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Boston Properties Inc. Dec 11
Standard & Poors, Dec 2011
Abstract
A high quality, well-located office portfolio that supports above-average occupancy and rental rates through real estate cycles. Strong liquidity and demonstrated access to the unsecured debt markets provides acquisition advantages over capital constrained peers. Debt coverage metrics, while improving, are weaker than other similarly rated REITs in part due to the company's ongoing development pipeline, which periodically includes large, office towers. The potential for vacancy, related to several significant re-tenanting initiatives, to negatively affect same-store performance in 2012. Our ratings on Boston Properties Inc. primarily reflect the stable and predictable cash flow provided by the REIT's portfolio of high-quality office properties. Our strong business risk assessment further acknowledges management's investment discipline, including its demonstrated ability to manage acquisition and development...
Companies mentioned in this report are: Boston Properties Inc.,Boston Properties LP
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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