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Boston Properties Inc BXP

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Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Boston Properties Reports Decent Q1 Results as the End of Pandemic Appears to Be In Sight

Kevin Brown Equity Analyst

Analyst Note

| Kevin Brown |

No-moat Boston Properties reported decent first-quarter results as the end of pandemic appears to be in sight with mass vaccinations helping to develop heard immunity in the public. Companies are also starting to think about returning to the office after a tumultuous year of remote working experiment. The firm reported first-quarter funds from operations, or FFO, of $1.56 per share, 15% lower than the $1.83 in FFO during the first quarter of 2020. These results were largely in line with management’s previous guidance and are encouraging within the context of a COVID-19 crisis that has significantly dented office utilization rates. With our model already updated to reflect a near term weakness in rents and occupancy on the back of coronavirus-related challenges, we are maintaining our $108 fair value estimate for Boston Properties.

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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 Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 750

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