BXP · 10-Q · 2026Q2 · Full report

Interest Rate and Refinancing Exposure

BXP, Inc. · 2026-08-06 · Importance 64 · Surprise 42 · From source text

BXP faces $100.0 million of 2024 Unsecured Term Loan maturities on 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. As of June 30, 2026, variable-rate borrowings 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 expects to refinance the 767 Fifth Avenue mortgage in the commercial mortgage market, but notes that refinancing may not be available on favorable terms or at all; $600.0 million of its $800.0 million of variable-rate mortgage debt is hedged with interest-rate swaps fixing SOFR.

Key facts

• We have an aggregate of $800.0 million of mortgage notes that bear interest at variable rates, of which $600.0 million has been hedged with interest rate swaps to fix SOFR for the applicable debt term. source
• Fixed rate debt comprised 88.81% of total debt at June 30, 2026, with a weighted average stated rate of 3.83%, GAAP rate of 3.98% and weighted average maturity of 3.8 years. source
• Consolidated debt as of June 30, 2026 represented 100.00% of debt with a stated rate of 3.90%, GAAP rate of 4.04% and weighted average maturity of 3.5 years. source
• The 2024 Unsecured Term Loan bears interest at a variable rate of SOFR+1.05% per annum and BPLP entered into an interest rate swap to fix SOFR at a weighted-average fixed interest rate of 3.6775% per annum; the interest rate swap contract ended on April 6, 2026, and the 2024 Unsecured Term Loan has two, one-year extension options. source
• Floating rate debt comprised 11.19% of total debt at June 30, 2026, with a weighted average stated rate of 4.45%, GAAP rate of 4.53% and weighted average maturity of 1.4 years. source
• At June 30, 2026, the unsecured commercial paper notes outstanding were $750,000 and bore a weighted average interest rate of approximately 4.11% per annum with a weighted-average maturity of 41 days from the date of issuance. source
• At July 31, 2026, BPLP had an aggregate of $750.0 million of commercial paper notes outstanding that bore interest at a weighted-average rate of approximately 4.08% per annum and had a weighted-average maturity of 45 days from the date of issuance. source
• The Unsecured Term Loan Facility bears interest at a variable rate of SOFR+0.95% per annum and has two, six-month extension options, each subject to customary conditions. source

Impact estimates