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Analysts Say the Boston Properties Story “Sounds Really Good”

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After Mizuho Securities left the Q2 2018 call for Boston Properties, the firm said that the BXP story “sounds really good to us.” They pointed out that the 2Q18 outperformance led to a $0.07 increase to guidance, and substantial leasing progress in New York at 399 Park Ave. and 159 53rd Street read initially as a faster-than-expected pace.

“BXP is a best-in-class organization, and quality may become increasingly important to the extent the current commercial real estate (and economic) cycle starts to fade. We plan to update our model shortly, but we are holding onto our Neutral rating given a) the wait required for incremental cash flow, and b) other pockets of potential dilution that may have to work their way into sell-side models.”

At June 30, 2018, the company’s portfolio consisted of 178 properties aggregating approximately 50.2 million square feet, including twelve properties under construction/redevelopment totaling approximately 6.0 million square feet. The overall percentage of leased space for the 162 properties in-service (excluding the Company’s three residential properties and hotel) as of June 30, 2018 was 90.4%.


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