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Alexander David Goldfarb

Managing Director and Senior Equity Research Analyst at Piper Sandler

Alexander David Goldfarb is a Managing Director and Senior Equity Research Analyst at Piper Sandler, specializing in real estate investment trusts (REITs) and the U.S. real estate sector. He covers a comprehensive roster of major public real estate companies including Simon Property Group, AvalonBay Communities, Equity Residential, Essex Property Trust, SL Green Realty Corp., and Camden Property Trust, among others. Goldfarb has a documented track record with a 53% success rate and an average return of 3.6% per stock rating according to TipRanks, with standout calls such as a 175.5% return on SL Green Realty. His career began at Lehman Brothers as a Vice President and REIT analyst, followed by roles at UBS and Sandler O’Neill + Partners before joining Piper Sandler in 2009. Goldfarb holds an MBA from Babson College and a bachelor's from Wheaton College, and he maintains all required securities industry credentials for equity research.

Alexander David Goldfarb's questions to BXP (BXP) leadership

Question · Q3 2025

Alexander David Goldfarb asked how BXP's investment criteria have tightened since Investor Day, specifically regarding development yield thresholds, and how many deals were rejected due to these new, higher thresholds.

Answer

CEO Owen Thomas stated that BXP's development yield threshold is now 8% or higher, an increase of 100-200 basis points from pre-interest rate hike levels (6-7%), requiring significantly higher rents due to increased construction costs. This makes BXP a more selective office developer. President Douglas Linde added that BXP is executing on $2.6 billion in developments (343 Madison, 725 12th Street, and a potential new build-to-suit), which represents significant external growth, and acquisitions at a 6% NOI yield are less appealing compared to these development opportunities.

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Question · Q3 2025

Alexander David Goldfarb asked about how BXP's investment criteria have tightened since Investor Day, specifically regarding higher yield thresholds for development and acquisitions, and how this new discipline impacts deal evaluation and selection.

Answer

Owen Thomas (CEO, BXP Inc) reiterated that BXP's threshold yield for developments is 8% or higher, a 100-200 basis point increase from pre-interest rate hike levels, requiring significantly higher rents. He emphasized that BXP will be a more selective office developer, focusing on high-quality opportunities. Douglas Linde (President, BXP Inc) added that the appetite for acquiring buildings at 6% NOI yields with lower cash flow and near-term rollover is less enticing than current development opportunities, making BXP highly selective for acquisitions.

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