Valued at a market cap of $11.8 billion, Boston, Massachusetts-based BXP, Inc. (BXP) is the largest publicly traded real estate investment trust (REIT) specializing in the development, ownership, and management of premier workplaces in the United States. Its portfolio encompasses 53 million square feet and 184 properties, including ongoing construction and redevelopment projects.
Companies valued at $10 billion or more are generally considered “large-cap” stocks, and BXP fits this criterion perfectly. With a legacy spanning over 50 years, BXP has established itself as a leader in delivering innovative spaces that drive progress for its clients and communities.
Despite a 17.8% decline from its 52-week high of $90.11 reached on Oct. 18, shares of this REIT have declined nearly 8% over the past three months, underperforming the broader S&P 500 Index’s ($SPX) around 3% return over the same time frame.
In the longer term, BXP stock is up 5.5% over the past 52 weeks, lagging behind the SPX’s 24.4% gain. However, shares of BXP have risen 20.3% over the past six months, outpacing the 8.7% return of the SPX over the same time frame.
BXP has been trading above its 200-day moving average since early July. But, the stock has fallen below its 50-day moving average since November despite few fluctuations.
Shares of BXP fell nearly 4% following its Q3 earnings release on Oct. 29 due to multiple factors. Despite reporting FFO per share of $1.81 in line with expectations, adjusted revenue of $799.5 million fell short of analyst estimates. EPS of $0.53 missed the mid-point of guidance due to higher-than-forecasted depreciation and amortization expenses, despite some offset from lower general and administrative costs. Additionally, portfolio occupancy declined to 87%, while guidance for full-year EPS was lowered slightly, amplifying investor concerns about near-term operational challenges and leasing momentum.
Furthermore, BXP has lagged behind its rival, SL Green Realty Corp. (SLG), which has experienced a 45.3% surge over the past 52 weeks and a 15.8% rise over the past six months.
BXP has a consensus rating of “Moderate Buy” from the 21 analysts covering the stock. As of writing, the stock is trading below the mean price target of $84.28.
