Modest Across-The-Board Improvements Lead To a Solid 3Q For Boston Properties
There was little in no-moat-rated Boston Properties’ third-quarter results that would alter our long-term view of the firm, and we are maintaining our $143 fair value estimate. The better-than-expected quarter was topped off with funds from operations, or FFO, per share of $1.57, exceeding management’s previous guidance of between $1.52 and $1.54 per share. The outperformance was a combination of additional development and management services revenue, better than expected portfolio operations, a...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.
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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.
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