FBR Capital maintains an 'Outperform' on Boston Properties (BXP); Results Ahead of Expectations, FY2011 Guidance Lower
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Price: $68.45 -1.06%
Rating Summary:
20 Buy, 15 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
20 Buy, 15 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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FBR Capital maintains an 'Outperform' on Boston Properties Inc. (NYSE: BXP).
FBR analyst commented last night, "This evening, Boston Properties reported 1Q11 results that were ahead of both FBR and Consensus expectations. We attribute the better than expected results, relative to our expectations, primarily to lower G&A and Interest expense. Additionally, BXP revised FY2011 FFO per share guidance, lowering the top end by $0.05 to $4.45-4.55 from prior estimates of $4.45-4.60, in spite of $0.18 of expected future dilution from the sale of Carnegie Center and the ATM program."
"However, we expect BXP to be slightly weak/in line in trading relative to the market tomorrow (5/03) due to lower overall portfolio occupancy results (despite strong same store cash NOI numbers of +7.6% and less negative cash leasing spreads of 1.09% in 1Q11), as the stock has returned +20.91% year to date (RMZ up 9.28% YTD). Note that the weaker overall occupancy number is also offset by only a $0.05 reduction in guidance despite an $0.18 implied dilution."
For more ratings news on Boston Properties Inc. click here and for the rating history of Boston Properties Inc. click here.
Shares of Boston Properties Inc. closed at $104.10 yesterday.
FBR analyst commented last night, "This evening, Boston Properties reported 1Q11 results that were ahead of both FBR and Consensus expectations. We attribute the better than expected results, relative to our expectations, primarily to lower G&A and Interest expense. Additionally, BXP revised FY2011 FFO per share guidance, lowering the top end by $0.05 to $4.45-4.55 from prior estimates of $4.45-4.60, in spite of $0.18 of expected future dilution from the sale of Carnegie Center and the ATM program."
"However, we expect BXP to be slightly weak/in line in trading relative to the market tomorrow (5/03) due to lower overall portfolio occupancy results (despite strong same store cash NOI numbers of +7.6% and less negative cash leasing spreads of 1.09% in 1Q11), as the stock has returned +20.91% year to date (RMZ up 9.28% YTD). Note that the weaker overall occupancy number is also offset by only a $0.05 reduction in guidance despite an $0.18 implied dilution."
For more ratings news on Boston Properties Inc. click here and for the rating history of Boston Properties Inc. click here.
Shares of Boston Properties Inc. closed at $104.10 yesterday.
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