Boston Properties, Inc. : BXP-US: Dividend Analysis : December 29th, 2017 (record date) : By the numbers : January 1, 2018

Our analysis is based on comparing Boston Properties, Inc. with the following peers – Vornado Realty Trust, CBL & Associates Properties, Inc., Taubman Centers, Inc. and Digital Realty Trust, Inc. (VNO-US, CBL-US, TCO-US and DLR-US).

Boston Properties, Inc.’s dividend yield is 2.35 percent and its dividend payout is 93.75 percent. This compares to a peer average dividend yield of 3.35 percent and a payout level of 235.24 percent. This relatively lagging dividend performance could spur some dividend action going forward – except the company’s current dividend quality score of 42 out of a possible score of 100 is only about average.

Dividend Yield
Dividend Quality Score

Dividend Quality Overview

  • Over the last twelve months (prior to September 30, 2017), BXP-US paid a medium quality dividend, which represents a yield of 2.31% at the current price.
  • Dividend quality trend has not been consistent over the last five years. Dividends were paid during each of these years — of these 1 was medium quality and 4 were low quality.
  • The ending cash balance, with a dividend coverage of 1.13x, provides a moderate cushion in case of a significant reduction of cash flows in the future.
Dividend Quality Score Vs Dividend Yield

Quadrant label definitions. Hover to know more

High Score;High Yield, High Score;Low Yield, Low Score;Low Yield, Low Score;High Yield

Dividend Coverage

Over the last twelve months (prior to September 30, 2017), BXP-US paid a medium quality dividend.

The source of the company’s cash to support the dividend paid over the last twelve months is operating cash flow (coverage of 2.26x), investing cash flow (coverage of -2.13x), issuance cash flow (coverage of 1.01x) and twelve-month prior cash (coverage of 0.95x), for a total dividend coverage of 2.13x.

Dividend Coverage by Cash Flow (TTM)

These coverage ratio factors imply that the firm’s net cash inflow from issuance was required (in addition to operating and investment cash) to pay the dividend, which suggests a medium dividend quality.

Dividend History

Item 2012-12-31 2013-12-31 2014-12-31 2015-12-31 2016-12-31 Latest
Dividend Yield (%) 2.32 2.94 4.26 6.26 3.47 2.35
Dividend Payout (%) 137.13 63.07 91.87 69.89 82.82 93.75

A complete list of metrics and analysis is available on the company page.

Company Profile

Boston Properties, Inc. operates as a real estate investment trust. It engages in the acquisition, development, financing, capital markets, construction management, property management, marketing, leasing, accounting, and tax and legal services. It operates through the following segments: Boston, New York, San Francisco, and Washington, DC. The company was founded by Mortimer Benjamin Zuckerman and Edward H. Linde in 1970 and is headquartered in Boston, MA.

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