Bank of America

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 Rating: BBB+

S&P Outlook: Stable

Moody Rating: Baa1

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

S&P Rating: BBB+

S&P Outlook: Stable

S&P Rating: Baa1

Moody Outlook: Positive


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Bank of America Stock Keys

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