Market Overview

UPDATE: Stifel Nicolaus Downgrades Brookfield Office Properties to Sell on NOI Pressure

Related BPO
Xerox Q1 Earnings Excel Estimate - Analyst Blog
Accenture, SAP AG Form Strategic Alliance - Analyst Blog

Stifel Nicolaus downgraded Brookfield Office Properties (NYSE: BPO) from Hold to Sell.

Stifel Nicolaus noted, "Assuming Brookfield Place re-leasing costs $200mm in base-building upgrades and $90/SF or $300mm in re-leasing costs, this capital need equates to roughly $1.00/sh in NAV. We estimate a $8/sh gross and net rent roll-down on 3.2mm SF, which equates to $25.6mm in annual lost NOI. Total net asset value diminution at a 6.0% cap rate totals and $900mm or roughly $1.77/sh of value loss."

Brookfield Office Properties closed at $17.12 on Monday.

Posted-In: Stifel NicolausAnalyst Color Downgrades Analyst Ratings

 

Most Popular

Related Articles (BPO)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free