Model Update; Reiterate OW but Lowering Price Target

Research evidence excerpt

Model Update; Reiterate OW but Lowering Price Target

REITs

BXP, Inc. (BXP)

EQUITY RESEARCH Company Update

May 14, 2026

Model Update; Reiterate OW but Lowering Price Price: $58.96

Price Target: $70.00 (From $79.00) Target

Rating: Overweight

SUMMARY: We reiterate our Overweight rating on BXP but lower our

Key Statistics: price target to $70 from $79 as our flight-to-quality thesis takes longer

Symbol NYSE: BXP than expected to gain traction. Our new price target assumes a turn 52-Week Range 49.72 - 79.33

lower multiple, from 16x to 15x our 2026E AFFO estimate. The change Dividend Yield 0.0%

Debt/EBITDA 8.5x agent underway is palpable demand from new Artificial Intelligence (AI)

NAV/Share $85.65 companies, taking meaningful space in both San Francisco and New York

Market Cap 9,288.9 -- resembling the tech leasing boom (circa 2010). However, elevated initial

ADV (3 mo) 2,527,553 capex is delaying the bottom line impact, which is expected to subside

EV ($M) 24,636 (a function of early renewal activity, which is a good thing). Meanwhile,

positive Life Science signals are emerging in Boston/Cambridge, where BXP Research Analysts: is not likely to be a seller (as they have been in the Bay Area). Finally, Richard Anderson

929-441-6927 343 Madison is likely to end up with multiple joint venture partners with

Richard.Anderson@cantor.com clarity coming through later in 2026. Bottom line: The path to continued

Jay Kornreich occupancy gains to 91% (+400bps from the two-year starting point) remains

718-865-3439 on track, with the leasing pipeline well-exceeding lease expirations. A Jay.Kornreich@cantor.com

snapshot of our revised earnings model is provided in Exhibit 2. Jeffrey Carr

929-709-0434

Jeffrey.Carr@cantor.com

FFO

FYE Dec 2025E 2026E 2027E

1Q 1.64A 1.59 1.69

Prev - 1.57 1.73