BXP dividend
MyStockButler's October 2026 analysis: BXP pays $0.70 per share quarterly after its 2025 dividend reset. Operations covered the dividend, but not the full investment program.
How much does BXP pay its shareholders?
In September 2025, BXP cut its dividend. The quarterly payment fell from $0.98 to $0.70 per share, and BXP expected to retain roughly $500 million through 2027. It also began selling less strategic assets; by the third quarter of 2026, Sumner Square and 1330 Connecticut Avenue had produced combined gross sales of $155.4 million. These moves freed cash, but also surrendered future rent. Their success depends on what BXP earns with the money it keeps, which leads to the company’s overall capital flow.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| FFO per share | 6.85 | 7.10 | 7.28 | 7.53 | 6.56 |
| Dividend per share | 3.36 | 3.92 | 3.92 | 3.92 | 3.92 |
| Diluted shares (average of the year), change | 0.7% | 0.4% | 0.0% | 0.5% | 0.6% |
What this means. Funds from operations per share is a profit measure, while the dividend per share is the amount actually declared for each share.
Does BXP cover its dividend with cash?
Between 2021 and 2025, operating cash totaled about $6.20 billion and dividends paid totaled about $3.39 billion. That left roughly $2.81 billion after dividends, while development and capital spending totaled about $5.17 billion. In 2025 alone, spending was $1.239 billion against $602 million of operating cash left after dividends. Operations therefore supported the dividend each year, but not the dividend and construction, improvements, tenant work and acquisitions together.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 1,245,157 | 1,234,501 | 1,301,520 | 1,282,399 | 1,133,227 |
| − Dividends paid | 643,107 | 689,870 | 687,809 | 685,019 | 683,753 |
| = Operating cash after dividends | 602,050 | 544,631 | 613,711 | 597,380 | 449,474 |
| − Acquisitions | 55,864 | 35,366 | 13,155 | 1,320,273 | 222,260 |
| − Development and capital spending | 1,239,245 | 1,099,325 | 1,008,312 | 895,962 | 928,828 |
What this means. The company covered dividends from day-to-day cash, but after spending on property development it needed property sales and new borrowing to cover the rest.
What could change BXP's dividend?
The dividend starts from the current $0.70 quarterly rate, or $2.80 annually. The base case holds $2.80 throughout all periods because BXP plans to retain cash for debt and development. The 2025 FAD payout still covered dividends by about 1.17 times.
The bear case holds $2.80 first, then cuts to $2.40 and $2.00 as refinancing and weak cash NOI pressure coverage. The bull case holds $2.80 first, then rises to $3.00 and $3.20 as cash generation improves.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Funds available for distribution to common shareholders and common unitholders (FAD) | 690 (615 / 780) | 735 (580 / 880) | 780 (560 / 980) |
| Shares (millions) | 160 (164 / 160) | 161 (168 / 160) | 161 (170 / 161) |
| Dividends per share | 2.80 (2.80 / 2.80) | 2.80 (2.40 / 3.00) | 2.80 (2.00 / 3.20) |
| Price to Funds available for distribution to common shareholders and common unitholders (FAD) | 13.00 (10.50 / 15.00) | 13.00 (9.50 / 16.00) | 13.00 (9.00 / 17.00) |
What is BXP's dividend yield against its price?
The 10-year U.S. Treasury yield was 4.99% on October 27, 2026, a useful benchmark for a long-term government return. BXP’s 4.5% dividend yield is cash, but it is not the same as distributable cash.