We think the recent decline in BXP shares offers an attractive
opportunity to add to positions. Our 12-month target price of
$80, unchanged, is 19.5X our 2010 FFO estimate of $4.10 and a
premium to office REIT peers. We think BXP's high-quality
assets in supply-constrained markets such as New York and
Washington DC will maintain a high level of occpucany of close to
93%. The trust also faces minimal lease expirations through 2011.
We believe the annual dividend of $2.00 a share, yielding 2.7% at
the current price, adds to BXP's total return potential.