Bank of America
Baskersfield, CA
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management, Global Banking, and Global Markets. The Consumer Banking segment offers traditional and money market savings accounts, CDs and IRAs, noninterest- and interest-bearing checking accounts, and investment accounts and products, as well as credit and debit cards, residential mortgages and home equity loans, and direct and indirect loans. This segment provides its products and services through approximately 4,600 financial centers, 15,900 ATMs, call centers, and online and mobile platforms. The Global Wealth & Investment Management segment offers investment management, brokerage, banking, and retirement products, as well as wealth management and customized solutions.
The Global Banking segment provides lending products and services, including commercial loans, leases, commitment facilities, trade finance, real estate lending, and asset-based lending; treasury solutions, such as treasury management, foreign exchange, and short-term investing options; working capital management solutions; and debt and equity underwriting and distribution, and merger-related and other advisory services. The Global Markets segment offers market-making, financing, securities clearing, settlement, and custody services, as well as risk management, foreign exchange, fixed-income, and mortgage-related products. Bank of America Corporation was founded in 1874 and is based in Charlotte, North Carolina.
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S&P Outlook: Stable
Moody Outlook: Positive
Typical Lease Characteristics
Lease Term: 15 – 20 Years Years
Lease Type: Absolute NNN and Ground lease
Lease Increases: 10% Every 5 years
Lease Extensions: 4-5 (5) Year Options
Lease Guarantor: Corporate
Tenant Overview
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.
As a tenant, BofA offers a great deal of stability given its size, history, and credit rating. As pressures from online banking continue to grow however, extra consideration must be given to number of accounts managed, as well as phyiscal location and demographics of the space.
Positives:
- Public Company, Credit Rated
- Typically Long term leases with increases
Negatives:
- Long term effects and pressures of online banking remain to be seen
- Typically low cap rate
Market Snapshots:
On Market Ranges:
# of Properties in set: 22
Price: $2,322,730 - $3,197,170Average: $2,732,622
PPSF: $550 - $730Average: $633
Year Built: 1960 - 2014Average: 1991
CAP Rate Range: 4.90% - 6.57%Average: 5.76%
Size range: 2,048 sq ft - 29,552 sq ft Average: 4,936 sq ft
Last 12 Month Range:
# of Properties in set: 19
Price: $2,251,910 - $3,029,350Average: $2,680,841
PPSF: $375 - $457Average: $431
Year Built: 1910 - 2015Average: 1978
CAP Rate Range: 4.81% - 5.61%Average: 5.35%
Size range: 3,062 sq ft - 24,113 sq ft Average: 7,639 sq ft
Bank of America Similar Tenants
Bank of America Company Profile
Headquarters Information
Charlotte, NC
Founded in 1904
Company type: Public
Stock Ticker: BAC
Sector: Financial
Industry: Money Center Banks
# of Employees: 203,839
Bank of America Stock Keys
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