|Bid||0.00 x 1200|
|Ask||0.00 x 800|
|Day's Range||100.27 - 103.29|
|52 Week Range||69.69 - 138.38|
|Beta (5Y Monthly)||1.25|
|PE Ratio (TTM)||18.28|
|Earnings Date||Apr 26, 2021 - Apr 30, 2021|
|Forward Dividend & Yield||3.92 (3.87%)|
|Ex-Dividend Date||Dec 30, 2020|
|1y Target Est||103.41|
The rating action reflects Boston Properties' high-quality office portfolio, its strong operating platform and excellent liquidity and while also considering the REIT's moderately elevated net debt to EBITDA and the challenging operating environment. The stable outlook incorporates the expectation that leasing volume will improve in the second half of the year and spreads on renewals and new lease pricing will remain healthy.The following ratings were affirmed:Issuer: Boston Properties Limited Partnership- Senior unsecured, Affirmed Baa1- Senior unsecured shelf, Affirmed (P)Baa1- Subordinate shelf, Affirmed (P)Baa2Issuer: Boston Properties, Inc.- Preferred Stock, Affirmed Baa2- Preferred shelf, Affirmed (P)Baa2- Preferred shelf Non-cumulative, Affirmed (P)Baa2- Backed Subordinate shelf, Affirmed (P)Baa2- Senior unsecured shelf, Affirmed (P)Baa1- Backed Senior unsecured shelf, Affirmed (P)Baa1- Subordinate shelf, Affirmed (P)Baa1Outlook Actions:Issuer: Boston Properties Limited Partnership,- Outlook, remains stableIssuer: Boston Properties, Inc.- Outlook, remains stableRATINGS RATIONALEThe Baa1 ratings reflect Boston Properties' large and high-quality portfolio of office assets in major CBD markets, diverse tenant/tenant sector base and well laddered lease maturity.
The COVID-19 outbreak cleared out office buildings last year as companies pivoted to remote work to help slow the spread. As companies return to their workspaces, it should take some of the pressure off office REIT valuations. Two that could get the biggest shot in the arm as vaccines allow office tenants to return in the coming months are Boston Properties (NYSE: BXP) and SL Green Realty (NYSE: SLG), making them stand out as top buys right now.