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Boston Properties (BXP) Inks Expansion Lease in Santa Monica
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Boston Properties, Inc. (BXP - Free Report) has inked a 140,000-square-foot expansion lease at Santa Monica Business Park in Santa Monica, CA. The tenant is a technology company. The lease reflects healthy demand for this campus and the desirability of the West Los Angeles sub-market.
Located in the heart of the Sunset and Ocean Park neighborhoods, the 1.2 million-square-foot Santa Monica Business Park is a creative office campus. It is one of the most coveted workplaces in West Los Angeles, with high-profile technology and entertainment companies in its tenant roster. This has likely made the technology company to go for an expansion lease.
In fact, per management, “This lease underscores the attractiveness of the West Los Angeles submarket and Santa Monica Business Park, in particular, for attracting and retaining today’s creative talent.”
The latest lease will boost occupancy level at the company’s property and fuel revenue growth from rental income.
Despite a lackluster office market scenario, the REIT has seen a recent uptick in leasing activity and signed long-term leases with media, technology and consulting companies. Early in May, the company announced signing a long-term lease for 98,000 square feet of space at Metropolitan Square in Washington, DC. The tenant, Boston Consulting Group, has leased the space for 12 years.
In addition, the company signed roughly 592,000 square feet of leases, with a weighted-average lease term of 7.6 years in first-quarter 2021. Notably, this marks a leasing volume of 84% of the total square feet of leases executed in the prior-year period.
Also, as of Mar 31, 2021, Boston Properties’ portfolio comprised 196 properties, covering 51.6 million square feet of space. This included nine under-construction/redevelopment properties.
With further reopening of the economy and vaccine distribution at a faster pace, there has been an uptick in office jobs from the pandemic lows. Amid these, Boston Properties’ portfolio of modern, class A office buildings has been well poised to benefit from the flight-to-quality preference of office tenants. Nonetheless, the flexible-working environment is a cause of concern.
Shares of this Zacks Rank #4 (Sell) company have gained 27.1% so far in the year, outperforming the industry's rally of 16.9%.
Industrial Logistics Properties Trust’s (ILPT - Free Report) FFO per share estimate for the current year moved up marginally to $1.88 in the past month. The company currently carries a Zacks Rank of 2 (Buy).
OUTFRONT Media Inc.’s (OUT - Free Report) Zacks Consensus Estimate for 2021 FFO per share has moved nearly 6% north to 89 cents in a month’s time. The company carries a Zacks Rank of 2, currently.
Braemar Hotels & Resorts Inc. (BHR - Free Report) holds a Zacks Rank of 2, at present. The Zacks Consensus Estimate for the ongoing year’s FFO per share has been revised 37.5% upward to 44 cents over the past month.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Boston Properties (BXP) Inks Expansion Lease in Santa Monica
Boston Properties, Inc. (BXP - Free Report) has inked a 140,000-square-foot expansion lease at Santa Monica Business Park in Santa Monica, CA. The tenant is a technology company. The lease reflects healthy demand for this campus and the desirability of the West Los Angeles sub-market.
Located in the heart of the Sunset and Ocean Park neighborhoods, the 1.2 million-square-foot Santa Monica Business Park is a creative office campus. It is one of the most coveted workplaces in West Los Angeles, with high-profile technology and entertainment companies in its tenant roster. This has likely made the technology company to go for an expansion lease.
In fact, per management, “This lease underscores the attractiveness of the West Los Angeles submarket and Santa Monica Business Park, in particular, for attracting and retaining today’s creative talent.”
The latest lease will boost occupancy level at the company’s property and fuel revenue growth from rental income.
Despite a lackluster office market scenario, the REIT has seen a recent uptick in leasing activity and signed long-term leases with media, technology and consulting companies. Early in May, the company announced signing a long-term lease for 98,000 square feet of space at Metropolitan Square in Washington, DC. The tenant, Boston Consulting Group, has leased the space for 12 years.
In addition, the company signed roughly 592,000 square feet of leases, with a weighted-average lease term of 7.6 years in first-quarter 2021. Notably, this marks a leasing volume of 84% of the total square feet of leases executed in the prior-year period.
Also, as of Mar 31, 2021, Boston Properties’ portfolio comprised 196 properties, covering 51.6 million square feet of space. This included nine under-construction/redevelopment properties.
With further reopening of the economy and vaccine distribution at a faster pace, there has been an uptick in office jobs from the pandemic lows. Amid these, Boston Properties’ portfolio of modern, class A office buildings has been well poised to benefit from the flight-to-quality preference of office tenants. Nonetheless, the flexible-working environment is a cause of concern.
Shares of this Zacks Rank #4 (Sell) company have gained 27.1% so far in the year, outperforming the industry's rally of 16.9%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Industrial Logistics Properties Trust’s (ILPT - Free Report) FFO per share estimate for the current year moved up marginally to $1.88 in the past month. The company currently carries a Zacks Rank of 2 (Buy).
OUTFRONT Media Inc.’s (OUT - Free Report) Zacks Consensus Estimate for 2021 FFO per share has moved nearly 6% north to 89 cents in a month’s time. The company carries a Zacks Rank of 2, currently.
Braemar Hotels & Resorts Inc. (BHR - Free Report) holds a Zacks Rank of 2, at present. The Zacks Consensus Estimate for the ongoing year’s FFO per share has been revised 37.5% upward to 44 cents over the past month.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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