On 12 Nov 2026 our base value for BXP, Inc. is $73.43 a share, 16.8% above its $62.89 close; 1 of 1 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Exit multiple (P/E) | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Sum of the parts | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to sales | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Tangible book | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to FFO (REITs) | $73.43 | +16.8% | funds from operations $7.48 a share (FY2025) at its own 5-year median of 9.8× (today 8.4×) |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
| Fiscal year | Net income | Depreciation | FFO | Shares | FFO per share | Year-end close | P/FFO |
|---|---|---|---|---|---|---|---|
| 2021 | $631.93m | $720.85m | $1.35bn | 156.38m | $8.65 | $115.18 | 13.3× |
| 2022 | $1.02bn | $752.20m | $1.77bn | 157.14m | $11.28 | $67.58 | 6.0× |
| 2023 | $291.42m | $832.75m | $1.12bn | 157.20m | $7.15 | $70.17 | 9.8× |
| 2024 | $84.19m | $889.45m | $973.64m | 157.79m | $6.17 | $74.36 | 12.1× |
| 2025 | $276.80m | $912.09m | $1.19bn | 158.87m | $7.48 | $67.48 | 9.0× |
| Median P/FFO | 9.8× |
| Latest FFO per share (FY2025) | $7.48 |
| Value per share = median × latest FFO per share | $73.43 |
For a REIT the base value is the price-to-FFO value: $73.43 a share.
Bear $67.48 · Base $73.43 · Bull $90.18 (the REIT's own lower and upper quartile price-to-FFO)
One-year price simulation: a 57% chance the price is higher than today's $62.89 in a year, from 29.43% volatility. The simulation assumes the price drifts up at our discount rate of 9.45% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $60.45 | $73.43 |
| 9 Oct 2026 | $59.05 | $73.43 |
| 16 Oct 2026 | $59.20 | $73.43 |
| 23 Oct 2026 | $62.10 | $73.43 |
| 30 Oct 2026 | $62.80 | $73.43 |
| 6 Nov 2026 | $65.01 | $73.43 |
| 12 Nov 2026 | $62.89 | $73.43 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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