Decreasing Fair Value Estimate for Boston Properties to $138 Per Share
No-moat Boston Properties posted decent fourth-quarter and full-year 2018 results that fit well within our long-term views of the company. Full-year funds from operations grew 1.3% to $6.30, which we think is a solid capstone to a generally successful year. Year-over-year revenue grew somewhat faster than anticipated at 4.4%, largely due to a 70-basis-point increase in occupancy to 91.4%. As the portfolio’s occupancy is lower than comparable office REITs under our coverage, we agree with managem...Boston Properties is a real estate investment trust that develops, owns and manages primarily office properties. The company's properties are concentrated in five markets: Boston, Los Angeles, New York, San Francisco and Washington, DC. The company is a real estate company, with in-house knowledge and resources in acquisitions, development, financing, capital markets, construction management, property management, marketing, leasing, accounting, risk management, tax and legal services. The company manages Boston Properties Limited Partnership, which is the entity through which the company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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