Relaunching Coverage on Office REITs: Boston Properties and Vornado
We are reinitiating coverage of the office real estate investment trusts as the result of an analyst change. For Boston Properties and Vornado, we assign fair value estimates per share of $126 and $119, respectively, and no-moat ratings. Both companies own and operate office and retail space in central business districts (CBD) across the country—most notably Manhattan, San Francisco, and Washington D.C. They offer tenants premier Class A office space and achieve some of the highest rents per squ...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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