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Boston Properties (BXP)

Boston Properties is the largest publicly held developer and owner of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space. The Company's portfolio totals 51.2 million square feet and 196 properties, including seven properties under construction.

BXP stock data

Calendar

5 Aug 22
9 Aug 22
31 Dec 22
Quarter (USD) Jun 20 Mar 20 Sep 19 Jun 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
30 Jun 22 Klein Joel Phantom Stock Units Common Stock, par value $0.01 Grant Acquire A No No 88.98 519.11 46.19K 12,096.73
30 Jun 22 Lustig Matthew J Phantom Stock Units Common Stock, par value $0.01 Grant Acquire A No No 88.98 352.5 31.37K 10,782.58
30 Jun 22 Kelly Ayotte Phantom Stock Units Common Stock, par value $0.01 Grant Acquire A No No 88.98 353.92 31.49K 3,941.94
30 Jun 22 Walton William H Iii Phantom Stock Units Common Stock, par value $0.01 Grant Acquire A No No 88.98 262.69 23.37K 3,020.03
30 Jun 22 Twardock David A Phantom Stock Units Common Stock, par value $0.01 Grant Acquire A No No 88.98 365.08 32.48K 30,997.79
13F holders Current Prev Q Change
Total holders 538 520 +3.5%
Opened positions 76 83 -8.4%
Closed positions 58 57 +1.8%
Increased positions 222 175 +26.9%
Reduced positions 158 170 -7.1%
13F shares Current Prev Q Change
Total value 18.68B 17.69B +5.6%
Total shares 145.07M 153.54M -5.5%
Total puts 199.5K 241.4K -17.4%
Total calls 268.1K 375.8K -28.7%
Total put/call ratio 0.7 0.6 +15.8%
Largest owners Shares Value Change
Vanguard 23.38M $3.01B +1.8%
BLK Blackrock 17.09M $2.2B -1.5%
TCI Fund Management 11.71M $1.51B -6.0%
STT State Street 11.03M $1.43B +6.1%
JPM JPMorgan Chase & Co. 7.79M $1B +18.0%
Capital World Investors 7.68M $988.75M +3.5%
APG Asset Management US 7.62M $982.02M +1.7%
Putnam Investments 3.33M $429.38M +5.5%
Geode Capital Management 3.11M $399.78M +4.2%
Dimensional Fund Advisors 2.61M $336.28M -0.8%
Largest transactions Shares Bought/sold Change
Norges Bank 0 -13.04M EXIT
JPM JPMorgan Chase & Co. 7.79M +1.19M +18.0%
Cullen Capital Management 919.61K +914.42K +17612.1%
DB Deutsche Bank AG - Registered Shares 2.32M +882.22K +61.3%
TCI Fund Management 11.71M -747.66K -6.0%
STT State Street 11.03M +638.45K +6.1%
PRU Prudential Financial 188.37K -583.97K -75.6%
Vanguard 23.38M +404.12K +1.8%
Russell Investments 907.39K +292.09K +47.5%
Healthcare Of Ontario Pension Plan Trust Fund 0 -266.92K EXIT

Financial report summary

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Risks
  • Our performance depends upon the economic conditions, particularly the supply and demand characteristics, of our markets—Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC.
  • Our properties face significant competition.
  • We face potential difficulties or delays renewing leases or re-leasing space.
  • Changes in rent control or rent stabilization and eviction laws and regulations in our markets could have a material adverse effect on our residential portfolio’s results of operations and residential property values.
  • We face potential adverse effects from major tenants’ bankruptcies or insolvencies.
  • Our actual costs to develop properties may exceed our budgeted costs.
  • We face risks associated with the development of mixed-use commercial properties.
  • Our use of joint ventures and participation in the Strategic Capital Program may limit our control over and flexibility with jointly owned investments and other assets we may wish to acquire.
  • We face the risk that third parties will not be able to service or repay loans we make to them.
  • Potential liability for environmental contamination could result in substantial costs.
  • Covenants in our debt agreements could adversely affect our financial condition.
  • We may be subject to adverse legislative or regulatory tax changes that could negatively impact our financial condition.
  • We face possible adverse state and local tax audits and changes in state and local tax laws.
  • Our involvement in legal proceedings and other claims may result in substantial monetary and other costs that have a material adverse effect on our results of operations.
  • We face risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (IT) networks and related systems.
Management Discussion
  • This section of this Form 10-K generally discusses 2021 and 2020 items and year-to-year comparisons between 2021 and 2020. Discussions of 2019 items and year-to-year comparisons between 2020 and 2019 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on February 26, 2021.
  • Net income attributable to Boston Properties, Inc. common shareholders and net income attributable to Boston Properties Limited Partnership common unitholders decreased approximately $366.0 million and $418.0 million for the year ended December 31, 2021 compared to 2020, respectively, as set forth in the following tables and for the reasons discussed below under the heading “Comparison of the year ended December 31, 2021 to the year ended December 31, 2020” within “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
  • Boston Properties, Inc.

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