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.