Barclays Maintains an 'Equalweight' on Brookfield Properties (BPO); Investor Day Focused on Development

Barclays maintains an 'Equalweight' on Brookfield Properties (NYSE: BPO) price target cut by $1 to $19.00.

Barclays analyst says, "We attended BPO's Investor Day at Three World Financial Center in Lower Manhattan yesterday. The presentations largely focused on BPO's five "high-priority" development projects, how those developments might be funded, and the transformation taking place in Lower Manhattan. The emphasis on development seems to be at odds with investor sentiment in the equity markets, but reinforces our view that macroeconomic concerns are not yet impacting commercial real estate fundamentals. While sentiment appears likely to drive stock performance in the near-term, we think fundamentals and growth potential make the stock attractive on an absolute basis at current pricing."

"Our FY2011 FFO estimate remains $1.11 per share, but we are lowering our 2012 estimate to $1.17 per share from $1.20 per share. Also of note, the acquisition of Three Bethesda Metro Center for $150 million earlier this month essentially already fits with our acquisition assumptions for 2H11; no cap rate was provided for the transaction."

For more ratings news on Brookfield Properties click here and for the rating history of Brookfield Properties click here.

Shares of Brookfield Properties closed at $14.98 yesterday.

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