11:10 AM EDT, 05/01/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our target by $9 to $60, on a forward P/FFO of 8.5x our 2024 FFO estimate, in line with office REIT peers as BXP's high exposure to troubled office markets (e.g., Seattle, Washington D.C.) is partially offset by its class A office concentration. We trim our 2024 FFO estimate by $0.05 to $7.04 and cut 2025's by $0.06 to $7.29. BXP reported Q1 2024 FFO of $1.73 vs. $1.73, a penny consensus beat on revenues that were 3% above consensus. Same-store cash NOI fell 2.9% Y/Y as occupancy dropped 40 bps Y/Y to 88.2%. Occupancy showed improvement in Los Angeles (87.8%, +10 bps Y/Y), New York (88.0%, +80 bps), and Washington D.C. (90.4%, +170 bps), but dropped in Seattle (81.8%, -610 bps), San Francisco (83.4%, -500 bps), and Boston (90.4%, -120 bps). Net rents rose 9.6% with BXP leasing 893K square feet in Q1, down from 1.5msf in Q4. BXP generated $142M in proceeds from dispositions in Q1 while acquiring one property for $35M. Leverage rose to 7.8x vs. 7.4x Q/Q while interest coverage remained stable at 2.9x.