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PS Business Parks (PSB) Opens Highgate at The Mile in Tysons
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PS Business Parks, Inc. recently declared the opening of Highgate at The Mile, a 395-unit, luxury apartment community in Tysons, VA. The move comes as part of the company’s efforts to enhance its portfolio in the vibrant Tysons market.
Developed in a joint venture with KETTLER, Highgate is positioned within the company’s 750,000 square foot, 45 acre office park known as The Mile. The building comprises 435,000 square feet of space and has already started welcoming new residents. However, its final construction is slated to be accomplished in the fourth quarter of this year.
Notably, Highgate’s residents can enjoy good accessibility, with the Metro station located nearby. Also, there are world class shopping centers, restaurants, entertainment and major employers within walking distance.
The move is a strategic fit as it will help in converting a suburban office campus into a new urban community and thereby enhance the value of the park. Specifically, such a kind of development brings down the distance between housing, workplaces, retail businesses, and entertainment destinations, and is likely to grab the attention of people who prefer to live, work and play in the same area – a trend that drove development in several other cities in the U.S.
PS Business Parks currently has a Zacks Rank #2 (Buy).
Over the past three months, shares of PS Business Parks outperformed the Zacks categorized REIT and Equity Trust – Other industry. During this time frame, shares of PS Business Parks ascended 11.1%, whereas the industry gained 2.3%.
In the last 30 days, DiamondRock Hospitality’s funds from operations (“FFO”) per share for full-year 2017 increased 1.0% to 99 cents per share.
Prologis’ estimates for 2017 FFO per share moved north nearly 3.8% to $2.76, over the past 60 days.
Sunstone Hotel currently has long-term growth rate of 5.0%.
Note: All EPS numbers presented in this write up represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
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PS Business Parks (PSB) Opens Highgate at The Mile in Tysons
PS Business Parks, Inc. recently declared the opening of Highgate at The Mile, a 395-unit, luxury apartment community in Tysons, VA. The move comes as part of the company’s efforts to enhance its portfolio in the vibrant Tysons market.
Developed in a joint venture with KETTLER, Highgate is positioned within the company’s 750,000 square foot, 45 acre office park known as The Mile. The building comprises 435,000 square feet of space and has already started welcoming new residents. However, its final construction is slated to be accomplished in the fourth quarter of this year.
Notably, Highgate’s residents can enjoy good accessibility, with the Metro station located nearby. Also, there are world class shopping centers, restaurants, entertainment and major employers within walking distance.
The move is a strategic fit as it will help in converting a suburban office campus into a new urban community and thereby enhance the value of the park. Specifically, such a kind of development brings down the distance between housing, workplaces, retail businesses, and entertainment destinations, and is likely to grab the attention of people who prefer to live, work and play in the same area – a trend that drove development in several other cities in the U.S.
PS Business Parks currently has a Zacks Rank #2 (Buy).
Over the past three months, shares of PS Business Parks outperformed the Zacks categorized REIT and Equity Trust – Other industry. During this time frame, shares of PS Business Parks ascended 11.1%, whereas the industry gained 2.3%.
Other Stocks to Consider
Investors can also consider other stocks in the REIT space like DiamondRock Hospitality Company (DRH - Free Report) , Prologis, Inc. (PLD - Free Report) and Sunstone Hotel Investors, Inc. (SHO - Free Report) . All the three stocks carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the last 30 days, DiamondRock Hospitality’s funds from operations (“FFO”) per share for full-year 2017 increased 1.0% to 99 cents per share.
Prologis’ estimates for 2017 FFO per share moved north nearly 3.8% to $2.76, over the past 60 days.
Sunstone Hotel currently has long-term growth rate of 5.0%.
Note: All EPS numbers presented in this write up represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look. See the pot trades we're targeting>>