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Boston Properties Inc BXP

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

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Economic Moat

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Capital Allocation

PREMIUM

Boston Properties Releases Underwhelming Q4 Results Amid a Challenging 2020 for Office Real Estate

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

Boston Properties Group reported fourth-quarter results that missed consensus FactSet consensus estimates, sending shares around 3% lower. The firm has shown some resilience amid the challenges presented by the coronavirus pandemic, but some of these inherent issues remain difficult to overcome. During the fourth quarter, Boston Properties reported funds from operations (FFO) of $1.37 per share, down significantly as compared with $1.87 during the fourth quarter of 2019. Partly contributing to the sharp year-over-year decline was a $0.22 per share non-cash write-off of accrued rent for all coworking tenants given the challenges facing this industry. Meanwhile, full-year 2020 FFO was $6.29 per share, down as compared with $7.01 during 2019. With a period of COVID-19 related weakness already incorporated into our outlook, we are maintaining our $103 per share fair value estimate for no-moat rated Boston Properties Group.

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Company Profile

Business Description

Boston Properties owns over 150 properties consisting of approximately 48 million rentable square feet of space. The portfolio is dominated by office buildings and is spread across major cities such as New York, Boston, San Francisco, and the Washington, D.C., region, along with a newly established presence in Los Angeles. The real estate investment trust also owns limited retail, hotel, and residential properties.

Contact
800 Boylston Street, Suite 1900, Prudential Center
Boston, MA, 02199-8103
T +1 617 236-3300
Sector Real Estate
Industry REIT - Office
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 750

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