BXP · 10-Q · 2026Q2 · Full report
Joint Venture Investments
BXP, Inc. · 2026-08-06 · Importance 62 · Surprise 58 · In source text
BXP contributed $69.1 million to unconsolidated joint ventures during the six months ended June 30, 2026, compared with $84.4 million in the prior-year period. The 2026 contributions included $35.5 million to 290 Coles Street, $9.8 million to 360 Park Avenue South, $6.1 million to 17 Hartwell Avenue, $6.0 million to 200 Fifth Avenue and $4.4 million to 13150 Worldgate Drive. On June 4, 2026, BXP entered a new joint venture for development of 13150 Worldgate Drive, and the venture’s sale of that property generated distributions to BXP.
Key facts
- Income (loss) from unconsolidated joint ventures for the six months ended June 30, 2026 was $32,965 thousand, compared to $(5,463) thousand in 2025 (increase of $38,428 thousand). source
- BXP formed a joint venture to develop a 4.7-acre land parcel into a 359-unit multi-family residential project in Herndon, Virginia, in which BXP has a 20% ownership interest and is serving as development manager. source
- BXP has investments in unconsolidated joint ventures with effective ownership interests ranging from approximately 19% to approximately 71%, and as of June 30, 2026 the aggregate carrying amount of debt incurred by these ventures was approximately $2.7 billion, of which BXP’s proportionate share is approximately $1.1 billion. source
- On June 27, 2025, BXP entered into a new joint venture for the redevelopment of 17 Hartwell Avenue. source
- On June 4, 2026, BXP entered into a new joint venture for the development of 13150 Worldgate Drive. source
- On March 5, 2025, BXP entered into a new joint venture for the development of 290 Coles Street. source
- Capital distributions from unconsolidated joint ventures for the six months ended June 30, 2026 consisted of cash distributions, resulting from excess net proceeds from ABXP Worldgate Investments LLC’s sale of 13150 Worldgate Drive. source
- Loss from unconsolidated joint ventures for the three months ended June 30, 2026 decreased by approximately $0.9 million compared to 2025, primarily due to approximately $0.8 million gain on sale of real estate for 13150 Worldgate Drive during the three months ended June 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | realized | +4.3% | Income (loss) from unconsolidated joint ventures for the six months ended June 30, 2026 was $32,965 thousand, compared to $(5,463)… |
| liability | negative | contingent | -0.7% | BXP has investments in unconsolidated joint ventures with effective ownership interests ranging from approximately 19% to approximately… |
| assets | positive | committed | — | On March 5, 2025, BXP entered into a new joint venture for the development of 290 Coles Street. |