BXP, Inc. management check

BXP · Real Estate · Office REITs · CEO Owen D. Thomas.

Filings as of

65
Management score, ranked 238th of 487Strongest: stable leadership. Weakest: CEO cost. See the best and worst run in Real Estate →

4 good · 2 to watch · 1 flagged, across the seven questions below.

  • Good

    Have owners done well?

    Beat its chosen peers

    $100 invested at the start of fiscal 2021 grew to $92, against $81 for the peer group the company picked itself.

  • Good

    Does pay follow performance?

    Pay rose and fell with returns

    Over 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.60 with shareholder return. 1 means pay moved in step; below 0, the opposite way.

  • Flag

    What does the CEO cost owners?

    8.3% of net income

    $23.0m of reported pay in fiscal 2025, against $276.8m of net income.

  • Watch

    Do they own the stock?

    Insiders are selling

    3 insiders sold $2.2m in the last six months and none bought.

  • Watch

    Are owners being diluted?

    Share count growing

    Diluted shares changed +0.5% a year over the last three fiscal years. Stock-based pay was 1.3% of revenue in the latest year.

  • Good

    Is leadership stable?

    2 leadership filings in 3 years

    CEO in the pay table: Owen D. Thomas.. 2 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.

  • Good

    Are the books clean?

    No red flags on file

    No restatements, auditor changes or late filings since 2021.

Against the S&P 500

Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.

CheckScoreAt or aboveSector median
Owner returns6667%45
Pay for performance8044%86
CEO cost016%23
Skin in the game——32
Dilution4324%23
Stable leadership100100%85
Clean books100100%100

Closest peers

Others in Office REITs, by management score. BXP, Inc. is 11th of 29 in its sector.

  1. 211VICIVici Properties68
  2. 238BXPBXP, Inc.65
  3. 247EXRExtra Space Storage64
  4. 276ORealty Income63
  5. 281INVHInvitation Homes63
  6. 440AREAlexandria Real Estate Equities48

Pay versus performance

From the proxy statement filed April 10, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.

CEO pay by fiscal yearAs reported Actually paid
$0$12.2m$24.5m20212022202320242025
What $100 becameCompany Peer group
$10020212022202320242025$92
Fiscal yearCEOCEO payActually paidOther executives (avg)$100 becamePeersNet income
2025Owen D. Thomas.$23.0m$24.5m$9.1m$92$81$276.8m
2024—$12.8m$11.6m$5.0m$96$94$14.3m
2023—$13.0m$10.0m$5.9m$86$78$190.2m
2022—$13.1m$2.6m$5.8m$78$76$848.9m
2021—$12.9m$19.7m$6.0m$126$122$496.2m

Its other key measures: Diluted FFO Per Share, Leasing, TSR, Relative TSR, EBITDAre, Development Activities.

Insiders and the CEO's stake

3 insiders sold $2.2m in the last six months and none bought.

  • SoldMichael E LabelleEVP and CFO$1.7mJun 9, 2026
  • SoldPeter V OtteniExecutive Vice President$287kMay 20, 2026
  • SoldEric G KevorkianSVP, CLO and Secretary$132kMay 22, 2026

Leadership and governance on file

Latest shareholder vote results: May 22, 2026, including the say-on-pay vote.

Where the money went

Over 2021–2025: $3.4bn returned to owners in buybacks and dividends, 186% of net income, and $242.6m of pay in stock.

Fiscal year20212022202320242025
Revenue$2.9bn$3.1bn$3.3bn$3.4bn$3.5bn
Net income$496.2m$848.9m$190.2m$14.3m$276.8m
Stock-based pay$50.9m$52.0m$51.5m$43.9m$44.3m
Buybacks—————
Dividends$683.8m$685.0m$687.8m$689.9m$643.1m
Diluted shares156m157m157m158m159m

Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.