07:40 AM EDT, 05/01/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We cut our target by $10 to $62, 9.1x our 2025 FFO-per-share view, near office peers as WFH trends persist, vacancy rates rise, all while rental growth stays low. We cut our 2025 FFO forecast by $0.10 to $6.79 and cut 2026's by $0.25 to $7.12. We continue to hold a negative longer-term view of the office market even with leasing activity improving over the last three quarters. We see a significant amount of obsolete inventory struggling to find tenants without cutting rents or renovating spaces. However, we believe all CBD markets are starting to normalize in major markets except for San Francisco. Leverage continues to concern us despite the initial CBD leasing recovery, with net debt-to-EBITDAre up from 7.7x in Q4 to 8.3x in Q1. Management believes focusing on leased percentage of space vs. occupancy is a better indicator of this recovery in the near term. San Francisco remains a weaker market overall with tech firms expanding outside the Bay Area (NY, DC), while rightsizing their San Francisco footprints.