Core Insights - BXP has secured a significant long-term lease with Starr at 343 Madison Avenue, enhancing its Midtown Manhattan portfolio and demonstrating ongoing tenant interest in modern office spaces [1][2][8] Company Developments - The lease agreement with Starr covers approximately 275,000 square feet, representing about 30% of the building, under a 20-year contract, which improves BXP's future cash flow visibility and reduces leasing risk [2][8] - 343 Madison Avenue is designed as a next-generation office building with a focus on sustainability, wellness, and amenities, aligning with BXP's strategy to upgrade its portfolio [3][6] Market Trends - The office real estate market is selective, with tenants favoring high-quality, well-located offices, particularly in Midtown Manhattan, which benefits landlords like BXP [5][6] - BXP reported strong leasing activity in Q3 2025, signing over 1.5 million square feet with a weighted-average lease term of 7.9 years, marking its best third quarter since 2019 [4] Financial Outlook - The lease with Starr reinforces BXP's positioning in a changing office market, improving income visibility and validating its focus on prime locations and modern design [6] - Analysts have slightly raised BXP's 2025 FFO per share estimates to $6.89, despite a 4.2% decline in shares over the past six months [7]

Core Viewpoint - BXP has signed a significant long-term lease with Starr, indicating strong demand for premium office space in New York City [1] Group 1: Company Overview - BXP is the largest publicly traded developer, owner, and manager of premier workplaces in the United States [1] Group 2: Lease Agreement Details - The lease signed with Starr covers approximately 275,000 square feet and spans 20 years [1] - The leased space is located at 343 Madison Avenue, which is a 930,000 square foot workplace currently under construction [1] - The property offers direct access to Grand Central's Madison Concourse between 44th and 45th Street [1]

Core Viewpoint - BXP, Inc. is the largest publicly traded developer, owner, and manager of premier workplaces, with a market cap of $11 billion and significant real estate holdings [1] Financial Performance - Analysts expect BXP to report a fiscal fourth-quarter FFO of $1.80 per share, a slight increase from $1.79 per share in the same quarter last year [2] - For the full year, BXP is projected to report an FFO of $6.90 per share, down 2.8% from $7.10 per share in fiscal 2024, but expected to rise to $7.07 per share in fiscal 2026, reflecting a 2.5% year-over-year increase [3] Stock Performance - BXP's stock has underperformed the S&P 500 Index, which gained 14.8% over the past 52 weeks, with BXP shares down 9.1% during the same period [4] - Following the Q3 results announcement, BXP shares closed down more than 5%, despite reporting an FFO of $1.74 per share, which exceeded Wall Street expectations of $1.72 per share [5] Analyst Ratings - The consensus opinion on BXP stock is moderately bullish, with a "Moderate Buy" rating; 10 out of 23 analysts recommend a "Strong Buy," while 13 suggest a "Hold" [6] - The average analyst price target for BXP is $78.85, indicating a potential upside of 13.9% from current levels [6]

Core Viewpoint - BXP has amended and restated the employment agreement of CEO Owen Thomas to align it with the company's strategic action plan, extending the term through December 31, 2029 [1]. Group 1 - The new agreement for Owen Thomas is fundamentally the same as the previous one [1]. - The amendment is intended to align the term of employment with the multi-year strategic action plan introduced at BXP's Investor Day on September 8, 2025 [1]. - The previous agreement was set to expire in December 2026, while the new agreement covers the next four years [1].

Core Viewpoint - BXP, Inc. has amended and restated the employment agreement of its CEO Owen D. Thomas to better align his employment term with the company's multi-year strategy [1] Company Summary - BXP, Inc. is the largest publicly traded developer, owner, and manager of premier workplaces in the United States [1] - The new employment agreement for Owen D. Thomas is fundamentally similar to the previous one, indicating continuity in leadership [1]

Company Overview - BXP, Inc. is the largest publicly traded developer, owner, and manager of premier workplaces, valued at $11.3 billion by market cap, operating as a real estate investment trust (REIT) with properties totaling 53.5 million square feet across 186 properties [1] - BXP is categorized as a large-cap stock, emphasizing its size, influence, and dominance within the REIT - office industry, with high-quality properties in prime markets leading to strong occupancy rates and premium rents [2] Stock Performance - BXP's stock has experienced a decline of 15.1% from its 52-week high of $83.29, reached on December 9, 2024, and has fallen 10.4% over the past three months, underperforming the iShares Cohen & Steers REIT ETF's (ICF) 2.5% losses [3] - Over a six-month period, BXP shares fell 2.9%, outperforming ICF's losses of 3.2%, but the stock dipped 12.3% over the past 52 weeks, underperforming ICF's 5.5% drop [4] Financial Results - In Q3, BXP reported a funds from operations (FFO) of $1.74 per share, exceeding Wall Street expectations of $1.72 per share, with revenue of $871.5 million, reflecting a year-over-year increase of 1.4% [5] - The company anticipates full-year FFO in the range of $6.89 to $6.92 per share [5] Analyst Sentiment - Wall Street analysts maintain a reasonably bullish outlook on BXP, with a consensus "Moderate Buy" rating from 23 analysts and a mean price target of $79.05, indicating a potential upside of 11.8% from current price levels [6]

Core Viewpoint - BXP, Inc. is a significant player in the real estate investment trust (REIT) sector, focusing on high-quality office properties in major U.S. cities, with recent performance reflecting both challenges and opportunities in the current macroeconomic environment [1][2]. Company Overview - BXP, Inc., formerly known as Boston Properties, Inc., is headquartered in Boston, Massachusetts, and has expanded its operations beyond Boston to key markets including New York, San Francisco, Los Angeles, Seattle, and Washington, D.C. [1][2] - The company has a market capitalization of $10.95 billion [2]. Stock Performance - Over the past 52 weeks, BXP's stock has decreased by 11.8%, with a modest gain of 1.9% over the last six months. The stock reached a 52-week low of $54.22 in April but has since increased by 27.5% from that low [3]. - In comparison, the S&P 500 Index has increased by 12.3% and 11.1% over the same periods, indicating that BXP has underperformed the broader market [4]. - The Real Estate Select Sector SPDR Fund (XLRE) has declined by 5.8% over the past 52 weeks and 2.8% over the past six months, suggesting BXP has underperformed its sector over the past year but has outperformed it in the last six months [4]. Financial Performance - For the third quarter of fiscal 2025, BXP reported a revenue increase of 1.4% year-over-year (YOY) to $871.51 million, exceeding Wall Street's expectations of $807.9 million [5]. - The funds from operations (FFO) per share for the quarter was $1.74, which, while lower than the $1.81 reported a year earlier, was above the expected $1.72 [5]. - The company experienced strong leasing momentum, signing over 1.5 million square feet of leases in the third quarter, reflecting a 38% YOY increase with a weighted-average lease term of 7.9 years [6]. Future Outlook - Analysts project a profit decline of 2.8% YOY for fiscal year 2025, estimating earnings of $6.90 per share, but expect a recovery with a 2.2% annual increase to $7.05 per share in fiscal 2026 [7]. - BXP has a mixed history of meeting consensus estimates, having surpassed them in two of the last four quarters, matched them in one, and missed in one [7].

Core Insights - The article compares Boston Properties (BXP) and Gaming and Leisure Properties (GLPI) to determine which stock offers better value for investors [1] Valuation Metrics - BXP has a forward P/E ratio of 10.05, while GLPI has a forward P/E of 11.39 [5] - BXP's PEG ratio is 6.48, indicating a more favorable valuation compared to GLPI's PEG ratio of 9.34 [5] - BXP's P/B ratio is 1.46, compared to GLPI's P/B of 2.51, suggesting BXP is undervalued relative to its book value [6] Investment Grades - Both BXP and GLPI have a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions [3] - BXP holds a Value grade of B, while GLPI has a Value grade of C, suggesting BXP is the superior value option [6][7]

Financial Performance - Total revenue for Q3 2025 was $871,510,000, a 1.5% increase from $859,227,000 in Q3 2024[28] - Lease revenue increased to $809,820,000 in Q3 2025, compared to $799,471,000 in Q3 2024, reflecting a growth of 0.2%[28] - Net income attributable to BXP, Inc. for Q3 2025 was a loss of $121,712,000, compared to a profit of $83,628,000 in Q3 2024[28] - Net income for the three months ended September 30, 2025, was $(116,840) thousand, compared to $108,452 thousand for the same period in 2024, representing a decline of 208%[31] - Comprehensive income attributable to BXP, Inc. for the three months ended September 30, 2025, was $(121,484) thousand, a decrease from $57,355 thousand in the prior year[31] - For the nine months ended September 30, 2025, net income was $89,206 thousand, down from $322,005 thousand in 2024, indicating a decline of 72.3%[31] - Basic earnings per share attributable to BXP, Inc. for Q3 2025 was a loss of $0.77, compared to earnings of $0.53 in Q3 2024[28] - Net income for the nine months ended September 30, 2025, was $97,327,000, a decrease from $327,109,000 in the same period of 2024[65] Assets and Liabilities - Total assets decreased to $25,999,482,000 as of September 30, 2025, down from $26,084,980,000 at the end of 2024[25] - Total liabilities increased to $18,482,700,000 as of September 30, 2025, compared to $18,137,324,000 at December 31, 2024[25] - Total stockholders' equity attributable to BXP, Inc. decreased to $4,999,559,000 as of September 30, 2025, from $5,413,306,000 at December 31, 2024[25] - Total assets as of September 30, 2025, were $25,771,513, a slight decrease from $25,848,890 at the end of 2024[48] - The company's total liabilities increased to $18,482,700 as of September 30, 2025, compared to $18,137,324 at the end of 2024, an increase of approximately 1.9%[48] Cash Flow and Investments - Cash and cash equivalents decreased to $861,066,000 as of September 30, 2025, from $1,254,882,000 at December 31, 2024, a decline of 31.4%[23] - Total cash provided by operating activities was $837,405 for the nine months ended September 30, 2025, slightly down from $850,755 in 2024, a decrease of about 1.4%[41] - Cash used in investing activities increased to $988,228 in 2025 from $850,787 in 2024, marking an increase of approximately 16.2%[43] - The company reported a net cash decrease of $396,467 in cash and cash equivalents for the nine months ended September 30, 2025, compared to a decrease of $141,083 in 2024[43] - Cash and cash equivalents at the end of the period were $938,729, down from $1,471,484 at the end of September 2024, a decrease of about 36.1%[43] Expenses and Impairments - Depreciation and amortization expenses for Q3 2025 were $236,147,000, compared to $222,890,000 in Q3 2024, an increase of 5.9%[28] - The company reported an impairment loss of $68,901,000 in Q3 2025, compared to $13,615,000 in Q3 2024[28] - The company incurred impairment losses of $68,901 in 2025, significantly higher than $13,615 in 2024, indicating a substantial increase in asset impairment[41] - General and administrative expenses for the three months ended September 30, 2025, were $36,188, up from $33,352 in 2024, indicating an increase of 5.5%[187] Real Estate and Joint Ventures - As of September 30, 2025, BXP owned or had joint venture interests in 187 commercial real estate properties, totaling approximately 54.6 million net rentable square feet, including eight properties under construction/redevelopment of about 3.5 million net rentable square feet[75] - The company reported gains on sales of real estate amounting to $1.9 million in Q3 2025, compared to $0.5 million in Q3 2024[53] - The company reported a net income attributable to Boston Properties Limited Partnership of $(130.1) million for Q3 2025, compared to $94.9 million in Q3 2024[53] - The company's share of net loss from unconsolidated joint ventures for the three months ended September 30, 2025, was $(6.6) million, a decrease from $(9.3) million in the same period of 2024[120] Financing and Capital Structure - The Company issued $1.0 billion aggregate principal amount of 2.00% Exchangeable Senior Notes due 2030 on September 29, 2025, enhancing its capital structure[84] - BPLP drew the full $700.0 million of the Term Loan Facility to repay the remaining balance of $700.0 million under its previous unsecured term loan facility[143] - The 2025 Credit Facility allows for aggregate borrowings of up to $2.950 billion, including a $700.0 million unsecured term loan facility with an initial maturity date of March 30, 2029[137] - The Company recognized approximately $(1.0) million of interest expense related to the interest rate swap contract for the period from April 7, 2025, through September 30, 2025[148] Shareholder Returns and Compensation - BXP's dividends per share for September 30, 2025, were declared at $0.70, a decrease from $0.98 in previous quarters[179] - The final payout for the Company's 2022 MYLTIP awards was determined to be 59% of target, amounting to approximately $5.4 million[171] - The Company approved the 2025 Multi-Year Long-Term Incentive Program with an aggregate value of approximately $12.7 million, focusing on performance metrics including total shareholder return and funds from operations per share growth[202] Market Strategy and Operations - BXP operates in six major U.S. markets, focusing on premier workplaces that attract creditworthy clients and command upper-tier rental rates[215][216] - The company's core strategy emphasizes developing and managing premier workplaces in gateway markets with high barriers to entry and executing long-term leases with financially strong clients[221] - BXP's performance has consistently outperformed the broader office market in both rental rates and occupancy, validating its strategic focus on premier workplaces[221]

Core Viewpoint - Investors are facing a challenging market environment with numerous factors to consider for capital allocation [1] Group 1 - The current market is described as difficult to predict, indicating high volatility and uncertainty [1]