美国商业地产龙头企业(甲级写字楼)战略分析.doc
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1、波士顿地产简介Boston Properties, Inc. is a fully integrated self-administered and self-managed real estate investment trust (REIT), and an owner and developer of office properties in the United States. The Companys properties are concentrated in five markets: Boston, Washington, D.C., midtown Manhattan, Sa
2、n Francisco and Princeton, New Jersey. The Company conducts all of its business through its subsidiary, Boston Properties Limited Partnership (BPLP). As of December 31, 2007, the Company owned or had interests in 139 properties, totaling approximately 33.9 million net rentable square feet and struct
3、ured parking for vehicles containing approximately 9.9 million square feet. Boston Properties, Incs properties consist of 135 office properties comprised of 115 Class A office properties and 20 Office/Technical properties; one hotel, and three retail properties. On June 9, 2008, the Company complete
4、d the acquisition of the General Motors Building in New York City from affiliates of Macklowe PropertiesFundamentally Strong Markets and High Barriers to Entry市场基本成熟,进入门坎较高High barriers to entry and strong real estate fundamentals characterize Boston Properties core markets. We have proven throughou
5、t our history that operating, developing and acquiring Class-A office real estate in supply-constrained markets is the best business strategy to maximize return on investment. We have selected markets and submarkets including, Boston, Washington, D.C., Midtown Manhattan, San Francisco and Princeton,
6、 N.J. where tenants have demonstrated a preference for high-quality office buildings and facilities. Boston Properties strategy of holding higher quality assets in the best locations pays off even during weak market conditions as tenants make a flight to quality to take advantage of attractive rent
7、levels and increased availability at superior buildings.波士顿地产的核心市场特征在于:进入门坎高;具有很强的房地产原则。这些年来我们(波士顿地产)证明了:运营、发展、在供给不足的市场获得顶级办公房产是使投资回报最大化的最佳战略。我们选取了市场和次要的市场,包括波士顿、华盛顿、曼哈顿中心城区、旧金山和普林斯顿,在这些城市,佃户偏好高质量的写字楼以及配套设施。波士顿地产的这项战略在市场衰弱的情况下收获了极大的回报租赁者争先恐后地追求质量,想要得到价廉物美的顶级写字楼,我们的战略恰恰是:在最好的地段持有更高质量的地产。Development P
8、ipeline发展通道Boston Properties began as a real estate development company in 1970 and became a publicly traded real estate investment trust in 1997. Development remains a key part of Boston Properties operating strategy for future growth. Boston Properties now controls sites on which we can develop a
9、total ofapproximately 13million square feet as market conditions and build-to-suit opportunities permit.波士顿地产成立于1970年,于1997年成为不动产投资信托公司进行公开交易。发展/开发仍然是波士顿地产为日后成长的运营战略的重要环节。波士顿地产现有资源在市场允许的条件下可供我们开发共计约1千3百万平方英尺。Occupancy by region占用区域As of Mar.31, 2009Boston93%Washington96%New York98%San Francisco93%Pr
10、inceton82%Income Distribution by Region各地收入分配As of Mar.31,2009截止至2009年3月31日Boston21%Washington21%New York36%San Francisco12%Princeton5%注:1、按照美国通用会计准则 净运营收入2、普林斯顿地区包括布仑司维克Source: http:/Cf. 与2008年底比较 As of Dec.31,2008截止至2008年12月31日Boston24%Washington22%New York38%San Francisco13%Princeton3%注:以上比例包含波士顿
11、地产所持有的松散的合资企业资产。Source: Annual Report of 20082008年年报For the fiscal year ended December 31, 2008BOSTON PROPERTIES, INC.Common Stock, par value $.01 per sharePreferred Stock Purchase RightsAs of June 30, 2008, the aggregate market value of the 117,049,198 shares of common stock held by non-affiliates
12、of the Registrant was $10,560,178,643 based upon the last reported sale price of $90.22 per share on the New York Stock Exchange on June 30, 2008. (For this computation, the Registrant has excluded the market value of all shares of Common Stock reported as beneficially owned by executive officers an
13、d directors of the Registrant; such exclusion shall not be deemed to constitute anadmission that any such person is an affiliate of the Registrant.)As of February 23, 2009, there were 121,265,984 shares of Common Stock outstanding.Certain information contained in the Registrants Proxy Statement rela
14、ting to its Annual Meeting of Stockholders to be held May 19, 2009 is incorporated by reference in Items 10, 11, 12, 13 and 14 of Part III. The Registrant intends to file such Proxy Statement with the Securities and Exchange Commission not later than 120 days after the end of its fiscal year ended D
15、ecember 31, 2008.Transactions During 2008Real Estate Acquisitions/DispositionsOn January 7, 2008, we transferred at cost Mountain View Research Park and Mountain View Technology Park to our Value-Added Fund for an aggregate of approximately $221.6 million. The Research Park properties are comprised
16、of sixteen Class A office and office/technical properties aggregating approximately 601,000 net rentable square feet located in Mountain View, California. The Technology Park properties are comprised of seven office/technical properties aggregating approximately 135,000 net rentable square feet loca
17、ted in Mountain View, California. In consideration for the transfer, we received approximately $98.6 million of cash and a promissory note having a principal amount of $123.0 million. The promissory note bore interest at a fixed rate of 7% per annum and was repaid in 2008. In connection with the tra
18、nsfer of the Research Park and Technology Park properties to the Value-Added Fund, we and our partners agreed to certain modifications to the Value-Added Funds original terms, including bifurcating the Value-Added Funds promote structure such that the Mountain View Research Park and Technology Park
19、properties will be accounted for separately from the non-Mountain View properties owned by the Value-Added Fund (i.e., Circle Star and 300 Billerica Road). As a result of the modifications, our interest in the Mountain View properties is approximately 39.5% and our interest in the non-Mountain View
20、properties is 25%. This investment completed the investment commitments for new properties from the Value-Added Fund partners.On April 14, 2008, we sold a parcel of land located in Washington, DC for approximately $33.7 million. We had previously entered into a development management agreement with
21、the buyer to develop a Class A office property on the parcel totaling approximately 165,000 net rentable square feet.On May 12, 2008, we acquired the remaining development rights for our 250 West 55th Street development project located in New York City for an aggregate purchase price of approximatel
22、y $34.2 million. The acquisition was financed with approximately $19.2 million of cash and the issuance to the selling entity of 150,000 common units of partnership interest (also referred to as “OP Units”).On June 9, 2008, we completed the acquisition of the General Motors Building at 767 Fifth Ave
23、nue in New York City for a purchase price of approximately $2.8 billion. The General Motors Building is an approximately 1,770,000 rentable square foot office building located at the corner of 5th Avenue and Central Park South in New York City. The acquisition was completed through a joint venture w
24、ith US Real Estate Opportunities I, L.P., which is a partnership managed by Goldman Sachs, and Meraas Capital LLC, a Dubai-based private equity firm. We have a 60% interest in the venture and will provide customary property management and leasing services for the venture. The purchase price consiste
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