BXP, Inc. is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate …
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Competitive advantage assessment
Key strengths
Strong NOI MarginsNOI margins are strong (score 0.89), demonstrating rent pricing power.
Stable NOI PerformanceNOI stability is excellent (score 0.71), suggesting reliable rent streams.
Key risks
Elevated Leverage RiskLeverage is elevated (score 0.29), raising refinancing risk.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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BXP, Inc. ranks #6 of 27
scored companies in REIT - Office by moat score — the top 22%.
The widest moat in the group is Easterly Government Properties, (DEA)
at 78/100.
Moat scores for companies ranked near BXP in REIT - Office
For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.
AFFO Strength
Score 54
· 18% of the moat score
AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.
Balance Sheet & Cost of Capital
Score 48
· 20% of the moat score
Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.
Capital Recycling & Growth
Score 76
· 16% of the moat score
REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.
Operational Efficiency
Score 70
· 14% of the moat score
Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.
Portfolio Quality & Diversification
Score 68
· 12% of the moat score
Portfolio quality is really a question about what happens when a tenant fails.
BXP, Inc. (BXP) scores 66 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #6 of 27 scored companies in REIT - Office, the top 22%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 30 companies in REIT - Office. Its strongest defense is Rent Pricing Power (82/100) and its weakest is Balance Sheet & Cost of Capital (48/100).
How does BXP, Inc. compare with other REIT - Office companies?
BXP, Inc. ranks #6 of 27 scored companies in REIT - Office by moat score. The widest moat in REIT - Office is Easterly Government Properties, (DEA) at 78/100. The companies ranked closest are Highwoods Properties, Inc. (HIW) at 68 just above it and COPT Defense Properties (CDP) at 64 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 30 companies in REIT - Office. The defenses are then weighted to produce the overall score out of 100.
Why is BXP, Inc. scored with the REIT Specialized template?
A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.
Which competitive defenses are measured for BXP, Inc.?
The REIT Specialized template measures 6 defenses, and BXP scores: Rent Pricing Power (82), AFFO Strength (54), Balance Sheet & Cost of Capital (48), Capital Recycling & Growth (76), Operational Efficiency (70), Portfolio Quality & Diversification (68). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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