Boston Properties (BXP) Financials

$63.85 +0.78 (+1.24%)

Closing price 03:59 PM Eastern

Extended Trading

$63.90 +0.05 (+0.09%)

As of 04:33 PM Eastern

Annual Income Statements for Boston Properties

This table shows Boston Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	573	502	452	572	511	862	496	849	190	14
Consolidated Net Income / (Loss)	800	570	562	713	652	1,019	632	1,021	291	84
Net Income / (Loss) Continuing Operations	800	570	562	713	652	1,019	632	1,021	292	98
Total Pre-Tax Income	800	562	551	713	652	1,019	632	1,021	292	98
Total Operating Income	849	826	908	1,096	1,046	905	968	1,059	1,034	1,020
Total Gross Profit	2,459	2,519	1,640	1,694	1,911	1,724	1,842	1,958	2,040	2,069
Total Revenue	2,491	2,551	2,602	2,717	2,961	2,766	2,889	3,109	3,274	3,408
Operating Revenue	2,491	2,523	2,235	2,717	2,961	2,646	2,753	2,918	3,055	3,177
Other Revenue	-	28	368	-	-	119	136	190	219	231
Total Cost of Revenue	32	31	962	1,023	1,050	1,042	1,047	1,151	1,234	1,339
Operating Cost of Revenue	32	31	962	1,023	1,050	1,042	1,047	1,151	1,234	1,339
Total Operating Expenses	1,609	1,694	732	598	865	818	874	899	1,005	1,049
Selling, General & Admin Expense	96	105	114	123	143	135	157	149	174	162
Depreciation Expense	640	694	618	646	678	684	717	750	831	887
Total Other Income / (Expense), net	-49	-264	-357	-383	-394	113	-336	-38	-743	-923
Interest Expense	454	413	374	395	442	432	469	437	580	645
Interest & Investment Income	29	9.50	9.46	11	25	-74	8.76	-54	-164	-279
Other Income / (Expense), net	376	138	7.66	-	23	619	124	454	0.76	1.15
Net Income / (Loss) Attributable to Noncontrolling Interest	217	57	100	130	130	146	127	172	101	70
Basic Earnings per Share	$3.73	$3.27	$2.93	$3.71	-	$5.54	$3.18	$5.41	$1.21	$0.09
Weighted Average Basic Shares Outstanding	153.47M	153.72M	154.19M	154.43M	154.58M	155.43M	156.12M	156.73M	156.86M	157.47M
Diluted Earnings per Share	$3.72	$3.26	$2.93	$3.70	$3.30	$5.54	$3.17	$5.40	$1.21	$0.09
Weighted Average Diluted Shares Outstanding	153.84M	153.98M	154.39M	154.68M	154.88M	155.52M	156.38M	157.14M	157.20M	157.79M
Weighted Average Basic & Diluted Shares Outstanding	153.59M	153.84M	154.34M	154.51M	155.12M	311.61M	313.35M	313.65M	314.02M	158.21M

This table shows Boston Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	361	122	78	104	-112	120	80	80	84	-229
Consolidated Net Income / (Loss)	421	156	106	136	-104	153	107	107	108	-238
Net Income / (Loss) Continuing Operations	421	156	106	136	-104	153	120	107	108	-238
Total Pre-Tax Income	421	156	106	136	-104	153	120	107	108	-238
Total Operating Income	272	261	235	266	272	262	246	251	261	262
Total Gross Profit	496	496	500	513	511	515	515	515	518	521
Total Revenue	791	790	803	817	824	829	839	850	859	859
Operating Revenue	739	739	757	762	767	769	789	791	799	798
Other Revenue	51	51	46	55	57	60	51	60	60	60
Total Cost of Revenue	294	294	303	304	313	314	324	335	341	337
Operating Cost of Revenue	294	294	303	304	313	314	324	335	341	337
Total Operating Expenses	225	235	265	247	240	253	269	264	256	259
Selling, General & Admin Expense	34	37	57	44	32	41	51	44	34	33
Depreciation Expense	191	198	209	203	207	212	219	220	223	226
Total Other Income / (Expense), net	149	-105	-129	-130	-375	-109	-126	-144	-153	-500
Interest Expense	112	120	134	142	148	155	162	150	163	170
Interest & Investment Income	-1.37	-51	5.04	12	-228	46	36	5.30	9.62	-329
Other Income / (Expense), net	262	66	0.26	0.12	0.47	-0.09	0.40	0.06	0.61	0.08
Net Income / (Loss) Attributable to Noncontrolling Interest	60	34	28	32	8.28	33	27	27	25	-8.96
Basic Earnings per Share	$2.30	$0.78	$0.50	$0.67	($0.71)	$0.75	$0.51	$0.51	$0.53	($1.46)
Weighted Average Basic Shares Outstanding	156.75M	156.73M	156.80M	156.83M	156.88M	156.86M	156.98M	157.04M	157.73M	157.47M
Diluted Earnings per Share	$2.29	$0.78	$0.50	$0.66	($0.71)	$0.76	$0.51	$0.51	$0.53	($1.46)
Weighted Average Diluted Shares Outstanding	157.13M	157.14M	157.04M	157.22M	156.88M	157.20M	157.13M	157.29M	158.21M	157.79M
Weighted Average Basic & Diluted Shares Outstanding	313.51M	313.65M	313.67M	313.73M	313.88M	314.02M	314.12M	315.87M	158.11M	158.21M

This table details how cash moves in and out of Boston Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-1,039	-377	85	134	53	1,027	-77	666	876	1,114
Net Cash From Operating Activities	799	1,035	912	1,150	1,181	1,157	1,133	1,282	1,302	1,235
Net Cash From Continuing Operating Activities	799	1,035	912	1,150	1,181	1,156	1,277	1,713	1,508	2,626
Net Income / (Loss) Continuing Operations	800	570	562	713	652	1,019	632	1,021	291	84
Consolidated Net Income / (Loss)	800	570	562	713	652	1,019	632	1,021	291	84
Depreciation Expense	640	694	618	646	678	684	717	750	831	887
Amortization Expense	-	-	0.00	-	2.41	2.23	3.52	2.43	1.94	2.26
Non-Cash Adjustments To Reconcile Net Income	-545	-250	-22	-261	23	-438	-41	-119	241	1,520
Changes in Operating Assets and Liabilities, net	-95	20	-246	53	-174	-110	-35	59	143	133
Net Cash From Investing Activities	-280	-1,337	-882	-1,099	-1,015	-614	-1,040	-1,603	-1,194	-1,237
Net Cash From Continuing Investing Activities	-280	-1,337	-882	-1,099	-1,022	-619	-1,040	-1,603	-1,194	-1,237
Purchase of Property, Plant & Equipment	-487	-729	-847	-1,095	-876	-781	-1,151	-1,998	-697	-876
Acquisitions	-38	-576	-109	-346	-87	-172	-98	-278	-206	-126
Purchase of Investments	-669	-1.16	-1.67	-0.90	-2.13	2.55	0.00	2.50	-0.69	-2.36
Sale of Property, Plant & Equipment	603	123	30	-	91	519	-	835	0.52	0.60
Divestitures	0.00	56	0.00	0.00	0.00	0.00	18	6.62	0.00	0.00
Sale and/or Maturity of Investments	25	20	251	455	137	55	181	37	33	28
Other Investing Activities, net	287	-230	-205	-113	-285	-238	10	-209	-323	-262
Net Cash From Financing Activities	-1,559	-75	55	82	-113	484	-1,311	556	768	-274
Net Cash From Continuing Financing Activities	-1,559	-75	55	82	-113	484	-314	556	785	-273
Repayment of Debt	-57	-1,369	-3,141	-1,534	-1,167	-293	-2,879	-1,138	-1,249	-6,080
Repurchase of Preferred Equity	-0.63	-	-	-	0.00	0.00	-200	0.00	0.00	0.00
Payment of Dividends	-1,399	-715	-581	-670	-923	-748	-944	-771	-758	-768
Issuance of Debt	0.00	2,015	3,751	2,241	1,928	1,513	3,667	2,465	2,548	6,213
Issuance of Common Equity	0.80	-0.27	52	47	50	11	42	0.50	245	375
Other Financing Activities, net	5.60	-5.26	-26	-0.96	-0.50	0.00	-1.25	0.00	0.00	-13
Cash Interest Paid	516	473	660	416	494	487	465	502	597	718

This table details how cash moves in and out of Boston Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	111	553	227	664	279	-294	-686	2,981	-1,780	599
Net Cash From Operating Activities	296	370	234	379	301	387	198	367	286	384
Net Cash From Continuing Operating Activities	461	635	306	403	1,165	-365	349	654	503	1,120
Net Income / (Loss) Continuing Operations	421	156	106	136	-104	153	107	107	108	-238
Consolidated Net Income / (Loss)	421	156	106	136	-104	153	107	107	108	-238
Depreciation Expense	191	198	209	203	207	212	219	220	223	226
Amortization Expense	0.44	0.58	0.65	0.28	0.57	0.44	1.44	-2.60	-1.36	4.79
Non-Cash Adjustments To Reconcile Net Income	-260	204	45	33	975	-813	86	280	178	975
Changes in Operating Assets and Liabilities, net	109	77	-126	6.69	181	82	-64	50	-5.38	152
Net Cash From Investing Activities	-333	-290	-286	-269	-321	-318	-287	-267	-297	-387
Net Cash From Continuing Investing Activities	-333	-279	-286	-269	-321	-318	-287	-267	-297	-387
Purchase of Property, Plant & Equipment	-1,419	-180	-159	-155	-165	-218	-214	-167	-208	-288
Acquisitions	-40	-168	-61	-43	-45	-57	-20	-34	-27	-45
Purchase of Investments	723	7.54	1.11	0.19	-1.51	-0.48	1.43	-0.88	-1.02	-1.89
Sale of Property, Plant & Equipment	-	140	0.00	-	0.52	-	0.00	-	0.52	0.09
Sale and/or Maturity of Investments	-163	0.50	0.00	7.35	-	25	0.00	-	-	28
Other Investing Activities, net	-140	-79	-67	-79	-109	-68	-54	-65	-62	-81
Net Cash From Financing Activities	-17	208	279	554	-679	613	-757	-129	745	-133
Net Cash From Continuing Financing Activities	-17	208	279	554	-661	613	-749	2,595	-1,985	-133
Repayment of Debt	-370	-446	-736	-6.13	-500	-6.78	-701	855	-4,424	-1,811
Payment of Dividends	-192	-196	-193	-187	-184	-194	-192	-190	-188	-198
Issuance of Debt	545	850	1,200	748	-	600	0.00	1,859	2,546	1,808
Issuance of Common Equity	0.01	0.01	8.14	-0.63	23	214	141	67	96	70
Other Financing Activities, net	-	-	0.00	-	-	-	3.16	2.84	-15	-3.30
Cash Interest Paid	163	123	136	158	143	159	190	172	175	181

This table presents Boston Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	18,351	18,852	19,372	20,256	21,285	22,858	22,365	24,208	26,026	26,085
Total Current Assets	1,101	666	634	739	883	1,819	101	76	101	111
Short-Term Investments	20	24	29	28	37	39	44	32	36	40
Prepaid Expenses	185	130	78	81	42	34	58	44	64	71
Plant, Property, & Equipment, net	15,556	15,925	-4,590	-4,898	17,622	17,819	-5,646	-6,298	20,192	20,677
Plant, Property & Equipment, gross	19,482	20,147	-	0.00	22,889	23,353	238	-	27,074	28,205
Accumulated Depreciation	3,926	4,222	4,590	4,898	5,267	5,534	5,884	6,298	6,882	7,528
Total Noncurrent Assets	1,695	2,260	23,328	24,415	2,780	3,220	27,910	30,101	5,230	4,821
Long-Term Investments	235	775	620	956	956	1,310	1,483	1,716	1,377	1,094
Noncurrent Note & Lease Receivables	-	-	0.00	99	96	96	88	0.00	1.71	4.95
Other Noncurrent Operating Assets	1,460	1,485	22,708	23,359	1,728	1,813	26,339	28,385	3,851	3,722
Total Liabilities & Shareholders' Equity	18,351	18,852	19,372	20,256	21,285	22,858	22,365	24,208	26,026	26,085
Total Liabilities	10,465	10,920	11,270	12,043	13,262	14,512	14,322	15,837	17,834	18,137
Total Current Liabilities	792	673	554	531	638	614	491	588	763	702
Short-Term Debt	-	-	-	-	0.00	0.00	-	-	0.00	0.00
Accounts Payable	275	299	332	277	378	336	321	418	458	402
Dividends Payable	327	130	139	165	171	171	170	171	171	172
Other Current Nonoperating Liabilities	190	244	84	89	90	106	-	-	134	128
Total Noncurrent Liabilities	9,672	10,247	10,716	11,511	12,624	13,898	13,832	15,249	17,071	16,935
Long-Term Debt	9,189	9,796	10,272	11,008	11,812	13,048	12,897	14,240	15,856	15,720
Other Noncurrent Operating Liabilities	484	451	444	504	812	850	935	1,009	1,214	1,214
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	0.00	0.00	0.00	8.37	6.90	9.57	6.61	8.38	9.54
Total Equity & Noncontrolling Interests	7,887	7,932	8,102	8,214	8,014	8,340	8,033	8,364	8,184	7,938
Total Preferred & Common Equity	5,709	5,786	5,814	5,883	5,685	5,996	5,834	6,133	5,877	5,413
Preferred Stock	200	200	200	200	200	200	0.00	0.00	0.00	0.00
Total Common Equity	5,509	5,586	5,614	5,683	5,485	5,796	5,834	6,133	5,877	5,413
Common Stock	6,307	6,335	6,379	6,409	6,296	6,358	6,499	6,541	6,717	6,838
Retained Earnings	-781	-694	-712	-676	-761	-510	-626	-391	-816	-1,420
Treasury Stock	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72
Accumulated Other Comprehensive Income / (Loss)	-14	-52	-50	-48	-48	-50	-37	-14	-21	-2.07
Noncontrolling Interest	2,177	2,146	2,288	2,331	2,330	2,344	2,199	2,231	2,307	2,525

This table presents Boston Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	23,727	24,208	24,625	25,342	24,739	26,026	25,526	25,474	26,406	26,085
Total Current Assets	138	76	174	111	154	101	183	891	1,742	111
Short-Term Investments	30	32	32	33	33	36	37	37	39	40
Prepaid Expenses	108	44	142	77	121	64	146	86	132	71
Plant, Property, & Equipment, net	-5,933	-6,298	-6,187	-6,331	-6,486	20,192	-7,041	20,419	20,528	20,677
Plant, Property & Equipment, gross	238	-	238	238	238	27,074	-	27,618	27,898	28,205
Accumulated Depreciation	6,170	6,298	6,425	6,569	6,724	6,882	7,041	7,199	7,370	7,528
Total Noncurrent Assets	29,522	30,101	30,625	31,549	30,969	5,230	31,879	3,689	3,659	4,821
Long-Term Investments	1,594	1,716	1,753	1,781	1,537	1,377	1,400	1,419	1,422	1,094
Noncurrent Note & Lease Receivables	79	0.00	79	89	-	1.71	2.27	3.16	3.94	4.95
Other Noncurrent Operating Assets	27,850	28,385	28,794	29,679	29,432	3,851	30,477	2,267	2,233	3,722
Total Liabilities & Shareholders' Equity	23,727	24,208	24,625	25,342	24,739	26,026	25,526	25,474	26,406	26,085
Total Liabilities	15,327	15,837	16,313	17,049	16,699	17,834	17,240	17,184	18,123	18,137
Total Current Liabilities	532	588	569	606	634	763	547	657	738	702
Short-Term Debt	-	-	-	-	-	0.00	-	0.00	0.00	0.00
Accounts Payable	361	418	398	435	462	458	375	372	444	402
Dividends Payable	171	171	171	171	172	171	172	172	172	172
Other Current Nonoperating Liabilities	-	-	-	-	-	134	-	112	121	128
Total Noncurrent Liabilities	14,795	15,249	15,744	16,443	16,065	17,071	16,693	16,027	16,885	16,935
Long-Term Debt	13,833	14,240	14,709	15,456	14,962	15,856	15,362	14,867	15,715	15,720
Other Noncurrent Operating Liabilities	962	1,009	1,035	987	1,103	1,214	1,331	1,160	1,170	1,214
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	6.99	6.61	5.60	6.29	6.79	8.38	8.14	7.92	11	9.54
Total Equity & Noncontrolling Interests	8,393	8,364	8,306	8,287	8,034	8,184	8,278	8,282	8,272	7,938
Total Preferred & Common Equity	6,156	6,133	6,063	6,040	5,788	5,877	5,858	5,803	5,759	5,413
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	6,156	6,133	6,063	6,040	5,788	5,877	5,858	5,803	5,759	5,413
Common Stock	6,534	6,541	6,551	6,563	6,570	6,717	6,754	6,770	6,824	6,838
Retained Earnings	-360	-391	-467	-517	-782	-816	-890	-965	-1,036	-1,420
Treasury Stock	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72	-2.72
Accumulated Other Comprehensive Income / (Loss)	-16	-14	-18	-3.41	2.87	-21	-3.62	-0.16	-26	-2.07
Noncontrolling Interest	2,237	2,231	2,244	2,246	2,245	2,307	2,420	2,479	2,512	2,525

This table displays calculated financial ratios and metrics derived from Boston Properties' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.91%	2.41%	2.01%	4.42%	8.96%	-6.58%	4.45%	7.61%	5.31%	4.10%
EBITDA Growth	16.66%	-11.08%	-7.53%	13.59%	0.42%	26.37%	-17.99%	24.92%	-17.51%	2.31%
EBIT Growth	26.33%	-21.34%	-4.99%	19.68%	-2.48%	42.60%	-28.38%	38.51%	-31.54%	-1.32%
NOPAT Growth	5.93%	-2.78%	9.97%	20.69%	-4.60%	-13.42%	6.93%	9.35%	-2.28%	-1.35%
Net Income Growth	52.06%	-28.75%	-1.32%	26.68%	-8.50%	56.24%	-37.97%	61.50%	-71.45%	-71.11%
EPS Growth	31.45%	-12.37%	-10.12%	26.28%	-10.81%	67.88%	-42.78%	70.35%	-77.59%	-92.56%
Operating Cash Flow Growth	14.93%	29.41%	-11.85%	26.13%	2.69%	-2.06%	-2.04%	13.16%	1.49%	-5.15%
Free Cash Flow Firm Growth	0.46%	-51.11%	-42.32%	137.31%	-11.76%	13.76%	-94.22%	-264.64%	-1,003.50%	185.64%
Invested Capital Growth	-0.83%	2.07%	3.73%	2.49%	2.58%	1.32%	4.98%	5.73%	8.36%	1.89%
Revenue Q/Q Growth	-1.68%	3.82%	0.98%	2.50%	11.31%	-11.32%	2.43%	1.93%	1.21%	0.88%
EBITDA Q/Q Growth	12.79%	-57.71%	-3.58%	6.88%	-0.08%	-5.02%	10.05%	-0.75%	-2.14%	0.99%
EBIT Q/Q Growth	20.62%	-62.35%	-3.49%	10.14%	-0.76%	-7.01%	16.72%	-2.47%	-5.00%	0.04%
NOPAT Q/Q Growth	0.19%	-1.29%	3.39%	10.14%	-2.92%	-25.33%	36.90%	0.75%	0.13%	0.00%
Net Income Q/Q Growth	-5.29%	-0.32%	-5.49%	8.04%	-1.40%	-12.92%	45.76%	-6.21%	-0.87%	-82.28%
EPS Q/Q Growth	-6.53%	1.88%	-8.72%	8.50%	-1.49%	-13.44%	55.39%	-6.90%	-1.63%	-96.10%
Operating Cash Flow Q/Q Growth	-4.23%	10.73%	4.14%	4.79%	-1.52%	1.14%	-2.42%	1.88%	1.34%	-0.27%
Free Cash Flow Firm Q/Q Growth	-30.67%	101.56%	-98.29%	161.36%	62.28%	-51.69%	-33.34%	85.90%	-324.20%	-47.64%
Invested Capital Q/Q Growth	0.35%	-48.47%	1.04%	-0.70%	-2.03%	0.11%	1.56%	-0.36%	4.34%	6.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	98.71%	98.77%	63.03%	62.36%	64.53%	62.33%	63.77%	62.97%	62.31%	60.72%
EBITDA Margin	74.87%	65.01%	58.93%	64.10%	59.08%	79.92%	62.75%	72.84%	57.06%	56.08%
Operating Margin	34.10%	32.37%	34.90%	40.34%	35.32%	32.73%	33.51%	34.05%	31.60%	29.94%
EBIT Margin	49.19%	37.79%	35.19%	40.34%	36.10%	55.11%	37.79%	48.64%	31.62%	29.98%
Profit (Net Income) Margin	32.11%	22.34%	21.62%	26.23%	22.02%	36.83%	21.88%	32.83%	8.90%	2.47%
Tax Burden Percent	100.00%	101.44%	102.04%	100.00%	100.00%	100.00%	100.00%	100.00%	99.97%	86.08%
Interest Burden Percent	65.29%	58.30%	60.19%	65.01%	61.00%	66.83%	57.89%	67.50%	28.16%	9.57%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	5.11%	4.94%	5.28%	6.18%	5.75%	4.89%	5.06%	5.25%	4.80%	4.51%
ROIC Less NNEP Spread (ROIC-NNEP)	4.54%	2.04%	1.52%	2.18%	1.84%	5.98%	1.99%	4.94%	-0.80%	-1.92%
Return on Net Nonoperating Assets (RNNOA)	4.95%	2.26%	1.74%	2.55%	2.28%	7.56%	2.65%	7.18%	-1.28%	-3.46%
Return on Equity (ROE)	10.06%	7.21%	7.02%	8.73%	8.03%	12.45%	7.71%	12.44%	3.52%	1.04%
Cash Return on Invested Capital (CROIC)	5.94%	2.89%	1.62%	3.73%	3.21%	3.58%	0.20%	-0.31%	-3.23%	2.64%
Operating Return on Assets (OROA)	6.41%	5.18%	4.79%	5.53%	5.15%	6.91%	4.83%	6.49%	4.12%	3.92%
Return on Assets (ROA)	4.18%	3.06%	2.94%	3.60%	3.14%	4.62%	2.79%	4.38%	1.16%	0.32%
Return on Common Equity (ROCE)	6.97%	5.05%	4.90%	6.05%	5.52%	8.58%	5.47%	9.07%	2.55%	0.73%
Return on Equity Simple (ROE_SIMPLE)	14.01%	9.85%	9.67%	12.11%	11.47%	16.99%	10.83%	16.64%	4.96%	1.56%
Net Operating Profit after Tax (NOPAT)	849	826	908	1,096	1,046	905	968	1,059	1,034	1,020
NOPAT Margin	34.10%	32.37%	34.90%	40.34%	35.32%	32.73%	33.51%	34.05%	31.60%	29.94%
Net Nonoperating Expense Percent (NNEP)	0.57%	2.91%	3.76%	4.01%	3.91%	-1.10%	3.08%	0.32%	5.59%	6.42%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.68%	4.30%	4.31%
Cost of Revenue to Revenue	1.29%	1.23%	36.97%	37.64%	35.47%	37.67%	36.23%	37.03%	37.69%	39.28%
SG&A Expenses to Revenue	3.87%	4.13%	4.40%	4.54%	4.82%	4.87%	5.42%	4.80%	5.33%	4.74%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	64.61%	66.39%	28.13%	22.02%	29.21%	29.59%	30.25%	28.92%	30.71%	30.78%
Earnings before Interest and Taxes (EBIT)	1,225	964	916	1,096	1,069	1,524	1,092	1,512	1,035	1,021
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,865	1,658	1,533	1,742	1,749	2,210	1,813	2,264	1,868	1,911
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.56	2.55	2.69	2.37	3.11	2.12	2.67	1.53	1.77	2.17
Price to Tangible Book Value (P/TBV)	2.56	2.55	2.69	2.37	3.11	2.12	2.67	1.53	1.77	2.17
Price to Revenue (P/Rev)	5.66	5.58	5.81	4.97	5.75	4.44	5.39	3.01	3.18	3.45
Price to Earnings (P/E)	24.64	28.33	33.47	23.57	33.33	14.25	31.37	11.02	54.64	823.79
Dividend Yield	3.48%	2.92%	3.11%	4.01%	3.48%	4.97%	3.93%	6.57%	5.92%	5.27%
Earnings Yield	4.06%	3.53%	2.99%	4.24%	3.00%	7.02%	3.19%	9.08%	1.83%	0.12%
Enterprise Value to Invested Capital (EV/IC)	1.49	1.49	1.53	1.42	1.61	1.33	1.49	1.16	1.21	1.26
Enterprise Value to Revenue (EV/Rev)	9.89	9.86	10.30	9.39	10.03	8.99	10.09	7.75	8.29	8.47
Enterprise Value to EBITDA (EV/EBITDA)	13.20	15.17	17.48	14.64	16.98	11.25	16.08	10.64	14.54	15.11
Enterprise Value to EBIT (EV/EBIT)	20.10	26.10	29.27	23.27	27.78	16.32	26.70	15.93	26.23	28.27
Enterprise Value to NOPAT (EV/NOPAT)	28.99	30.46	29.51	23.27	28.40	27.47	30.11	22.75	26.25	28.30
Enterprise Value to Operating Cash Flow (EV/OCF)	30.80	24.31	29.39	22.17	25.14	21.50	25.72	18.78	20.86	23.39
Enterprise Value to Free Cash Flow (EV/FCFF)	24.94	52.11	96.26	38.60	50.94	37.50	759.66	0.00	0.00	48.38
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.17	1.24	1.27	1.34	1.47	1.56	1.60	1.70	1.94	1.98
Long-Term Debt to Equity	1.17	1.24	1.27	1.34	1.47	1.56	1.60	1.70	1.94	1.98
Financial Leverage	1.09	1.11	1.15	1.17	1.24	1.26	1.33	1.45	1.60	1.81
Leverage Ratio	2.41	2.35	2.38	2.43	2.56	2.70	2.76	2.84	3.03	3.23
Compound Leverage Factor	1.57	1.37	1.44	1.58	1.56	1.80	1.60	1.92	0.85	0.31
Debt to Total Capital	53.81%	55.26%	55.90%	57.27%	59.55%	60.99%	61.59%	62.98%	65.93%	66.42%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	53.81%	55.26%	55.90%	57.27%	59.55%	60.99%	61.59%	62.98%	65.93%	66.42%
Preferred Equity to Total Capital	1.17%	1.13%	1.09%	1.04%	1.01%	0.93%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	12.75%	12.10%	12.46%	12.13%	11.79%	10.99%	10.55%	9.90%	9.63%	10.71%
Common Equity to Total Capital	32.27%	31.51%	30.55%	29.57%	27.65%	27.09%	27.86%	27.12%	24.44%	22.87%
Debt to EBITDA	4.93	5.91	6.70	6.32	6.75	5.90	7.12	6.29	8.49	8.23
Net Debt to EBITDA	4.36	5.17	5.99	5.44	5.79	4.54	6.27	5.52	7.73	7.63
Long-Term Debt to EBITDA	4.93	5.91	6.70	6.32	6.75	5.90	7.12	6.29	8.49	8.23
Debt to NOPAT	10.82	11.86	11.31	10.04	11.30	14.41	13.32	13.45	15.33	15.41
Net Debt to NOPAT	9.58	10.39	10.12	8.65	9.69	11.08	11.75	11.80	13.96	14.30
Long-Term Debt to NOPAT	10.82	11.86	11.31	10.04	11.30	14.41	13.32	13.45	15.33	15.41
Altman Z-Score	1.13	1.03	1.05	0.95	1.04	0.88	0.88	0.64	0.53	0.55
Noncontrolling Interest Sharing Ratio	30.75%	29.86%	30.15%	30.76%	31.22%	31.08%	29.04%	27.09%	27.49%	30.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.39	0.99	1.14	1.39	1.38	2.97	0.21	0.13	0.13	0.16
Quick Ratio	1.06	0.70	1.00	1.24	1.24	2.91	0.09	0.05	0.05	0.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	987	483	278	661	583	663	38	-63	-697	597
Operating Cash Flow to CapEx	0.00%	170.65%	111.62%	105.08%	150.50%	442.71%	98.45%	110.29%	186.77%	140.96%
Free Cash Flow to Firm to Interest Expense	2.17	1.17	0.74	1.67	1.32	1.54	0.08	-0.14	-1.20	0.93
Operating Cash Flow to Interest Expense	1.76	2.50	2.44	2.91	2.67	2.68	2.42	2.93	2.25	1.91
Operating Cash Flow Less CapEx to Interest Expense	2.01	1.04	0.25	0.14	0.90	2.07	-0.04	0.27	1.04	0.56
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.14	0.14	0.14	0.14	0.13	0.13	0.13	0.13	0.13
Accounts Receivable Turnover	34.48	26.79	28.17	30.39	29.69	29.08	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.16	0.16	0.00	0.00	0.00	0.16	0.00	0.00	0.00	0.17
Accounts Payable Turnover	0.12	0.11	3.05	3.36	3.21	2.92	3.19	3.12	2.82	3.11
Days Sales Outstanding (DSO)	10.58	13.62	12.96	12.01	12.29	12.55	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	2,946.33	3,324.70	119.52	108.53	113.70	125.02	114.57	117.07	129.54	117.28
Cash Conversion Cycle (CCC)	-2,935.74	-3,311.08	-106.56	-96.52	-101.41	-112.47	-114.57	-117.07	-129.54	-117.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,540	16,883	17,513	17,948	18,411	18,653	19,583	20,704	22,436	22,859
Invested Capital Turnover	0.15	0.15	0.15	0.15	0.16	0.15	0.15	0.15	0.15	0.15
Increase / (Decrease) in Invested Capital	-138	343	630	435	463	242	930	1,122	1,731	423
Enterprise Value (EV)	24,622	25,153	26,801	25,503	29,698	24,869	29,144	24,084	27,152	28,879
Market Capitalization	14,110	14,230	15,125	13,493	17,032	12,290	15,566	9,354	10,394	11,757
Book Value per Share	$35.87	$36.33	$36.38	$36.80	$35.47	$37.24	$37.35	$39.12	$37.45	$34.24
Tangible Book Value per Share	$35.87	$36.33	$36.38	$36.80	$35.47	$37.24	$37.35	$39.12	$37.45	$34.24
Total Capital	17,075	17,728	18,374	19,222	19,834	21,394	20,939	22,611	24,049	23,668
Total Debt	9,189	9,796	10,272	11,008	11,812	13,048	12,897	14,240	15,856	15,720
Total Long-Term Debt	9,189	9,796	10,272	11,008	11,812	13,048	12,897	14,240	15,856	15,720
Net Debt	8,135	8,577	9,188	9,480	10,128	10,029	11,370	12,492	14,443	14,587
Capital Expenditures (CapEx)	-115	606	817	1,095	785	261	1,151	1,163	697	876
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-509	-451	-384	-363	-484	-502	-433	-545	-699	-632
Debt-free Net Working Capital (DFNWC)	308	-6.65	80	208	245	1,206	-389	-512	-663	-592
Net Working Capital (NWC)	308	-6.65	80	208	245	1,206	-389	-512	-663	-592
Net Nonoperating Expense (NNE)	49	256	346	383	394	-113	336	38	743	936
Net Nonoperating Obligations (NNO)	8,653	8,951	9,410	9,734	10,388	10,306	11,540	12,334	14,243	14,911
Total Depreciation and Amortization (D&A)	640	694	618	646	680	686	721	752	833	889
Debt-free, Cash-free Net Working Capital to Revenue	-20.45%	-17.66%	-14.76%	-13.38%	-16.34%	-18.16%	-14.98%	-17.52%	-21.35%	-18.53%
Debt-free Net Working Capital to Revenue	12.38%	-0.26%	3.07%	7.66%	8.27%	43.60%	-13.47%	-16.48%	-20.24%	-17.37%
Net Working Capital to Revenue	12.38%	-0.26%	3.07%	7.66%	8.27%	43.60%	-13.47%	-16.48%	-20.24%	-17.37%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.73	$3.27	$2.93	$3.71	$3.31	$5.55	$0.00	$5.41	$1.21	$0.09
Adjusted Weighted Average Basic Shares Outstanding	153.47M	153.72M	154.19M	154.43M	154.58M	155.43M	156.12M	156.73M	156.86M	157.47M
Adjusted Diluted Earnings per Share	$3.72	$3.26	$2.93	$3.70	$3.30	$5.54	$3.17	$5.40	$1.21	$0.09
Adjusted Weighted Average Diluted Shares Outstanding	153.84M	153.98M	154.39M	154.68M	154.88M	155.52M	156.38M	157.14M	157.20M	157.79M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	153.59M	153.84M	154.34M	154.51M	155.12M	311.61M	313.35M	313.65M	314.02M	158.21M
Normalized Net Operating Profit after Tax (NOPAT)	595	578	636	648	732	634	678	741	724	714
Normalized NOPAT Margin	23.87%	22.66%	24.43%	23.84%	24.72%	22.91%	23.46%	23.84%	22.12%	20.96%
Pre Tax Income Margin	32.11%	22.03%	21.19%	26.23%	22.02%	36.83%	21.88%	32.83%	8.90%	2.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.70	2.33	2.45	2.78	2.42	3.53	2.33	3.46	1.79	1.58
NOPAT to Interest Expense	1.87	2.00	2.43	2.78	2.36	2.10	2.07	2.42	1.78	1.58
EBIT Less CapEx to Interest Expense	2.95	0.87	0.26	0.00	0.64	2.93	-0.13	0.80	0.58	0.23
NOPAT Less CapEx to Interest Expense	2.12	0.53	0.24	0.00	0.59	1.49	-0.39	-0.24	0.58	0.22
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	174.91%	125.47%	103.28%	94.04%	141.59%	73.40%	149.31%	75.50%	260.03%	911.74%
Augmented Payout Ratio	188.48%	125.47%	103.28%	94.15%	141.59%	73.40%	149.31%	75.50%	260.03%	911.74%

This table displays calculated financial ratios and metrics derived from Boston Properties' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.28%	8.04%	6.48%	5.59%	4.27%	4.95%	4.51%	4.08%	4.24%	3.58%
EBITDA Growth	69.01%	-3.16%	-2.42%	-16.05%	-33.79%	-9.67%	4.97%	-0.22%	0.73%	3.90%
EBIT Growth	114.14%	-10.49%	-15.24%	-28.95%	-49.05%	-19.73%	4.82%	-5.68%	-3.68%	0.07%
NOPAT Growth	9.06%	3.11%	-7.78%	-2.13%	-29.99%	0.53%	4.77%	-5.65%	37.52%	-30.00%
Net Income Growth	202.09%	-30.26%	-40.31%	-49.04%	-124.61%	-1.65%	0.92%	-21.47%	204.74%	-255.28%
EPS Growth	231.88%	-33.90%	-45.05%	-53.52%	-131.00%	-2.56%	2.00%	-22.73%	174.65%	-292.11%
Operating Cash Flow Growth	30.65%	6.82%	6.62%	-4.53%	1.83%	4.64%	-15.56%	-3.19%	-5.01%	-0.88%
Free Cash Flow Firm Growth	-206.34%	-27.20%	-2,384.15%	-29.84%	56.65%	-70.64%	83.93%	170.83%	171.63%	83.67%
Invested Capital Growth	7.77%	5.73%	8.72%	8.36%	3.47%	8.36%	2.26%	-3.47%	-0.56%	1.89%
Revenue Q/Q Growth	2.14%	-0.09%	1.69%	1.74%	0.87%	0.56%	1.27%	1.32%	1.03%	-0.08%
EBITDA Q/Q Growth	29.70%	-27.57%	-13.79%	5.65%	2.30%	-1.18%	-1.65%	0.42%	3.27%	1.93%
EBIT Q/Q Growth	42.38%	-38.90%	-25.77%	13.46%	2.11%	-3.74%	-5.92%	2.10%	4.27%	0.01%
NOPAT Q/Q Growth	-0.21%	-4.03%	-9.99%	13.54%	-28.61%	37.80%	-6.19%	2.24%	4.06%	-29.85%
Net Income Q/Q Growth	57.41%	-62.98%	-32.17%	28.93%	-176.03%	247.91%	-30.39%	0.32%	1.41%	-319.28%
EPS Q/Q Growth	61.27%	-65.94%	-35.90%	32.00%	-207.58%	207.04%	-32.89%	0.00%	3.92%	-375.47%
Operating Cash Flow Q/Q Growth	-25.53%	25.10%	-36.75%	62.03%	-20.57%	28.54%	-36.41%	85.77%	-22.06%	34.13%
Free Cash Flow Firm Q/Q Growth	-10.76%	29.83%	-72.06%	2.90%	63.02%	-176.22%	-483.63%	528.06%	-62.60%	-162.99%
Invested Capital Q/Q Growth	1.92%	-0.36%	3.34%	3.26%	-2.67%	4.34%	4.66%	-2.53%	0.27%	6.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	62.79%	62.76%	62.25%	62.82%	62.01%	62.14%	61.35%	60.56%	60.27%	60.71%
EBITDA Margin	91.71%	66.49%	55.30%	57.43%	58.24%	57.23%	55.55%	55.05%	56.28%	57.41%
Operating Margin	34.35%	32.99%	29.20%	32.59%	32.95%	31.60%	29.27%	29.54%	30.42%	30.51%
EBIT Margin	67.53%	41.30%	29.23%	32.60%	33.00%	31.59%	29.32%	29.55%	30.50%	30.52%
Profit (Net Income) Margin	53.21%	19.72%	13.15%	16.67%	-12.56%	18.48%	12.70%	12.58%	12.62%	-27.70%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	99.95%	88.67%	100.00%	100.00%	100.00%
Interest Burden Percent	78.79%	47.74%	44.99%	51.12%	-38.06%	58.52%	48.85%	42.56%	41.39%	-90.76%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	5.23%	5.09%	4.49%	4.91%	3.53%	4.80%	4.48%	4.55%	4.79%	3.21%
ROIC Less NNEP Spread (ROIC-NNEP)	6.49%	4.21%	3.45%	3.91%	1.26%	3.98%	3.43%	3.47%	3.64%	0.32%
Return on Net Nonoperating Assets (RNNOA)	9.31%	6.13%	5.20%	6.19%	1.97%	6.38%	5.52%	5.62%	5.93%	0.59%
Return on Equity (ROE)	14.54%	11.22%	9.69%	11.10%	5.50%	11.18%	10.00%	10.17%	10.72%	3.80%
Cash Return on Invested Capital (CROIC)	-2.24%	-0.31%	-3.30%	-3.16%	1.47%	-3.23%	2.60%	8.28%	5.32%	2.64%
Operating Return on Assets (OROA)	8.84%	5.51%	3.92%	4.29%	4.41%	4.12%	3.87%	3.89%	4.03%	3.99%
Return on Assets (ROA)	6.97%	2.63%	1.76%	2.19%	-1.68%	2.41%	1.68%	1.65%	1.67%	-3.62%
Return on Common Equity (ROCE)	10.48%	8.18%	7.05%	8.08%	4.00%	8.10%	7.18%	7.26%	7.58%	2.66%
Return on Equity Simple (ROE_SIMPLE)	17.68%	0.00%	15.66%	13.55%	5.08%	0.00%	4.99%	4.54%	8.25%	0.00%
Net Operating Profit after Tax (NOPAT)	272	261	235	266	190	262	246	251	261	183
NOPAT Margin	34.35%	32.99%	29.20%	32.59%	23.06%	31.60%	29.27%	29.54%	30.42%	21.36%
Net Nonoperating Expense Percent (NNEP)	-1.26%	0.88%	1.04%	1.00%	2.27%	0.82%	1.04%	1.08%	1.15%	2.89%
Return On Investment Capital (ROIC_SIMPLE)	-	1.15%	-	-	-	1.09%	-	-	-	0.78%
Cost of Revenue to Revenue	37.21%	37.24%	37.75%	37.18%	37.99%	37.86%	38.65%	39.44%	39.73%	39.29%
SG&A Expenses to Revenue	4.32%	4.65%	7.06%	5.44%	3.90%	4.96%	6.02%	5.21%	3.90%	3.87%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	28.44%	29.76%	33.05%	30.23%	29.07%	30.54%	32.07%	31.02%	29.84%	30.20%
Earnings before Interest and Taxes (EBIT)	534	326	235	266	272	262	246	251	262	262
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	725	525	444	469	480	474	466	468	484	493
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.70	1.53	1.29	1.40	1.52	1.77	1.72	1.67	2.21	2.17
Price to Tangible Book Value (P/TBV)	1.70	1.53	1.29	1.40	1.52	1.77	1.72	1.67	2.21	2.17
Price to Revenue (P/Rev)	3.44	3.01	2.48	2.65	2.72	3.18	3.05	2.89	3.76	3.45
Price to Earnings (P/E)	11.50	11.02	9.99	12.75	45.77	54.64	52.47	57.71	35.01	823.79
Dividend Yield	5.86%	6.57%	7.85%	7.25%	6.99%	5.92%	6.10%	6.37%	4.87%	5.27%
Earnings Yield	8.69%	9.08%	10.01%	7.84%	2.18%	1.83%	1.91%	1.73%	2.86%	0.12%
Enterprise Value to Invested Capital (EV/IC)	1.20	1.16	1.08	1.10	1.14	1.21	1.21	1.17	1.31	1.26
Enterprise Value to Revenue (EV/Rev)	8.18	7.75	7.29	7.62	7.56	8.29	7.99	7.44	8.29	8.47
Enterprise Value to EBITDA (EV/EBITDA)	10.93	10.64	10.26	11.32	12.81	14.54	13.99	13.17	14.80	15.11
Enterprise Value to EBIT (EV/EBIT)	16.09	15.93	15.76	18.04	22.44	26.23	25.27	24.13	27.44	28.27
Enterprise Value to NOPAT (EV/NOPAT)	23.74	22.75	22.15	23.60	23.67	26.25	25.29	24.15	27.46	28.30
Enterprise Value to Operating Cash Flow (EV/OCF)	19.81	18.78	17.74	19.06	19.03	20.86	20.90	19.86	22.63	23.39
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	78.63	0.00	47.06	13.84	24.57	48.38
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.65	1.70	1.77	1.86	1.86	1.94	1.85	1.79	1.90	1.98
Long-Term Debt to Equity	1.65	1.70	1.77	1.86	1.86	1.94	1.85	1.79	1.90	1.98
Financial Leverage	1.43	1.45	1.51	1.58	1.57	1.60	1.61	1.62	1.63	1.81
Leverage Ratio	2.83	2.84	2.88	2.96	2.95	3.03	3.02	3.06	3.13	3.23
Compound Leverage Factor	2.23	1.35	1.29	1.51	-1.12	1.77	1.48	1.30	1.30	-2.93
Debt to Total Capital	62.22%	62.98%	63.89%	65.08%	65.05%	65.93%	64.96%	64.20%	65.49%	66.42%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	62.22%	62.98%	63.89%	65.08%	65.05%	65.93%	64.96%	64.20%	65.49%	66.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	10.10%	9.90%	9.77%	9.49%	9.79%	9.63%	10.27%	10.74%	10.51%	10.71%
Common Equity to Total Capital	27.69%	27.12%	26.34%	25.43%	25.16%	24.44%	24.77%	25.06%	24.00%	22.87%
Debt to EBITDA	6.06	6.29	6.56	7.18	7.84	8.49	8.13	7.87	8.31	8.23
Net Debt to EBITDA	5.35	5.52	5.76	6.33	7.02	7.73	7.37	6.74	6.76	7.63
Long-Term Debt to EBITDA	6.06	6.29	6.56	7.18	7.84	8.49	8.13	7.87	8.31	8.23
Debt to NOPAT	13.17	13.45	14.16	14.96	14.48	15.33	14.69	14.43	15.40	15.41
Net Debt to NOPAT	11.62	11.80	12.44	13.21	12.96	13.96	13.32	12.35	12.53	14.30
Long-Term Debt to NOPAT	13.17	13.45	14.16	14.96	14.48	15.33	14.69	14.43	15.40	15.41
Altman Z-Score	0.57	0.48	0.40	0.41	0.42	0.43	0.45	0.46	0.57	0.45
Noncontrolling Interest Sharing Ratio	27.89%	27.09%	27.24%	27.21%	27.35%	27.49%	28.18%	28.58%	29.26%	30.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.26	0.13	0.31	0.18	0.24	0.13	0.34	1.36	2.36	0.16
Quick Ratio	0.06	0.05	0.06	0.06	0.05	0.05	0.07	1.22	2.11	0.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,227	-861	-1,482	-1,439	-532	-1,469	-238	1,019	381	-240
Operating Cash Flow to CapEx	20.85%	904.64%	147.38%	244.80%	182.73%	177.29%	92.45%	220.22%	137.92%	133.28%
Free Cash Flow to Firm to Interest Expense	-10.97	-7.18	-11.04	-10.10	-3.60	-9.48	-1.47	6.81	2.34	-1.41
Operating Cash Flow to Interest Expense	2.64	3.09	1.74	2.66	2.04	2.50	1.22	2.45	1.75	2.25
Operating Cash Flow Less CapEx to Interest Expense	-10.04	2.74	0.56	1.57	0.92	1.09	-0.10	1.34	0.48	0.56
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.17
Accounts Payable Turnover	3.25	3.12	3.35	3.08	2.95	2.82	3.25	3.19	2.90	3.11
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	112.14	117.07	109.09	118.64	123.66	129.54	112.32	114.46	125.81	117.28
Cash Conversion Cycle (CCC)	-112.14	-117.07	-109.09	-118.64	-123.66	-129.54	-112.32	-114.46	-125.81	-117.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	20,780	20,704	21,395	22,093	21,502	22,436	21,879	21,325	21,382	22,859
Invested Capital Turnover	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.16	0.15
Increase / (Decrease) in Invested Capital	1,499	1,122	1,716	1,705	722	1,731	484	-768	-120	423
Enterprise Value (EV)	24,940	24,084	23,007	24,376	24,446	27,152	26,439	24,882	28,013	28,879
Market Capitalization	10,487	9,354	7,833	8,482	8,802	10,394	10,086	9,669	12,707	11,757
Book Value per Share	$39.27	$39.12	$38.66	$38.51	$36.90	$37.45	$37.31	$36.95	$36.47	$34.24
Tangible Book Value per Share	$39.27	$39.12	$38.66	$38.51	$36.90	$37.45	$37.31	$36.95	$36.47	$34.24
Total Capital	22,233	22,611	23,022	23,749	23,002	24,049	23,648	23,158	23,998	23,668
Total Debt	13,833	14,240	14,709	15,456	14,962	15,856	15,362	14,867	15,715	15,720
Total Long-Term Debt	13,833	14,240	14,709	15,456	14,962	15,856	15,362	14,867	15,715	15,720
Net Debt	12,209	12,492	12,925	13,642	13,392	14,443	13,925	12,726	12,783	14,587
Capital Expenditures (CapEx)	1,419	41	159	155	165	218	214	167	207	288
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-424	-545	-427	-529	-513	-699	-401	-488	-506	-632
Debt-free Net Working Capital (DFNWC)	-394	-512	-395	-495	-480	-663	-363	234	1,005	-592
Net Working Capital (NWC)	-394	-512	-395	-495	-480	-663	-363	234	1,005	-592
Net Nonoperating Expense (NNE)	-149	105	129	130	294	109	139	144	153	421
Net Nonoperating Obligations (NNO)	12,380	12,334	13,083	13,800	13,462	14,243	13,593	13,035	13,100	14,911
Total Depreciation and Amortization (D&A)	191	199	209	203	208	213	220	217	222	231
Debt-free, Cash-free Net Working Capital to Revenue	-13.90%	-17.52%	-13.53%	-16.51%	-15.85%	-21.35%	-12.10%	-14.61%	-14.98%	-18.53%
Debt-free Net Working Capital to Revenue	-12.92%	-16.48%	-12.52%	-15.47%	-14.84%	-20.24%	-10.98%	6.99%	29.74%	-17.37%
Net Working Capital to Revenue	-12.92%	-16.48%	-12.52%	-15.47%	-14.84%	-20.24%	-10.98%	6.99%	29.74%	-17.37%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.30	$0.78	$0.50	$0.67	($0.71)	$0.75	$0.51	$0.51	$0.53	($1.46)
Adjusted Weighted Average Basic Shares Outstanding	156.75M	156.73M	156.80M	156.83M	156.88M	156.86M	156.98M	157.04M	157.73M	157.47M
Adjusted Diluted Earnings per Share	$2.29	$0.78	$0.50	$0.66	($0.71)	$0.76	$0.51	$0.51	$0.53	($1.46)
Adjusted Weighted Average Diluted Shares Outstanding	157.13M	157.14M	157.04M	157.22M	156.88M	157.20M	157.13M	157.29M	158.21M	157.79M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	313.51M	313.65M	313.67M	313.73M	313.88M	314.02M	314.12M	315.87M	158.11M	158.21M
Normalized Net Operating Profit after Tax (NOPAT)	190	182	164	186	190	183	172	176	183	183
Normalized NOPAT Margin	24.04%	23.09%	20.44%	22.81%	23.06%	22.12%	20.49%	20.68%	21.30%	21.36%
Pre Tax Income Margin	53.21%	19.72%	13.15%	16.67%	-12.56%	18.49%	14.32%	12.58%	12.62%	-27.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.77	2.72	1.75	1.87	1.84	1.69	1.52	1.68	1.61	1.54
NOPAT to Interest Expense	2.43	2.17	1.75	1.87	1.29	1.69	1.52	1.68	1.60	1.08
EBIT Less CapEx to Interest Expense	-7.91	2.38	0.57	0.78	0.73	0.28	0.20	0.57	0.33	-0.15
NOPAT Less CapEx to Interest Expense	-10.26	1.83	0.56	0.78	0.17	0.28	0.20	0.57	0.33	-0.61
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	86.32%	75.50%	80.72%	93.75%	258.23%	260.03%	258.80%	288.90%	160.82%	911.74%
Augmented Payout Ratio	86.32%	75.50%	80.72%	93.75%	258.23%	260.03%	258.80%	288.90%	160.82%	911.74%

Frequently Asked Questions About Boston Properties' Financials

When does Boston Properties's fiscal year end?

According to the most recent income statement we have on file, Boston Properties' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Boston Properties' net income changed over the last 9 years?

Boston Properties' net income appears to be on a downward trend, with a most recent value of $84.19 million in 2024, falling from $799.92 million in 2015. The previous period was $291.42 million in 2023.

What is Boston Properties's operating income?

Boston Properties's total operating income in 2024 was $1.02 billion, based on the following breakdown:

Total Gross Profit: $2.07 billion
Total Operating Expenses: $1.05 billion

How has Boston Properties revenue changed over the last 9 years?

Over the last 9 years, Boston Properties' total revenue changed from $2.49 billion in 2015 to $3.41 billion in 2024, a change of 36.8%.

How much debt does Boston Properties have?

Boston Properties' total liabilities were at $18.14 billion at the end of 2024, a 1.7% increase from 2023, and a 73.3% increase since 2015.

How has Boston Properties' book value per share changed over the last 9 years?

Over the last 9 years, Boston Properties' book value per share changed from 35.87 in 2015 to 34.24 in 2024, a change of -4.6%.

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This page (NYSE:BXP) was last updated on 4/17/2025 by MarketBeat.com Staff

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Boston Properties (BXP) Financials

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Boston Properties (BXP) Financials

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