With a market cap of around $10 billion, BXP, Inc. (BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, with a focus on six major gateway markets including Boston, Los Angeles, and New York. Based in Boston, Massachusetts and operating as a real estate investment trust (REIT), BXP manages a portfolio totaling 53.3 million square feet across 185 properties.
BXP is expected to release its fiscal Q1 2025 earnings results after the market closes on Tuesday, Apr. 29. Ahead of this event, analysts project the company to report an FFO of $1.64 per share, reflecting a decrease of 5.2% from $1.73 per share in the year-ago quarter. However, the company holds a solid track record of consistently surpassing or meeting Wall Street's bottom-line estimates in the last four quarterly reports.
For fiscal 2025, analysts forecast BXP to report FFO of $6.90 per share, down 2.8% from $7.10 per share in fiscal 2024. Moreover, FFO is expected to grow 4.5% year-over-year to $7.21 per share in fiscal 2026.
BXP has risen 9.2% over the past 52 weeks, outperforming the broader S&P 500 Index's ($SPX) 4.4% gain. But, the stock has underperformed the Real Estate Select Sector SPDR Fund's (XLRE) 12.3% return over the same time frame.
Shares of BXP fell 5.9% following its Q4 2024 earnings release on Jan. 28 primarily due to a significant net loss of $230 million, or $1.45 per share, driven by non-cash impairment charges totaling $341.3 million. These impairments, related to joint venture investments in properties like Colorado Center and Safeco Plaza, raised concerns about asset valuation in BXP’s portfolio. Additionally, while FFO met analyst expectations at $1.79 per share, it declined slightly year-over-year. BXP's 2025 FFO guidance of $6.77 per share - $6.95 per share is lower than 2024's $7.10, reflecting higher projected interest expenses.
Analysts' consensus view on BXP stock is cautiously optimistic, with a "Moderate Buy" rating overall. Among 21 analysts covering the stock, eight suggest a "Strong Buy," 11 give a "Hold," and two recommend a "Strong Sell." As of writing, BXP is trading below the average analyst price target of $77.50.
