BXPBXP, Inc.

Real Estate Investment Trusts

Revenue: $3.5B; 2.2% YoY
Operating margin: —
EBITDA: —
Market cap: $10.0B
Employees: 322,053; $11K revenue each
Net debt / EBITDA: —; $2.8B net debt
AI in 10-K: 1.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$13M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
450% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
52% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
70% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$11K · 7th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.4 per 10K words · 44th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.9B	$3.1B	$3.3B	$3.4B	$3.5B	2.2%
Net income	$496M	$849M	$190M	$14M	$277M	1836%
Operating cash flow	$1.1B	$1.3B	$1.3B	$1.2B	$1.2B	0.9%
Stock-based comp	$51M	$52M	$51M	$44M	$44M	0.9%
Dividends	$684M	$685M	$688M	$690M	$643M	6.8%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $8M · 12
Net: −$8M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$23M	$24M	92	81
FY2024	$13M	$12M	96	94
FY2023	$13M	$10M	86	78
FY2022	$13M	$3M	78	76
FY2021	$13M	$20M	126	122