2024-03-27 18:07:31 ET
Summary
- Boston Properties is a REIT that owns office real estate across major developed cities like Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC.
- The company has a portfolio of good assets with lower vacancy rates than the comparables for similar property types in similar cities.
- Despite this, the office market outlook remains particularly weak and there are a number of trends like interest rate headwinds, work-from-home, and migration factors that are likely to persist.
- I rate shares as a 'hold' given the poor outlook for Downtown Class A properties, acknowledging that the dividend is likely safe and that the portfolio of assets have resilient tenants.
Introduction
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Boston Properties: Superior Property Portfolio But Office Outlook Remains Weak