BXP · 10-Q · 2026Q2 · Full report
Liquidity and Debt Position
BXP, Inc. · 2026-08-06 · Importance 64 · Surprise 42 · In source text
As of July 31, 2026, BXP had $345.7 million of available cash, including $93.3 million attributable to consolidated joint venture partners, and approximately $1.3 billion available under BPLP’s Revolving Facility after the $750.0 million commercial paper backstop. Near-term maturities include the $100.0 million 2024 Unsecured Term Loan due September 26, 2026, $1.0 billion of 2.750% senior notes due October 1, 2026, and $2.3 billion of mortgage debt secured by 767 Fifth Avenue maturing June 9, 2027. At June 30, 2026, variable-rate debt outstanding included $100.0 million under the 2024 Unsecured Term Loan, $700.0 million under the 2025 Credit Facility, and $750.0 million under the Commercial Paper Program. BXP expected to refinance the 767 Fifth Avenue mortgage and had received several lender quotes, while $600.0 million of its $800.0 million of variable-rate mortgage debt was hedged with interest-rate swaps.
Key facts
- On July 28, 2026, BXP entered into a $1.2 billion construction loan for the development of 343 Madison Avenue, reducing BXP's remaining equity requirement to complete its development pipeline from approximately $2.1 billion to approximately $900 million. source
- Principal near-term debt and maturities cited as liquidity needs include: $100.0 million outstanding on 2024 Unsecured Term Loan maturing September 26, 2026 (two one-year extension options), $1.0 billion of 2.750% unsecured senior notes due October 1, 2026, and $2.3 billion of mortgage debt secured by 767 Fifth Avenue maturing June 9, 2027. source
- We have not sold any shares under BXP’s $1.0 billion at-the-market equity offering program as of the filing. source
- Total Remaining Capacity under the unsecured line of credit and related items was $1,498,747 at June 30, 2026 and $1,332,504 at July 31, 2026. source
- Based on assets currently under contract and those being marketed, we estimate that net disposition proceeds in 2026 could aggregate up to an additional $440 million by year end. source
- Net cash used in financing activities for the six months ended June 30 was $(1,257,446) (2026) and $(758,132) (2025), a change of $(499,314) (in thousands). source
- As of July 31, 2026, approximately $1.3 billion was available under BPLP’s Revolving Facility after deducting the $750.0 million being used as a backstop for the Commercial Paper Program. source
- Cash and cash equivalents and cash held in escrows aggregated approximately $553.5 million and $527.8 million at June 30, 2026 and 2025, respectively. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -9.1% | Principal near-term debt and maturities cited as liquidity needs include: $100.0 million outstanding on 2024 Unsecured Term Loan maturing… |
| liability | negative | committed | -4.0% | On July 28, 2026, BXP entered into a $1.2 billion construction loan for the development of 343 Madison Avenue, reducing BXP's remaining… |
| liability | negative | realized | -4.0% | Principal near-term debt and maturities cited as liquidity needs include: $100.0 million outstanding on 2024 Unsecured Term Loan maturing… |
| cash | negative | realized | -2.0% | Net cash used in financing activities for the six months ended June 30 was $(1,257,446) (2026) and $(758,132) (2025), a change of… |
| cash | positive | probable | +0.9% | Based on assets currently under contract and those being marketed, we estimate that net disposition proceeds in 2026 could aggregate up to… |
| liability | negative | realized | -0.4% | Principal near-term debt and maturities cited as liquidity needs include: $100.0 million outstanding on 2024 Unsecured Term Loan maturing… |
| cash | positive | realized | +0.1% | Cash and cash equivalents and cash held in escrows aggregated approximately $553.5 million and $527.8 million at June 30, 2026 and 2025,… |