BXPBXP, Inc.REIT
Yield
4.51%
$0.70/qtr at $62.10
Dividend
$0.70/qtr
Cut Sept. 2025, from $0.98
FFO payout
~39%
Q2 2026: $0.70 vs $1.78 FFO
Pays
Quarterly
Cut Sept. 2025
House verdict
Reset, not yet re-proven — a cut rate on recovering occupancy. A 4.51% yield on a $0.70 quarterly dividend, cut in September 2025 from $0.98 — a 28.6% reset. Q2 2026 FFO of $1.78 covers the new rate about two and a half times over and occupancy improved to 88.4%, but compounding at the new rate is unproven, so this grades warn, not good.
Key risk: Office recovery — if occupancy stalls near 88% or leasing spreads disappoint, FFO stalls with it.
Changes if: The dividend is raised again from $0.70, or occupancy climbs back toward the mid-90s.
- ✓FFO coverage check: Q2 2026 FFO of $1.78 per share covered the $0.70 dividend about 2.5 times over.
- ✓Yield check: 4.51% indicated — $0.70/qtr × 4 at the $62.10 close on Oct. 23, 2026. Earned rent income, not a special or return of capital.
- !Dividend growth check: Cut September 2025 from $0.98 to $0.70 — the raise streak ended at the reset.
What this grade doesn't say: It screens the dividend only — covered, real, compounding. It says nothing about valuation or price: a well-covered payer can still be overpriced, and its price can still fall.