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Boston Properties

BXP is a registered REIT with an operating portfolio of commercial real estate properties focused on the office space, mainly comprised of high quality Class A buildings. At 3Q18, BXP owned/had interests in 200 commercial real estate properties, including 180 office properties of which 12 are under construction/redevelopment. The company operates in just a few core markets: New York (~28% of BXP's share of NOI at 3Q18), Boston (~33%), Washington DC (~18%), and San Francisco/Los Angeles (~20%). BXP maintains a diversified tenant roster, with financial services comprising ~25% of BXP's share of rent, with other key sectors including legal services (~22%), and media and technology (~23%). Arnold & Porter Kaye Scholer is the single largest tenant at ~3.1% of BXP's share of rent. (26 Nov 2018)

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IG Note: Boston Properties Issuing 10Y Green Bond

IG Note: 13 Nov 2018, 12:39 PM ET - Boston Properties is in the market with what we believe is its first Green Bond; we see room for ~20 bp of tightening from IPT and discuss the specific and broader implications of the 'green' designation.
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Boston Properties: 3Q18 Earnings Quick Cuts

Worth Watching: 31 Oct 2018, 9:39 PM ET - Boston Properties (BXP) reported a strong 3Q18 as FFO came in ahead of consensus estimates. Same store NOI growth was solid at 2.5% in 3Q18 as 399 Park Ave (partially out of service while under redevelopment), while occupancy increased 70 bp seq ..

Retail REITs: Sears Bankruptcy as Opportunity

Worth Watching: 15 Oct 2018, 1:28 PM ET - Retail REITs: With the news that Sears is (finally?) filing for bankruptcy, we size REIT exposures to the long-struggling retailer and see the impacts as broadly manageable. From an operating performance perspective, the vast majority of REITs see ..
Focused

REIT/CRE 3Q18 Preview: What We're Watching

Sector Analysis: 12 Oct 2018, 5:57 AM ET - We lay out what we're watching as we head into 3Q18 earnings, for property types, individual credits, and with a macro component given the breadth and depth of economic touch points for U.S. real estate.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

REITs/CRE 2Q18: How Are Property Types Performing?

Sector Analysis: 22 Aug 2018, 5:10 AM ET - In Part 2 of our REITs/CRE 2Q18 review, we delve into the recent trends—both operating fundamentals and capital markets—across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 2Q18: Themes, Trends and Takeaways

Sector Analysis: 13 Aug 2018, 5:32 AM ET - In part 1 of our REITs/CRE 2Q18 review, we discuss key themes emerging from earnings, including sector relative value, overall market conditions, the continue run-up in construction costs and more.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

Boston Properties: 2Q18 Earnings Quick Cuts

Worth Watching: 01 Aug 2018, 9:53 PM ET - Boston Properties (BXP) reported a solid 2Q18 as FFO came in ahead of consensus estimates. The company has exceeded its internal expectations YTD and raised guidance for FFO per share by 1% at the midpoint. As expected, same store cash NOI decli ..

CA Goes to the Polls: A Rent Control Primer

Sector Analysis: 11 Jul 2018, 9:42 PM ET - In November, Californians will vote on a ballot initiative that seeks to repeal Costa-Hawkins, a 1995-era law restricting municipalities' ability to institute rent control policies, with implications for multifamily REITs in particular.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.
Focused

REITweek 2018: Cool, Calm, and Collected

Sector Analysis: 08 Jun 2018, 5:22 AM ET - We attended NAREIT's REITweek 2018 convention, providing our top level thoughts on the overall sector tone and analysis on individual company presentations.

REITs/CRE 1Q18: How Are Property Types Performing?

Sector Analysis: 17 May 2018, 4:27 AM ET - In Part 2 of our REITs/CRE 1Q18 review, we delve into the recent trends--both operating fundamentals and capital markets--across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 1Q18: Themes, Trends and Takeaways

Sector Analysis: 14 May 2018, 4:40 AM ET - In part 1 of our REITs/CRE 1Q18 review, we discuss key themes emerging from earnings, including construction cost overruns, public/private market valuation disconnect, sector relative value, and more.
Focused

Boston Properties: 1Q18 Earnings Quick Cuts

Worth Watching: 26 Apr 2018, 11:51 PM ET - Boston Properties (BXP) turned in a solid 1Q18 as FFO came in just shy of consensus estimates despite a revenue beat, sufficient to prompt a hike in the midpoint of FFO guidance for FY18. The BXP story continues to revolve around development, w ..

Retail REITs: TOYS Exposure aka Market Rents 'R Us

Worth Watching: 15 Mar 2018, 7:08 PM ET - Retail REITs: With Toys 'R Us (TOYS) looking like a straight liquidation rather than a restructuring, we take a quick look at exposures across the retail REIT universe (including names beyond our core coverage). Similar to past exercises with stru ..
Focused

Boston Properties: 4Q17 Earnings

Worth Watching: 04 Mar 2018, 9:51 PM ET - Boston Properties (BXP) turned in a solid 4Q17 as both FFO and revenue beat consensus estimates. BXP remains largely a development story at this point in the cycle, with projects coming on line over several years but won't move the needle much ..
Focused

U.S. REITs/CRE: 4Q17 Review

Sector Analysis: 04 Mar 2018, 9:41 PM ET - We review U.S. CRE and REIT trends in the wake of solid 4Q17 earnings results and a generally positive, if slowing, operating backdrop for the broader property sectors. Fundamentals continue to support our broader O/P on the sector.
Focused

BXP: Upgraded One Notch to Baa1 by Moody's

Worth Watching: 19 Feb 2018, 10:58 PM ET - BXP (Baa1/A-/BBB+) had its ratings upgraded one notch to Baa1 by Moody's (outlook stable). The ratings agency attributed the upgrade to the decline in BXP's secured leverage over the last three years (29% at YE17, down ~18% pts. from YE14) as well ..

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