
  -289
  -299
  -309
  -320
  -332
  -344
  -358
  -372
  -388
  -404
  -422
  -440
  -460
  -481
  -502
  -525
  -550
  -576
  -603
  -631
  -661
  -693
  -726
  -761
  -798
  -837
Total debt, $m
  9,796
  10,042
  10,348
  10,698
  11,091
  11,526
  12,004
  12,524
  13,087
  13,694
  14,345
  15,041
  15,785
  16,576
  17,417
  18,309
  19,255
  20,256
  21,314
  22,433
  23,614
  24,860
  26,174
  27,559
  29,019
  30,556
  32,175
  33,878
  35,671
  37,557
  39,540
Total liabilities, $m
  13,065
  13,312
  13,618
  13,968
  14,361
  14,796
  15,274
  15,794
  16,357
  16,964
  17,615
  18,311
  19,055
  19,846
  20,687
  21,579
  22,525
  23,526
  24,584
  25,703
  26,884
  28,130
  29,444
  30,829
  32,289
  33,826
  35,445
  37,148
  38,941
  40,827
  42,810
Total equity, $m
  5,786
  5,543
  5,671
  5,817
  5,980
  6,162
  6,361
  6,577
  6,812
  7,064
  7,335
  7,625
  7,935
  8,264
  8,615
  8,986
  9,380
  9,797
  10,238
  10,703
  11,195
  11,714
  12,261
  12,838
  13,446
  14,086
  14,760
  15,470
  16,216
  17,001
  17,827
Total liabilities and equity, $m
  18,851
  18,855
  19,289
  19,785
  20,341
  20,958
  21,635
  22,371
  23,169
  24,028
  24,950
  25,936
  26,990
  28,110
  29,302
  30,565
  31,905
  33,323
  34,822
  36,406
  38,079
  39,844
  41,705
  43,667
  45,735
  47,912
  50,205
  52,618
  55,157
  57,828
  60,637
Debt-to-equity ratio
  1.693
  1.810
  1.820
  1.840
  1.850
  1.870
  1.890
  1.900
  1.920
  1.940
  1.960
  1.970
  1.990
  2.010
  2.020
  2.040
  2.050
  2.070
  2.080
  2.100
  2.110
  2.120
  2.130
  2.150
  2.160
  2.170
  2.180
  2.190
  2.200
  2.210
  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
  302
  308
  314
  321
  329
  337
  345
  354
  364
  375
  386
  398
  410
  423
  437
  452
  468
  484
  502
  520
  540
  560
  582
  604
  628
  653
  679
  707
  736
  767
Depreciation, amort., depletion, $m
  694
  707
  724
  742
  763
  786
  811
  839
  869
  901
  936
  973
  1,012
  1,054
  1,099
  1,146
  1,197
  1,250
  1,306
  1,366
  1,428
  1,495
  1,564
  1,638
  1,715
  1,797
  1,883
  1,974
  2,069
  2,169
  2,274
Funds from operations, $m
  935
  1,009
  1,031
  1,056
  1,084
  1,115
  1,148
  1,184
  1,223
  1,265
  1,311
  1,359
  1,410
  1,465
  1,522
  1,584
  1,649
  1,718
  1,791
  1,867
  1,949
  2,034
  2,124
  2,220
  2,320
  2,425
  2,536
  2,653
  2,776
  2,905
  3,041
Change in working capital, $m
  -102
  -5
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
Cash from operations, $m
  1,037
  1,014
  1,037
  1,063
  1,092
  1,123
  1,157
  1,194
  1,234
  1,277
  1,323
  1,372
  1,424
  1,480
  1,539
  1,601
  1,667
  1,737
  1,811
  1,889
  1,972
  2,059
  2,150
  2,247
  2,348
  2,455
  2,568
  2,686
  2,811
  2,942
  3,080
Maintenance CAPEX, $m
  0
  -693
  -707
  -724
  -742
  -763
  -786
  -811
  -839
  -869
  -901
  -936
  -973
  -1,012
  -1,054
  -1,099
  -1,146
  -1,197
  -1,250
  -1,306
  -1,366
  -1,428
  -1,495
  -1,564
  -1,638
  -1,715
  -1,797
  -1,883
  -1,974
  -2,069
  -2,169
New CAPEX, $m
  -959
  -314
  -369
  -422
  -474
  -525
  -576
  -627
  -679
  -732
  -785
  -840
  -896
  -954
  -1,014
  -1,076
  -1,141
  -1,207
  -1,277
  -1,349
  -1,424
  -1,503
  -1,585
  -1,671
  -1,760
  -1,854
  -1,952
  -2,055
  -2,162
  -2,274
  -2,392
Cash from investing activities, $m
  -1,329
  -1,007
  -1,076
  -1,146
  -1,216
  -1,288
  -1,362
  -1,438
  -1,518
  -1,601
  -1,686
  -1,776
  -1,869
  -1,966
  -2,068
  -2,175
  -2,287
  -2,404
  -2,527
  -2,655
  -2,790
  -2,931
  -3,080
  -3,235
  -3,398
  -3,569
  -3,749
  -3,938
  -4,136
  -4,343
  -4,561
Free cash flow, $m
  -292
  7
  -39
  -82
  -124
  -165
  -205
  -244
  -284
  -323
  -363
  -404
  -445
  -487
  -530
  -574
  -620
  -667
  -715
  -766
  -818
  -873
  -929
  -988
  -1,050
  -1,114
  -1,181
  -1,251
  -1,325
  -1,401
  -1,481
Issuance/(repayment) of debt, $m
  662
  246
  306
  350
  393
  435
  478
  520
  563
  607
  651
  696
  743
  791
  841
  892
  946
  1,001
  1,059
  1,119
  1,181
  1,246
  1,314
  1,385
  1,459
  1,537
  1,618
  1,704
  1,793
  1,886
  1,984
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
  0
  4
  12
  21
  30
  39
  49
  59
Cash from financing (excl. dividends), $m  
  597
  246
  306
  350
  393
  435
  478
  520
  563
  607
  651
  696
  743
  791
  841
  892
  946
  1,001
  1,059
  1,119
  1,181
  1,246
  1,314
  1,385
  1,463
  1,549
  1,639
  1,734
  1,832
  1,935
  2,043
Total cash flow (excl. dividends), $m
  305
  252
  267
  268
  269
  270
  273
  276
  279
  283
  288
  293
  298
  305
  311
  318
  326
  334
  343
  353
  363
  373
  385
  397
  413
  435
  458
  482
  507
  534
  562
Retained Cash Flow (-), $m
  -77
  -114
  -127
  -146
  -164
  -181
  -199
  -217
  -234
  -253
  -271
  -290
  -309
  -330
  -350
  -372
  -394
  -417
  -441
  -466
  -492
  -519
  -547
  -577
  -608
  -640
  -674
  -709
  -746
  -785
  -826
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
 
  495
  140
  122
  105
  89
  74
  59
  45
  31
  17
  3
  -11
  -25
  -39
  -53
  -68
  -82
  -98
  -113
  -129
  -145
  -162
  -180
  -195
  -205
  -216
  -227
  -239
  -251
  -265
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
 
  451
  115
  90
  69
  51
  37
  25
  16
  9
  4
  1
  -2
  -3
  -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
  100.0
  99.9
  99.9
  99.8
  99.7
  99.6

Boston Properties, Inc., a real estate investment trust (REIT), together with its subsidiaries, engages in the ownership and development of office properties. Its properties are located in Boston, Massachusetts; Washington, D.C.; midtown Manhattan, New York; San Francisco, California; and Princeton, New Jersey. As of December 31, 2008, the company owned interests in 147 properties, totaling approximately 49.8 million net rentable square feet and structured parking for vehicles containing approximately 11.2 million square feet. Its properties also included 143 office properties, 1 hotel, and 3 retail properties. In addition, the company owned or controlled an undeveloped land totaling approximately 509.3 acres. Boston Properties, Inc. has elected to be taxed as REIT under the Internal Revenue Code and would not be subject to federal income taxes, if it distributes approximately at least 90% of its taxable income to its shareholders. The company was founded in 1970 and is based in Boston, Massachusetts.

FINANCIAL RATIOS  of  Boston Properties (BXP)

Valuation Ratios
P/E Ratio 36.6
Price to Sales 7.4
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 18.1
Price to Free Cash Flow 240.6
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% 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 -10%. 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 152.858 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 $18.7 billion.

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COMPANY NEWS

▶ 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]
▶ Boston Properties Renews ATM Equity Offering Program   [Jun-02-17 05:10PM  Business Wire]
▶ Boston Properties relents on paid parking at Reston Town Center   [May-31-17 03:08PM  American City Business Journals]
▶ Exclusive: Salesforce, WeWork in talks for big leases at Salesforce Tower   [May-25-17 01:55PM  American City Business Journals]
▶ Boston Properties reports 1Q results   [Apr-25-17 06:12PM  Associated Press]
▶ Restaurant suing over paid parking at Reston Town Center   [Mar-23-17 04:08PM  at bizjournals.com]
▶ Restaurant suing over paid parking at Reston Town Center   [04:08PM  American City Business Journals]
▶ Behind WeWorks Billion Dollar Valuation (RGU, BXP)   [Mar-21-17 01:57PM  Investopedia]
▶ Boston Properties Declares Regular Quarterly Dividends   [Mar-16-17 04:36PM  Business Wire]
▶ Boston Properties aims to shed Southwest D.C. office building   [Mar-14-17 04:37PM  at bizjournals.com]
▶ Boston Properties aims to shed Southwest D.C. office building   [04:37PM  American City Business Journals]
▶ Reston Town Center merchants push back on paid parking   [Feb-03-17 04:13PM  at bizjournals.com]
Stock chart of BXP 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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