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研究快訊:Bxp公司第一季:隨著槓桿率上升,再租賃利差轉為負值

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-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下:BXP公佈第一季營收為8.72億美元,年增0.8%,超出市場預期1,800萬美元,但季減0.6%,反映出環比疲軟。該公司簽署了68份租賃合同,總面積達110萬平方英尺,加權平均租期為8.7年,環比租賃活動量大幅下降39%。租賃基本面仍嚴峻,第二代租賃的租金差額為負,本季總租金下降1.9%,淨租金下降3.2%。我們認為,持續的負租金差額和疲軟的環比租賃成長預示著近期營運表現令人擔憂。我們認為,租賃活動的大幅下滑以及租金的持續走低表明BXP的核心辦公市場將持續面臨不利因素。我們認為,儘管本季營收略微超出預期,但該公司仍將面臨來自充滿挑戰的市場動態的持續壓力,這種壓力可能會在短期內持續存在。

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