REIT Report Card · August 15, 2026
BXP is the office name here, $12.2B, about $100 million a day. Estimated Net Debt / EBITDA is 9.79x, the heaviest load on this list, and EBITDA covers estimated interest about 2.6x. The 4.09% yield and 10.5% OCF yield on equity are what you get for sitting with that debt.
| Category | Grade | What It Means |
|---|---|---|
| Liquidity | B+ | Tradable, though thinner than the mega-caps |
| Balance Sheet | C | Heavy debt. The balance sheet is a real risk |
| Debt Service | B- | Thinner interest coverage. Financing costs matter more |
| Operating Quality | B+ | Solid operating profits |
| Cash Generation | A | A lot of operating cash relative to the stock's value |
| Dividend | A- | A useful yield with solid cash-flow coverage |
| Valuation | B+ | A moderate price. Not a bargain |
| Recent Performance | B+ | Up over the past year, but not a huge move |
| Overall | B | Office cash against a heavy balance sheet. Read the leverage first |
1. Valuation
A buyer is taking the equity and the net debt together. This multiple is the combined price.
At about 17.3x EV / EBITDA, BXP screens cheaper than a lot of large REITs.
Bottom line: Cheaper on EV / EBITDA than most of the quality-growth names here.
2. Leverage
For every $1 of annual EBITDA BXP generates, it has about $9.79 of net debt.
For a REIT, this is usually the first leverage number worth reading.
Bottom line: BXP carries a lot of debt relative to EBITDA, so refinancing and rates matter more.
3. Debt Exposure
About 57% of BXP's total enterprise value is net debt.
That gives equity investors a thinner equity cushion than lower-debt peers.
Bottom line: A large net-debt share of EV means equity holders have less of a cushion.
4. Interest Protection
BXP generates about 2.56x of EBITDA for every $1 of estimated interest.
Higher coverage usually means a REIT can absorb higher rates, refinancing costs, or a soft patch in the properties more easily.
Bottom line: Coverage is thin. Higher rates or weaker EBITDA would show up quickly.
5. Operating Profitability
BXP turns about 51 cents of every revenue dollar into EBITDA.
Bottom line: Margins are respectable. Compare them with the same property type, not with net-lease specialists.
6. Cash Generation
BXP generated operating cash flow equal to about 10.5% of its current equity value.
For every $100 of current equity value, the company generated about $10.53 of trailing operating cash flow.
Bottom line: You're getting a lot of cash relative to the price you're paying.
7. Cash Conversion
About 79% of BXP's EBITDA turned into operating cash flow.
Bottom line: Most of the reported operating earnings are showing up as actual cash.
8. Dividend Safety
On our standardized math, operating cash flow covers BXP's annualized dividend about 2.57x.
BXP generates roughly 2.57x of operating cash flow for every $1.00 of estimated dividends.
Bottom line: The dividend looks well covered by operating cash flow on this method.
9. Dividend Yield
BXP is not mainly a high-income REIT.
Put $10,000 into BXP at the current indicated yield and you'd get about $409 a year if the dividend stays the same.
Bottom line: People who buy BXP are usually after the mix of a check plus the assets, not the fattest current yield here.
10. Market Liquidity
About $100 million of BXP stock changes hands on an average trading day.
Bottom line: Liquidity is fine for smaller positions, but large orders may take more time than they would in a mega-cap REIT.
If you put $10,000 into BXP today, based on the numbers in this report:
BXP has $16.36B of total debt against $0.50B of cash (9.79x net debt / EBITDA). Interest coverage of 2.6x is not a full answer to that load.
At 17.3x EV / EBITDA, the valuation is neither a bargain nor a blow-off.
OCF dividend coverage is 2.57x and the indicated yield is 4.09%. The cash-flow cushion looks comfortable on this math.
Average daily dollar volume is $100.5M, adequate, but thinner than the mega-cap REITs here.
BXP's office cash is not the issue. 9.79x Net Debt / EBITDA and 2.6x interest coverage are. The 4.09% yield and 10.5% OCF yield are what you get for living with that.
OCF yield on equity is 10.5%, and dividend coverage is 2.57x. Those cash numbers are why the stock still has an income case. They do not make 9.79x a small number.
17.3x EV / EBITDA is not wild. 9.79x net debt / EBITDA is. Dividend coverage (2.57x) helps. Interest coverage (2.6x) does not.
| Metric | BXP |
|---|---|
| Market Capitalization | $12.16B |
| Enterprise Value | $28.02B |
| Share Price | $68.45 |
| Revenue (TTM) | $3.19B |
| EBITDA (TTM) | $1.62B |
| EBIT (TTM) | $0.68B |
| Operating Cash Flow (TTM) | $1.28B |
| CapEx (TTM) | $1.38B |
| Cash | $0.50B |
| Total Debt | $16.36B |
| Average Daily $ Volume | $100.5M |
| Daily Equity Turnover | 0.83% |
| EV / EBITDA | 17.30x |
| EBITDA Yield on EV | 5.78% |
| EBITDA Margin | 50.78% |
| Net Debt / EBITDA | 9.79x |
| Net Debt / Market Cap | 130.46% |
| Net Debt / Enterprise Value | 56.62% |
| Debt / Total Capital | 57.36% |
| Cash / Debt | 3.03% |
| EV Premium to Equity | 130.43% |
| Operating Cash Flow Yield | 10.53% |
| OCF / EBITDA Conversion | 79.01% |
| CapEx / Operating Cash Flow | 107.81% |
| CapEx / Revenue | 43.26% |
| Post-CapEx Cash Yield | -0.82% |
| Dividend / OCF Burden | 0.39x |
| OCF Dividend Coverage | 2.57x |
| Implied Interest / Revenue | 19.86% |
| EBITDA Interest Coverage | 2.56x |
| Reported Interest Coverage (source) | 1.08x |
| Dividend Yield | 4.09% |
| 52-Week Price Change | +4.50% |
| Approx. 1-Year Total Carry | +8.59% |
| Beta (5Y) | 1.04 |
We grade each REIT on several things at once. A cheap multiple next to heavy debt is a different story than a cheap multiple next to a light load.
Financial Strength looks at leverage, how much of the firm is debt, daily trading volume, and whether earnings cover interest.
Operating Quality looks at the EBITDA margin and how much of those earnings show up as cash.
Dividend Quality looks at the indicated yield, whether operating cash flow covers the payout, and how heavy the payout is versus cash.
Valuation is what you pay for the REIT's earnings: enterprise value over EBITDA.
Market Performance looks at last year's share-price change and how much stock trades on an ordinary day.
A hotel and a net-lease REIT will not look the same on these measures, and they should not. Read each name next to peers in the same property type.
Read the full methodology and the grading bands.
The numbers come from trailing financials and market data we pulled for this report. Some ratios we calculate ourselves. They are not always the figures the company highlights.
We use them so these 20 REITs can be lined up on the same math. That does not replace company-reported FFO, AFFO, same-store NOI, occupancy, lease schedules, or NAV.
Source: https://stockanalysis.com/stocks/bxp/statistics/
Report date: August 15, 2026
This is for information only. It isn't investment advice, a buy or sell recommendation, or a judgment about whether any of these REITs fit your situation.