BXP, Inc. management check
BXP · Real Estate · Office REITs · CEO Owen D. Thomas.
Filings as of
4 good · 2 to watch · 1 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $92, against $81 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.60 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
8.3% of net income$23.0m of reported pay in fiscal 2025, against $276.8m of net income.
- Watch
Do they own the stock?
Insiders are selling3 insiders sold $2.2m in the last six months and none bought.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +0.5% a year over the last three fiscal years. Stock-based pay was 1.3% of revenue in the latest year.
- Good
Is leadership stable?
2 leadership filings in 3 yearsCEO in the pay table: Owen D. Thomas.. 2 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 66 | 45 | |
| Pay for performance | 80 | 86 | |
| CEO cost | 0 | 23 | |
| Skin in the game | — | — | 32 |
| Dilution | 43 | 23 | |
| Stable leadership | 100 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Office REITs, by management score. BXP, Inc. is 11th of 29 in its sector.
Pay versus performance
From the proxy statement filed April 10, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Owen D. Thomas. | $23.0m | $24.5m | $9.1m | $92 | $81 | $276.8m |
| 2024 | — | $12.8m | $11.6m | $5.0m | $96 | $94 | $14.3m |
| 2023 | — | $13.0m | $10.0m | $5.9m | $86 | $78 | $190.2m |
| 2022 | — | $13.1m | $2.6m | $5.8m | $78 | $76 | $848.9m |
| 2021 | — | $12.9m | $19.7m | $6.0m | $126 | $122 | $496.2m |
Its other key measures: Diluted FFO Per Share, Leasing, TSR, Relative TSR, EBITDAre, Development Activities.
Insiders and the CEO's stake
3 insiders sold $2.2m in the last six months and none bought.
- SoldMichael E LabelleEVP and CFO$1.7mJun 9, 2026
- SoldPeter V OtteniExecutive Vice President$287kMay 20, 2026
- SoldEric G KevorkianSVP, CLO and Secretary$132kMay 22, 2026
Leadership and governance on file
- Dec 22, 2025Leadership change8-K 5.02
- May 24, 2024Leadership change8-K 5.02
- Mar 2, 2023Leadership change8-K 5.02
- Dec 20, 2021Leadership change8-K 5.02
Latest shareholder vote results: May 22, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $3.4bn returned to owners in buybacks and dividends, 186% of net income, and $242.6m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.9bn | $3.1bn | $3.3bn | $3.4bn | $3.5bn |
| Net income | $496.2m | $848.9m | $190.2m | $14.3m | $276.8m |
| Stock-based pay | $50.9m | $52.0m | $51.5m | $43.9m | $44.3m |
| Buybacks | — | — | — | — | — |
| Dividends | $683.8m | $685.0m | $687.8m | $689.9m | $643.1m |
| Diluted shares | 156m | 157m | 157m | 158m | 159m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.