Intrinsic value of Boston Properties - BXP

Previous Close

$132.15

  Intrinsic Value

$22.20

stock screener

  Rating & Target

str. sell

-83%

Previous close

$132.15

 
Intrinsic value

$22.20

 
Up/down potential

-83%

 
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 2017), $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 20.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  2,654
  2,715
  2,785
  2,863
  2,950
  3,045
  3,149
  3,261
  3,382
  3,512
  3,651
  3,799
  3,957
  4,124
  4,302
  4,491
  4,690
  4,902
  5,125
  5,360
  5,608
  5,870
  6,147
  6,438
  6,744
  7,067
  7,406
  7,764
  8,140
  8,535
Variable operating expenses, $m
  1,793
  1,834
  1,880
  1,932
  1,990
  2,053
  2,122
  2,196
  2,276
  2,362
  2,421
  2,520
  2,624
  2,735
  2,853
  2,979
  3,111
  3,251
  3,399
  3,555
  3,720
  3,894
  4,077
  4,270
  4,473
  4,687
  4,912
  5,149
  5,399
  5,661
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
  1,793
  1,834
  1,880
  1,932
  1,990
  2,053
  2,122
  2,196
  2,276
  2,362
  2,421
  2,520
  2,624
  2,735
  2,853
  2,979
  3,111
  3,251
  3,399
  3,555
  3,720
  3,894
  4,077
  4,270
  4,473
  4,687
  4,912
  5,149
  5,399
  5,661
Operating income, $m
  861
  881
  905
  931
  960
  992
  1,027
  1,065
  1,106
  1,149
  1,229
  1,279
  1,332
  1,389
  1,449
  1,512
  1,580
  1,651
  1,726
  1,805
  1,889
  1,977
  2,070
  2,168
  2,271
  2,380
  2,494
  2,615
  2,741
  2,874
EBITDA, $m
  2,875
  2,941
  3,017
  3,102
  3,196
  3,299
  3,411
  3,533
  3,664
  3,805
  3,955
  4,116
  4,287
  4,468
  4,661
  4,865
  5,081
  5,310
  5,552
  5,807
  6,076
  6,360
  6,659
  6,974
  7,306
  7,656
  8,024
  8,411
  8,818
  9,247
Interest expense (income), $m
  434
  362
  362
  363
  364
  364
  365
  366
  367
  368
  370
  371
  372
  374
  375
  377
  379
  381
  383
  385
  387
  389
  392
  395
  397
  400
  403
  407
  410
  414
  417
Earnings before tax, $m
  499
  519
  542
  567
  596
  627
  661
  698
  737
  780
  859
  907
  959
  1,014
  1,072
  1,134
  1,199
  1,268
  1,341
  1,418
  1,499
  1,585
  1,675
  1,771
  1,871
  1,976
  2,088
  2,205
  2,328
  2,457
Tax expense, $m
  135
  140
  146
  153
  161
  169
  178
  188
  199
  211
  232
  245
  259
  274
  289
  306
  324
  342
  362
  383
  405
  428
  452
  478
  505
  534
  564
  595
  628
  663
Net income, $m
  364
  379
  395
  414
  435
  458
  483
  509
  538
  569
  627
  662
  700
  740
  782
  827
  875
  926
  979
  1,035
  1,094
  1,157
  1,223
  1,293
  1,366
  1,443
  1,524
  1,609
  1,699
  1,794

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  -727
  -743
  -762
  -784
  -808
  -834
  -862
  -893
  -926
  -961
  -999
  -1,040
  -1,083
  -1,129
  -1,178
  -1,229
  -1,284
  -1,342
  -1,403
  -1,467
  -1,535
  -1,607
  -1,683
  -1,762
  -1,846
  -1,935
  -2,027
  -2,125
  -2,228
  -2,337
Adjusted assets (=assets-cash), $m
  -727
  -743
  -762
  -784
  -808
  -834
  -862
  -893
  -926
  -961
  -999
  -1,040
  -1,083
  -1,129
  -1,178
  -1,229
  -1,284
  -1,342
  -1,403
  -1,467
  -1,535
  -1,607
  -1,683
  -1,762
  -1,846
  -1,935
  -2,027
  -2,125
  -2,228
  -2,337
Revenue / Adjusted assets
  -3.651
  -3.654
  -3.655
  -3.652
  -3.651
  -3.651
  -3.653
  -3.652
  -3.652
  -3.655
  -3.655
  -3.653
  -3.654
  -3.653
  -3.652
  -3.654
  -3.653
  -3.653
  -3.653
  -3.654
  -3.653
  -3.653
  -3.652
  -3.654
  -3.653
  -3.652
  -3.654
  -3.654
  -3.654
  -3.652
Average production assets, $m
  19,815
  20,271
  20,792
  21,377
  22,025
  22,736
  23,510
  24,348
  25,251
  26,220
  27,257
  28,363
  29,541
  30,793
  32,121
  33,529
  35,019
  36,595
  38,260
  40,018
  41,873
  43,829
  45,891
  48,063
  50,351
  52,760
  55,296
  57,965
  60,772
  63,724
Working capital, $m
  -11,495
  -11,759
  -12,061
  -12,401
  -12,776
  -13,189
  -13,638
  -14,124
  -14,648
  -15,210
  -15,812
  -16,453
  -17,137
  -17,863
  -18,633
  -19,450
  -20,314
  -21,228
  -22,194
  -23,214
  -24,290
  -25,425
  -26,621
  -27,881
  -29,209
  -30,606
  -32,077
  -33,625
  -35,253
  -36,966
Total debt, $m
  701
  702
  703
  705
  706
  708
  710
  712
  715
  717
  720
  723
  726
  729
  733
  736
  740
  744
  749
  753
  758
  763
  769
  774
  780
  786
  793
  800
  807
  815
Total liabilities, $m
  52
  53
  54
  56
  57
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  114
  119
  125
  131
  137
  144
  151
  158
  166
Total equity, $m
  -778
  -796
  -816
  -839
  -865
  -893
  -923
  -956
  -992
  -1,030
  -1,070
  -1,114
  -1,160
  -1,209
  -1,261
  -1,317
  -1,375
  -1,437
  -1,502
  -1,571
  -1,644
  -1,721
  -1,802
  -1,887
  -1,977
  -2,072
  -2,171
  -2,276
  -2,386
  -2,502
Total liabilities and equity, $m
  -726
  -743
  -762
  -783
  -808
  -834
  -862
  -893
  -926
  -962
  -999
  -1,040
  -1,083
  -1,129
  -1,177
  -1,230
  -1,284
  -1,342
  -1,402
  -1,467
  -1,535
  -1,607
  -1,683
  -1,762
  -1,846
  -1,935
  -2,027
  -2,125
  -2,228
  -2,336
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071
  1.071

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  364
  379
  395
  414
  435
  458
  483
  509
  538
  569
  627
  662
  700
  740
  782
  827
  875
  926
  979
  1,035
  1,094
  1,157
  1,223
  1,293
  1,366
  1,443
  1,524
  1,609
  1,699
  1,794
Depreciation, amort., depletion, $m
  2,015
  2,060
  2,112
  2,171
  2,236
  2,307
  2,384
  2,468
  2,558
  2,655
  2,726
  2,836
  2,954
  3,079
  3,212
  3,353
  3,502
  3,659
  3,826
  4,002
  4,187
  4,383
  4,589
  4,806
  5,035
  5,276
  5,530
  5,796
  6,077
  6,372
Funds from operations, $m
  2,379
  2,439
  2,508
  2,585
  2,671
  2,765
  2,867
  2,977
  3,097
  3,225
  3,352
  3,499
  3,654
  3,819
  3,995
  4,180
  4,377
  4,585
  4,805
  5,037
  5,282
  5,540
  5,812
  6,099
  6,401
  6,719
  7,054
  7,406
  7,776
  8,166
Change in working capital, $m
  -225
  -264
  -302
  -339
  -376
  -412
  -449
  -486
  -524
  -562
  -601
  -642
  -683
  -726
  -771
  -817
  -864
  -914
  -966
  -1,020
  -1,076
  -1,135
  -1,196
  -1,260
  -1,327
  -1,398
  -1,471
  -1,548
  -1,628
  -1,713
Cash from operations, $m
  2,604
  2,703
  2,810
  2,924
  3,047
  3,177
  3,316
  3,464
  3,620
  3,787
  3,954
  4,140
  4,337
  4,545
  4,765
  4,997
  5,241
  5,499
  5,771
  6,057
  6,358
  6,675
  7,008
  7,359
  7,728
  8,116
  8,525
  8,954
  9,405
  9,879
Maintenance CAPEX, $m
  -1,943
  -1,982
  -2,027
  -2,079
  -2,138
  -2,202
  -2,274
  -2,351
  -2,435
  -2,525
  -2,622
  -2,726
  -2,836
  -2,954
  -3,079
  -3,212
  -3,353
  -3,502
  -3,659
  -3,826
  -4,002
  -4,187
  -4,383
  -4,589
  -4,806
  -5,035
  -5,276
  -5,530
  -5,796
  -6,077
New CAPEX, $m
  -388
  -456
  -521
  -585
  -648
  -711
  -774
  -838
  -903
  -969
  -1,037
  -1,106
  -1,178
  -1,252
  -1,328
  -1,408
  -1,490
  -1,576
  -1,665
  -1,758
  -1,855
  -1,956
  -2,062
  -2,173
  -2,288
  -2,409
  -2,536
  -2,668
  -2,807
  -2,953
Cash from investing activities, $m
  -2,331
  -2,438
  -2,548
  -2,664
  -2,786
  -2,913
  -3,048
  -3,189
  -3,338
  -3,494
  -3,659
  -3,832
  -4,014
  -4,206
  -4,407
  -4,620
  -4,843
  -5,078
  -5,324
  -5,584
  -5,857
  -6,143
  -6,445
  -6,762
  -7,094
  -7,444
  -7,812
  -8,198
  -8,603
  -9,030
Free cash flow, $m
  273
  266
  262
  260
  261
  264
  268
  274
  283
  293
  295
  308
  323
  339
  358
  377
  398
  421
  446
  473
  501
  531
  563
  598
  634
  672
  713
  756
  801
  849
Issuance/(repayment) of debt, $m
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
Issuance/(repurchase) of shares, $m
  -15
  -18
  -20
  -23
  -25
  -28
  -30
  -33
  -35
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -110
  -116
Cash from financing (excl. dividends), $m  
  -14
  -17
  -19
  -21
  -23
  -26
  -28
  -31
  -33
  -35
  -38
  -40
  -43
  -46
  -49
  -51
  -55
  -58
  -61
  -64
  -68
  -72
  -76
  -79
  -84
  -89
  -93
  -98
  -103
  -108
Total cash flow (excl. dividends), $m
  259
  249
  243
  239
  237
  237
  240
  244
  250
  257
  257
  268
  280
  294
  309
  326
  344
  364
  385
  408
  433
  460
  488
  518
  550
  584
  620
  658
  698
  741
Retained Cash Flow (-), $m
  15
  18
  20
  23
  25
  28
  30
  33
  35
  38
  41
  43
  46
  49
  52
  55
  59
  62
  65
  69
  73
  77
  81
  85
  90
  95
  100
  105
  110
  116
Prev. year cash balance distribution, $m
  763
  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
  36
  37
  38
  39
  40
  41
  43
  44
  46
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  104
  109
  114
Cash available for distribution, $m
  1,037
  267
  263
  262
  263
  265
  270
  277
  285
  295
  298
  311
  326
  343
  361
  381
  402
  426
  451
  477
  506
  536
  569
  603
  640
  678
  719
  763
  808
  857
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  982
  239
  220
  204
  189
  175
  163
  151
  139
  128
  114
  104
  94
  84
  75
  65
  57
  48
  41
  34
  28
  22
  17
  13
  10
  7
  5
  4
  3
  2
Current shareholders' claim on cash, %
  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
  100.0
  100.0
  100.0
  100.0
  100.0

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 39.6
Price to Sales 8
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 19.6
Price to Free Cash Flow 260.6
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 $2602 million for the last fiscal year's total revenue generated by Boston Properties. The default revenue input number comes from 2017 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 5.6%, 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 67.6%.

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 51.7% 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 1.4%.

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 746.6%.

Life of production assets of 10 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 -433.1%. 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 - $0 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 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 $20.4 billion.

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COMPANY NEWS

▶ Fairfax County 'back to the drawing board' with Reston Town Center North   [Aug-10-18 01:47PM  American City Business Journals]
▶ Run on renewables: Real estate trusts finally start going green   [Aug-09-18 11:45AM  American City Business Journals]
▶ Springfield apartment complex near future TSA HQ, Metro sells for $172M   [Aug-03-18 04:29PM  American City Business Journals]
▶ Boston Properties weighs pulling money out of TSA headquarters for other projects   [Aug-02-18 12:07PM  American City Business Journals]
▶ Four takeaways from Boston Properties' latest earnings call   [Aug-01-18 01:59PM  American City Business Journals]
▶ Verizon tops Amazon with Bostons largest office lease of 2018 so far   [Jul-31-18 06:51PM  American City Business Journals]
▶ Boston Properties: 2Q Earnings Snapshot   [06:34PM  Associated Press]
▶ Embarcadero Center kicks off office renovations   [Jul-24-18 09:29AM  American City Business Journals]
▶ Why Maryland was never going to lose Marriott   [Jun-21-18 03:14PM  American City Business Journals]
▶ Boston Properties Declares Regular Quarterly Dividends   [Jun-14-18 04:10PM  Business Wire]
▶ 'Wonder Woman' has taken over Georgetown. Where's it going next?   [Jun-13-18 09:26PM  American City Business Journals]
▶ GWU picks developers to remake prime Foggy Bottom site   [May-24-18 05:00AM  American City Business Journals]
▶ Is It Time To Buy Boston Properties Inc (NYSE:BXP)?   [May-18-18 06:19PM  Simply Wall St.]
▶ North Station office tower, which Verizon's Oath could anchor, gets design OK   [May-04-18 11:23AM  American City Business Journals]
▶ Google could anchor next big Boston Properties office tower in Kendall   [Apr-25-18 12:13PM  American City Business Journals]
▶ Boston Properties: 1Q Earnings Snapshot   [Apr-24-18 06:03PM  Associated Press]
▶ Exclusive: WeWork grabs 14th San Francisco location, adding 1,300 desks   [Apr-18-18 05:29PM  American City Business Journals]
▶ San Francisco's largest office landlord to break ground on $265 million Oakland tower   [Apr-10-18 05:51PM  American City Business Journals]
▶ Five top Boston Properties execs report combined $34M in pay in 2017   [Apr-09-18 01:55PM  American City Business Journals]
▶ Boston Properties Declares Regular Quarterly Dividends   [Mar-15-18 04:05PM  Business Wire]
▶ Fannie Mae picks new Reston site for Northern Virginia hub   [Feb-28-18 05:12PM  American City Business Journals]
▶ 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]
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