-- 独立系調査会社CFRAは、に対し、以下の調査レポートを提供しました。CFRAのアナリストは、以下のように見解をまとめています。 稼働率の低迷が続く中、リース改善のために大規模な設備投資が計画されているため、目標株価を10ドル引き下げ、2026年のFFO予想の7.5倍となる51ドルとします。2026年のFFO予測を0.05ドル引き下げて6.82ドル、2027年のFFO予測を0.22ドル引き下げて7.03ドルとします。BXPの第1四半期における最も懸念されるニュースは、2026年のリースを促進するために計画されている設備投資額が、当初の2億2,000万ドル～2億5,000万ドルから最大4億ドルにまで増加したことです。当社の見解では、これは、空室となっている物件の稼働率を改善するために、テナントへの大幅な譲歩、あるいはBXPによる再開発投資が必要になる可能性が高いことを示唆しています。経営陣は、BXP株は現在魅力的であるものの、高いレバレッジのため自社株買いはできないと考えている。リース事業の低迷と再リーススプレッドのマイナスを考慮すると、これは懸念材料である。サンフランシスコでは第1四半期にリース事業が改善したが、ボストン／ニューヨーク（BXP最大のCBD市場）では依然としてマイナスとなっている。レバレッジ削減を目指し、2026年にはさらなる資産売却（今年度4億ドル増）と株式発行を実施する予定である。
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