Boston Properties, Inc.NYSE
Fri, Dec. 2, 11:51 AM
- The financial sector is taking a breather from its staggering post-election run, with a post-jobs report dip in rates a good enough excuse for satiated bulls to cash in some chips.
- XLF -1%, KBE -0.7%, KRE -0.7%.
- Individual issues: Bank of America (BAC -1.8%), Morgan Stanley (MS -1.2%), Citigroup (C -1.9%), M&T (MTB -1.1%), Flagstar (FBC -1.7%), Fifth Third (FITB -1.6%), PNC Financial (PNC -1.4%), Prudential (PRU -1.1%), Lincoln National (LNC -1.9%), Schwab (SCHW -2.1%), State Street (STT -1.8%)
- No longer part of the financial sector as far as the GICS classification, REITs are enjoying the respite in rates. IYR +1.6%, VNQ +1.6%
- Realty Income (O +4.1%), Vereit (VER +3%), Omega Healthcare (OHI +3.2%), Welltower (HCN +3.5%), HCP (HCP +2.7%), Universal Health (UHT +4.4%), W.P. Carey (WPC +2%), Lexington Realty (LXP +2.5%), Essex Property (ESS +1.2%), Aimco (AIV +1.5%), General Growth (GGP +2.6%), Brixmor (BRX +1.6%), Federal Realty (FRT +1.8%), Kimco (KIM +1.2%), Public Storage (PSA +1.4%), Life Storage (LSI +1.4%), Boston Properties (BXP +1.2%), Stag Industrial (STAG +2.4%).
Mon, Nov. 14, 10:03 AM
- The bond market was closed on Friday, keeping rates in check and allowing REITs a respite from the week's bout of selling. The respite was short-lived though, with the selloff resuming this morning as the 10-year Treasury yield jumps 10 basis points to 2.255%.
- Realty Income (O -1.5%), Public Storage (PSA -1.3%), Welltower (HCN -0.6%), Equity Residential (AVB -1.6%), AvalonBay (AVB -1.6%), Simon Property (SPG -1.5%), Kimco (KIM -0.5%), Eastgroup (EGP -0.5%), American Campus (ACC -1.7%).
- Fading the action are some office REITs as players eye a big boost in government spending: Government Properties (GOV +1.6%), Boston Properties (BXP +1%), First Potomac (FPO +1.2%).
- Also fading the negativity despite the stronger dollar are the previously very roughed-up lodging REITs as perhaps they discount a stronger economy: Ashford Hospitality (AHT +3.7%), Sunstone Hotel (SHO +3.2%), LaSalle Hotel (LHO +2.2%), Pebblebrook Realty (PEB +3.7%), Summit Hotel (INN +1.6%), Hospitality Properties (HPT +1.2%), RLJ Lodging (RLJ +2.8%)
- Previously: "Bond vigilantes" term comes out of retirement (Nov. 14)
- ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF
Sat, Nov. 5, 12:15 PM
- Interest rate fears have helped send REITs tumbling over the past few months, with the Vanguard REIT Index ETF (NYSEARCA:VNQ) down from 15% from its July high, and now yielding 4.3% - more than double that of the S&P 500.
- Source: Barron's Andrew Bary
- Notable REITs at 52-week lows include Equity Residential (NYSE:EQR), Macerich (NYSE:MAC), Simon Property Group (NYSE:SPG), and Public Storage (NYSE:PSA).
- Green Street's Mike Kirby: REITs aren't pound-the-table inexpensive, but on the attractive side of fair value. Citigroup: "While there is undoubtedly deceleration in fundamentals ... the REIT sector is in its best shape from a balance-sheet, portfolio, and operations perspective in its history.”
- Negatives include too much apartment supply in formerly hot markets on the coasts, a flattening in Manhattan office rents, and pressure on malls from the boom in e-commerce.
- Even with all that, Kirby sees the industry's AFFO rising 6.3% this year, and 7% in 2017 and 2018. REITs trade at 20x forward AFFO - pricey vs. the S&P 500, but worth it if they produce better profit growth.
- Another valuation method is to look at the cap rates of portfolio properties, and a check finds REITs like Boston Properties (NYSE:BXP), and Simon Property are selling below their private-market values. Why, asks Kirby, would a pension fund or sovereign wealth fund pay a higher price (lower cap rate) for a Manhattan property when they could get a whole portfolio of NYC office buildings at a cheaper valuation by buying SL Green (NYSE:SLG)?
- ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, DRA, FRI, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX, RORE
Thu, Oct. 27, 9:50 AM
- Along with much of the rest of the REIT sector, Boston Properties (NYSE:BXP) has been in a downtrend since about Labor Day, in part thanks to a sharp rise in interest rates.
- The stock fell yesterday despite the company reporting an inline quarter and boosting full-year FFO guidance to $5.97-$5.99 per share from $5.92-$5.99.
- Nevertheless, Stifel bails, downgrading to Hold from Buy. Shares are down 2.6% today.
Tue, Oct. 25, 10:22 PM
Mon, Oct. 24, 5:35 PM
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Fri, Oct. 14, 9:55 AM
- Boston Properties (BXP -0.5%) is cut to Hold from Buy, while Kilroy Realty (KRC +1.7%) is upgraded to Buy from Hold.
- The $81 price target for Kilroy suggests 21% upside.
- Checking the scorecard, Kilroy is higher by 10% YTD, beating BXP by 900 basis points. On a year-over-year basis, though, BXP's 5.8% gain tops Kilroy by more than 400 bps.
Thu, Oct. 13, 4:22 PM
- The shared workspace provider completed a $690M funding round begun earlier this year, with investors including Shanghai Jin Jiang International Hotels putting up $260M at a $16.9B valuation, writes Maureen Farrell in the WSJ.
- The latest money will be used to fund WeWork's (Private:VWORK) international expansion - the company opened a Shanghai office in July, and has moved into South Korea and Hong Kong, with plans to open elsewhere in Asia.
- With 98 co-working spaces in 32 cities, WeWork puts the market caps of most office landlords to shame despite controlling only a fraction of their square footage.
- Boston Properties (NYSE:BXP), SL Green (NYSE:SLG), Equity Commonwealth (NYSE:EQC), Washington Real Estate (NYSE:WRE), First Potomac (NYSE:FPO), Highwood Properties (NYSE:HIW), Piedmont Office (NYSE:PDM), Paramount Group (NYSE:PGRE), and Brandywine Realty (NYSE:BDN) look on in wonder.
Thu, Sep. 1, 4:10 PM
Mon, Aug. 22, 2:44 PM
- Evercore ISI upgrades Brixmor Property Group (BRX +1.7%) to Buy with PT of $33.00.
- Deutsche Bank upgrades Bancolombia SA (CIB -0.9%) to Buy.
- Citigroup upgrades Grupo Financiero Galicia SA (NASDAQ:GGAL) to Neutral.
- JMP Securities upgrades Select Income REIT (SIR +1.7%) to Outperform.
- Boston Properties (NYSE:BXP) downgraded to hold and set PT of $147.00 - $149.00.
- JMP Securities downgrades Four Corners Property Trust (FCPT -1.3%) to Market Perform.
- Credit Suisse Group AG downgrades LPL Financial Holdings (NASDAQ:LPLA) to Neutral and set PT of $28.00
- JMP Securities downgrades Wheeler Real Estate Investment Trust (WHLR +1.8%) to Market Perform.
Tue, Aug. 16, 10:59 AM
- The major averages are off just modestly, but the Vanguard REIT Index Fund (NYSEARCA:VNQ) is lower by 1% as FRBNY boss Bill Dudley hit the tape this morning suggesting the possibility of a September rate hike and telling markets they're not being aggressive enough in pricing in Fed monetary tightening.
- Fed Funds futures are currently pointing to about a 50% chance of one rate hike this year, and barely pricing in any Fed moves next year.
- On tap for REITs this month is their move out of the financial sector and into their own separate sector classification.
- A few names today: Kimco (KIM -1.7%), Realty Income (O -2.1%), Omega Healthcare (OHI -1.2%), Medical Properties Trust (MPW -1.2%), W.P. Carey (WPC -1.7%), Aimco (AIV -1.4%), Simon Property (SPG -1.1%), Public Storage (PSA -0.7%), Government Properties (GOV -1%), Boston Properties (BXP -1.2%), Stag Industrial (STAG -1.2%)
- ETFs: VNQ, IYR, DRN, RQI, URE, SCHH, ICF, RWR, SRS
Tue, Jul. 26, 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
Tue, Jul. 26, 5:24 PM
Mon, Jul. 25, 5:35 PM
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Mon, Jul. 25, 7:49 AM
Thu, Jun. 16, 5:20 PM
- Boston Prop (NYSE:BXP) declares $0.65/share quarterly dividend, in line with previous.
- Forward yield 2.05%
- Payable July 29; for shareholders of record June 30; ex-div June 28.