BXP, Inc. (BXP) — payout ratio, four ways
Fiscal year ending 2025-12-31 · sector Real estate · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 232.6% | What most screeners publish, and badly wrong here — depressed by depreciation on buildings that are not losing value. |
| Operating cash flow | 51.6% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 114.6% | Counts property acquisitions as though they were maintenance. |
| Funds from operations | 54.1% | The basis the real estate industry uses. Adds back depreciation on buildings that are not losing value. |
Spread between highest and lowest: 181 percentage points. Same filings, different denominators.
Coverage rating 75 / 100 — Adequate. ? Peer standing 44/50Direction 18/30Stability 14/20
Funds from operations payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 54.1% |
| 2024-12-31 | 76.5% |
| 2023-12-31 | 67.4% |
| 2022-12-31 | 42.8% |
| 2021-12-31 | 55.9% |
| 2020-12-31 | 44.3% |
Among the 47 real estate companies here, 87% pay out a larger share on this basis — this is comfortable for the sector.
The arithmetic
- GAAP earnings — dividends declared per share $4.05 ÷ diluted EPS $1.74
- Operating cash flow — dividends paid $643.1m ÷ operating cash flow $1,245.2m
- Free cash flow — dividends paid $643.1m ÷ (operating cash flow $1,245.2m − capex $683.8m)
- Funds from operations — dividends declared per share $4.05 ÷ derived FFO $7.48 per share
- FFO built NAREIT-style: net income, plus real-estate depreciation, less gains on sale, over weighted-average diluted shares
- This is an approximation. Every REIT defines its own adjusted variant in the filing text, so it will not match the earnings release exactly
Where the figures came from
- 10-K filed 2026-02-27 · accession
0001037540-26-000006
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- ebitda built from net income (no operating income reported)
- DPS derived from dividends paid ($4.05); no per-share tag filed
- FFO derived (NAREIT approximation)
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.