With a market cap of $10.8 billion, BXP, Inc. (BXP) is a leading real estate investment trust (REIT) that develops, owns, and manages premier workplaces across the United States. With over 50 years of experience, it has built a diverse portfolio of high-quality properties in key markets, delivering innovative spaces that foster progress for clients and communities alike. The Boston, Massachusetts-based company is expected to announce its fiscal Q4 earnings results after the market closes on Tuesday, Jan. 28.
Ahead of the event, analysts expect the REIT to report an FFO of $1.79 per share, down 1.7% from $1.82 per share in the year-ago quarter. However, the company has surpassed or met Wall Street's bottom-line estimates in the past four quarters.
For fiscal 2024, analysts anticipate BXP to report an FFO of $7.10 per share, a 2.5% decline from $7.28 per share in fiscal 2023. However, FFO is expected to recover slightly, with an estimated $7.13 per share in fiscal 2025.
BXP has declined 5.4% over the past 52 weeks, underperforming both the S&P 500 Index's ($SPX) 21.8% rise and the Real Estate Select Sector SPDR Fund's (XLRE) 1.1% decrease over the same period.
BXP's shares dropped nearly 4% following its Q3 earnings release on Oct. 29, driven by multiple factors. Although the company reported 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 also missed the mid-point of guidance, impacted by higher-than-anticipated depreciation and amortization expenses, despite a partial offset from lower general and administrative costs. Additionally, portfolio occupancy declined to 87%, and guidance for full-year EPS was slightly reduced, raising concerns about near-term operational challenges and leasing momentum.
Analysts' consensus view on BXP stock is cautiously optimistic, with a "Moderate Buy" rating overall. Among 21 analysts covering the stock, eight recommend a "Strong Buy," 12 suggest a "Hold," and one gives a "Strong Sell" rating. As of writing, BXP is trading below the average analyst price target of $82.61.
