Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the voice and by the principles of Warren Buffett and Charlie Munger. Sources: BXP/BPLP combined Form 10-Q for the quarter ended June 30, 2026; Q2 2026 earnings release and call (July 29, 2026); market data as of the August 7, 2026 close. BXP is the largest publicly held developer and owner of Class A — the company says "premier" — office properties in America: 164 properties, roughly 51.1 million square feet, concentrated in Boston, New York, San Francisco, Washington D.C., Seattle, and Los Angeles. It is superbly managed for what it is, its buildings are among the best in the country, and at $69.71 the stock trades at about 9.9 times this year's guided FFO of $6.99–$7.05, half its price of a decade ago. And yet we arrive at two stars. Not because BXP is badly run — it is well run — but because the business itself flunks our first test.
Recent filings analysed: 8-K (2026-08-31), 10-Q (2026-08-06), 8-K (2026-07-28), 8-K (2026-05-29).
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