Today, 5:46 PM
- Q2 FFO of $220.6M or $1.43 per share vs. $208.7M and $1.36 one year ago. This year's result topped guidance of $1.36-$1.38 thanks to earlier than expected tenant termination income of $0.04 and better than expected portfolio operations of $0.02.
- June 30 portfolio consists of 168 properties totaling 46.5M square feet. Leased space percentage is 90.8%.
- Full-year FFO per share guidance is raised to $5.92-$5.99 from $5.85-$5.95.
- Conference call at 10 ET
- Previously: Boston Prop beats by $0.04, beats on revenue (July 26)
- BXP flat after hours
Today, 5:24 PM
Yesterday, 5:35 PM
- AAPL, AIZ, AKAM, AKR, ALDR, AMP, APC, ARI, ASH, AXS, BCR, BJRI, BLDP, BVN, BWLD, BXMT, BXP, CAVM, CB, CEB, CHRW, CINF, CNO, CSV, CTXS, CUZ, CVA, DDR, DMRC, DOX, EQR, ETH, EW, FSP, FTK, GHL, GLF, GMED, HUBG, HURN, ILMN, IRBT, JBT, JNPR, KN, LLTC, LNDC, MDR, MTCH, MTSI, NANO, NCR, NUVA, OIS, PEI, PNRA, PSB, QTS, RGC, RHI, RNR, RRC, RSYS, SGEN, SKT, TGB, TRMK, TRU, TSS, TWTR, UDR, UHS, UIS, ULTI, UMBF, USNA, VR, WES, WGP, WNC, X, ZION, ZIXI
Yesterday, 7:49 AM
Thu, Jun. 16, 5:20 PM
Wed, Jun. 15, 7:30 AM
- In what would be the latest move in six years of slimming down to a more focused company, Vornado (NYSE:VNO) appears ready to move forward with a spin of its Washington-area offices and apartments, writes Eliot Brown in the WSJ. The assets are estimated by analysts to be worth about $6B.
- "We think each company, if separated, would thrive and would do better than if combined,” said CEO Steven Roth at a conference last week. “It’s sort of deconglomerating - if that is a word.”
- To every theory there is a season. The thinking a few years back was that conglomerates were good, but now, say the experts, real estate investors who want to be diversified across sectors and locations can do it themselves by buying separate stocks. Hey, the bankers win, no matter what!
- "I hate our stock price. I hate it," said Roth in a conference call last year. "I take it personally." As of June 1, Vornado traded at a 13% discount to the underlying value of its properties vs. an average of 8% for the sector and 8% for one of its main competitors, Boston Properties (NYSE:BXP).
Wed, May 18, 2:42 PM
- The yield on these income-producers may be about to face some more competition as the FOMC minutes suggest a June rate hike is on the way. The IYR is now lower by 2.2%.
- Individual names: Realty Income (O -3.2%), Welltower (HCN -4.1%), Omega Healthcare (OHI -3.3%), HCP (HCP -3.5%), Medical Properties (MPW -3.3%), Vereit (VER -3.5%), Equity Residential (EQR -1.2%), AvalonBay (AVB -1.8%), SilverBay Realty (SBY -1%), Public Storage (PSA -2.2%), Boston Properties (BXP -3.1%), Hospitality Properties (HPT -2.2%), Pebblebrook Hotel (PEB -3.8%), Stag Industrial (STAG -2.2%)
- ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, FRI, DRA, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX
- Previously: Mortgage REITs dive on FOMC surprise (May 18)
Tue, Apr. 26, 6:02 PM
Mon, Apr. 25, 5:35 PM
- AAPL, AFL, AIZ, AKAM, ARAY, ARI, ASH, AXS, BEAT, BLDP, BRX, BWLD, BXMT, BXP, BYD, CHRW, CINF, CLMS, CMG, COF, CREE, CRUS, CUDA, CVA, EBAY, EEFT, EQR, EW, EXAC, FE, FOE, FSP, FTI, FTNT, HAWK, HIW, HLS, HUBG, IRBT, ISIL, JBSS, JBT, KLAC, MKTO, MRCY, MTSI, MWA, NANO, NCR, NUVA, O, PEI, PNRA, PSA, PSB, RHI, RMD, RNR, SKT, SLCA, T, TEX, TMK, TSS, TWTR, TX, ULTI, VNTV, WNC, WRB, X, ZIXI
Thu, Apr. 14, 9:20 AM
- Recession fears have resulted in a big drop in leasing volume - down 17.8% in Q1 to just 50M square feet, the lowest level since mid-2009.
- As for rents, high-demand submarkets saw rent gains of 3.2%, well above the U.S. average.
- The current development pipeline is at its highest level of the cycle at 96.8M square feet, with more spec developments set to break ground this year in spots like San Francisco, Seattle, Dallas, and D.C.
- While 46.8M square feet of deliveries will push completions above the long-term average, they are still well below 2008's peak.
- Looking at the sales market, it's slowed, with transaction volumes up just 1% in Q1 following five straight years at a far faster rate of growth.
- Interested parties: GOV, EQC, BXP, WRE, FPO, HIW, PDM, CIO, PSB, SIR, PKY, PGRE, BDN, SLG
Wed, Mar. 9, 4:44 PM
Mon, Feb. 22, 10:46 AM
- Broadly speaking, Q4 results met expectations, says Deutsche's Vin Chao, with industrial and mall REITs doing marginally better-than-expected, apartment, strip mall, and office REITs mostly inline, and healthcare missing modestly.
- While guidance from 9 of 13 REITs that provided it was below expectations, says Chao, most of those misses were due to "prudent funding" entailing higher-than-expected property sales. Also, given the recent market backdrop, one would expect managements to lean conservative.
- He continues with Buy ratings on Simon Property (NYSE:SPG), AvalonBay (NYSE:AVB), Boston Properties (NYSE:BXP), CyrusOne (NASDAQ:CONE), and Retail Properties of America (NYSE:RPAI).
- ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, SRS, ICF, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, DRA, FTY, PSR, FREL, LRET, WREI, IARAX, XLRE
Wed, Feb. 3, 11:07 PM
- Boston Properties (NYSE:BXP): Q4 FFO of $1.28 beats by $0.01.
- Rental revenue of $606.85M (+1.9% Y/Y) misses by $12.49M.
- The company raised its FY16 FFO guidance to $5.78-$5.93 from prior $5.50-$5.70.
- The company expects Q116 FFO at $1.59-$1.61.
Tue, Feb. 2, 5:35 PM
- AAV, ALL, AVB, AWH, BDN, BRKS, BWLD, BXP, CACI, CBL, CCK, CDNS, CEB, CINF, CPST, DHT, ENH, EPM, EXAR, FBHS, GEOS, GLUU, GPRO, HIVE, HUBG, ICUI, IMPV, LCI, LNC, MAA, MAC, MCHP, MDU, MET, MNR, MTGE, MTRX, MUSA, MWA, NE, NXPI, OSUR, PACB, PCL, PMT, PNNT, RE, RGLD, RRTS, SFLY, SPSC, TIS, TMK, TTWO, TWO, UHAL, WFT, WSTL, XL, YUM
Tue, Jan. 12, 7:10 PM
- General Dynamics (NYSE:GD) is moving its headquarters, out of Falls Church, Va., to a new site owned by an affiliate of Boston Properties (NYSE:BXP) in Reston, Va.
- The new undeveloped, 21.7-acre site includes a planned 190,000-square-foot building, though it's not clear if Boston Properties will be involved or will sell the site as part of the deal.
- The new site was zoned and approved for three office building in 1999. Two hundred employees will make the move.
Fri, Jan. 8, 7:38 PM
- REIT Boston Properties (BXP -2.8%) has priced a $1B offering of 3.65% senior unsecured notes, due 2026.
- Notes were priced at 99.708% of principal. The offering is expected to close Jan. 20.
- Net proceeds of about $988.9M are expected to be used for general purposes, "which may include investment opportunities and debt reduction."
- The company reported $9.93B in total debt in its most recent results, with a total debt/equity ratio of 123. It reported $1.39B in cash.
Boston Properties, Inc. is a self-administered and self-managed real estate investment trust. It engages in the acquisition, development, financing, capital markets, construction management, property management, marketing, leasing, accounting, tax and legal services. Its property portfolio is... More
Industry: REIT - Office
Country: United States
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