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Boston Properties (BXP) Unveils Co-Investment Program With CPP, GIC
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Boston Properties (BXP - Free Report) , Canada Pension Plan Investment Board and leading global investment firm GIC recently initiated a co-investment program for future acquisitions of office properties in the United States.
With Boston Properties and CPP Investments planning to contribute $250 million each, and GIC allocating $500 million, the partners have targeted an aggregate equity amount of $1 billion to the program. Along with leverage, they expect the initial investment capacity to be roughly $2 billion.
Under the program, the partners will selectively acquire and operate office properties in the pandemic-hit markets of Boston, Los Angeles, New York, San Francisco, Washington, DC, and Seattle.
This co-investment program is in sync with Boston Properties’ track record of creating long-term value through opportunistic investments in high-quality office properties in markets with the strongest economic growth over time.
The capital commitments will likely accelerate the pace of Boston Properties’ acquisition strategies and extend its investment capacity, while retaining the company’s balance-sheet strength and modest leverage. Also, this tie-up marks the expansion of Boston Properties’ relationship with CPP Investments as well as the development of a new relationship with GIC.
Per the agreement terms, over the next two years, CPP Investments and GIC will enjoy special first offers to form joint ventures with Boston Properties and get to invest in buyout opportunities which meet the target investment criteria of the program. Boston Properties will play the role of general partner and provide customary property management, leasing and other services.
Shares of this Zacks Rank #3 (Hold) company have gained 22.8% in the past six months, outperforming the industry's rally of 20.6%.
Gaming and Leisure Properties, Inc.’s (GLPI - Free Report) Zacks Consensus Estimate for 2021 FFO per share has moved marginally north to $3.40 in two months’ 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 4.5% upward to 46 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.
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Boston Properties (BXP) Unveils Co-Investment Program With CPP, GIC
Boston Properties (BXP - Free Report) , Canada Pension Plan Investment Board and leading global investment firm GIC recently initiated a co-investment program for future acquisitions of office properties in the United States.
With Boston Properties and CPP Investments planning to contribute $250 million each, and GIC allocating $500 million, the partners have targeted an aggregate equity amount of $1 billion to the program. Along with leverage, they expect the initial investment capacity to be roughly $2 billion.
Under the program, the partners will selectively acquire and operate office properties in the pandemic-hit markets of Boston, Los Angeles, New York, San Francisco, Washington, DC, and Seattle.
This co-investment program is in sync with Boston Properties’ track record of creating long-term value through opportunistic investments in high-quality office properties in markets with the strongest economic growth over time.
The capital commitments will likely accelerate the pace of Boston Properties’ acquisition strategies and extend its investment capacity, while retaining the company’s balance-sheet strength and modest leverage. Also, this tie-up marks the expansion of Boston Properties’ relationship with CPP Investments as well as the development of a new relationship with GIC.
Per the agreement terms, over the next two years, CPP Investments and GIC will enjoy special first offers to form joint ventures with Boston Properties and get to invest in buyout opportunities which meet the target investment criteria of the program. Boston Properties will play the role of general partner and provide customary property management, leasing and other services.
Shares of this Zacks Rank #3 (Hold) company have gained 22.8% in the past six months, outperforming the industry's rally of 20.6%.
Image Source: Zacks Investment Research
Stocks to Consider
MackCali Realty Corporation’s FFO per share estimate for the current year moved up 1.79% to 57 cents in the past month. The company currently carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Gaming and Leisure Properties, Inc.’s (GLPI - Free Report) Zacks Consensus Estimate for 2021 FFO per share has moved marginally north to $3.40 in two months’ 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 4.5% upward to 46 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.