Market Overview

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

Related BPO
Brookfield Property Partners Completes Successful Tender Offer, Takes up Additional Common Shares of Brookfield Office Properties
Earnings Scheduled For January 31, 2014

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.

Latest Ratings for BPO

Apr 2014BarclaysMaintainsEqual-Weight
Jan 2014BarclaysMaintainsEqual-Weight
Jan 2014JP MorganUpgradesUnderweightNeutral

View More Analyst Ratings for BPO
View the Latest Analyst Ratings

Posted-In: Stifel NicolausAnalyst Color Downgrades Analyst Ratings


Related Articles (BPO)

View Comments and Join the Discussion!