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Boston Properties Prices Senior Notes Offering, To Raise $1.2B
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Boston Properties, Inc. (BXP - Free Report) recently announced the pricing of the company’s 3.250% senior unsecured notes worth $1.25 billion, through its operating partnership, Boston Properties Limited Partnership. The notes are priced at 99.850% of the principal amount with a yield of 3.267% till maturity.
Net proceeds from the offering are estimated to be $1.2 billion, after deducting the estimated offering expenses and underwriting discounts. The newly-issued debt security will mature on Jan 30, 2031, unless redeemed earlier.
The company intends to utilize net proceeds from the offering to reduce outstanding balances under its unsecured revolving credit facility and for general corporate needs. It might also opt to invest the net proceeds in short-term, interest-bearing deposit accounts after the said uses.
Boston Properties’ efforts to tap the debt market amid a low interest-rate environment are a strategic fit, which will likely bolster its liquidity in these trying times.
Moreover, per its recent earnings release, the company exited first-quarter 2020 with total liquidity of $2.1 billion. This comprised $661 million of cash balance, $151 million of cash held in 1031 exchange escrow and $1.25 billion available under its unsecured revolving credit facility.
Also, the offering is anticipated to provide flexibility to the company by paying down its debt obligations. In addition, it reflects Boston Properties’ focus to address its financial obligations.
Innovative Industrial Properties, Inc.’s (IIPR - Free Report) Zacks Consensus Estimate for 2020 funds from operations (FFO) per share moved 4.3% upward to $5.33 over the past two months. The stock currently flaunts a Zacks Rank of 1.
One Liberty Properties, Inc.’s (OLP - Free Report) Zacks Consensus Estimate for the current year’s FFO per share moved 2.2% north to $1.89 over the past month. The stock currently flaunts a Zacks Rank of 1.
Postal Realty Trust, Inc.’s (PSTL - Free Report) Zacks Consensus Estimate for the ongoing year’s FFO per share moved 3.7% upward to $1.11 in two months’ time. The stock currently sports a Zacks Rank of 1.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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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.
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Boston Properties Prices Senior Notes Offering, To Raise $1.2B
Boston Properties, Inc. (BXP - Free Report) recently announced the pricing of the company’s 3.250% senior unsecured notes worth $1.25 billion, through its operating partnership, Boston Properties Limited Partnership. The notes are priced at 99.850% of the principal amount with a yield of 3.267% till maturity.
Net proceeds from the offering are estimated to be $1.2 billion, after deducting the estimated offering expenses and underwriting discounts. The newly-issued debt security will mature on Jan 30, 2031, unless redeemed earlier.
The company intends to utilize net proceeds from the offering to reduce outstanding balances under its unsecured revolving credit facility and for general corporate needs. It might also opt to invest the net proceeds in short-term, interest-bearing deposit accounts after the said uses.
Boston Properties’ efforts to tap the debt market amid a low interest-rate environment are a strategic fit, which will likely bolster its liquidity in these trying times.
Moreover, per its recent earnings release, the company exited first-quarter 2020 with total liquidity of $2.1 billion. This comprised $661 million of cash balance, $151 million of cash held in 1031 exchange escrow and $1.25 billion available under its unsecured revolving credit facility.
Also, the offering is anticipated to provide flexibility to the company by paying down its debt obligations. In addition, it reflects Boston Properties’ focus to address its financial obligations.
Over the past six months, shares of this Zacks Rank #3 (Hold) company have depreciated 30.6% compared with the industry's fall of 11.3%.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Innovative Industrial Properties, Inc.’s (IIPR - Free Report) Zacks Consensus Estimate for 2020 funds from operations (FFO) per share moved 4.3% upward to $5.33 over the past two months. The stock currently flaunts a Zacks Rank of 1.
One Liberty Properties, Inc.’s (OLP - Free Report) Zacks Consensus Estimate for the current year’s FFO per share moved 2.2% north to $1.89 over the past month. The stock currently flaunts a Zacks Rank of 1.
Postal Realty Trust, Inc.’s (PSTL - Free Report) Zacks Consensus Estimate for the ongoing year’s FFO per share moved 3.7% upward to $1.11 in two months’ time. The stock currently sports a Zacks Rank of 1.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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>>