BXP · 10-Q · 2026Q2 · Full report

Operating Expense Trends

BXP, Inc. · 2026-08-06 · Importance 38 · Surprise 58

General and administrative expense increased $7.9 million, or 18.7%, in the three months ended June 30, 2026, primarily from $7.4 million of higher compensation expense and $0.5 million of other G&A increases. The compensation increase included a $2.9 million non-cash expense related to the December 2025 issuance of 2025 OPP Units and a $1.8 million increase in the deferred compensation plan liability. Depreciation and amortization expense increased $13.2 million, or 5.9%, to $237.0 million, primarily from a $12.6 million increase in the Same Property Portfolio. Same-property real estate operating expenses increased $9.9 million, or 3.1%, while development and management services revenue decreased $1.2 million because of lower Boston and New York tenant-improvement fees and the nonrecurrence of a 2025 New York joint-venture leasing commission.

Key facts

• General and administrative expense increased by approximately $7.9 million for the three months ended June 30, 2026 compared to 2025 primarily due to increases in compensation expense of approximately $7.4 million and other G&A of $0.5 million; increase includes approx $2.9 million non-cash increase related to December 2025 issuance of 2025 OPP Units and approx $1.8 million increase in deferred compensation plan value. source
• Depreciation and amortization expense for the six months ended June 30, 2026 increased to $464,944 thousand for BXP (from $443,926 thousand) and to $461,626 thousand for BPLP (from $440,520 thousand), increases of $21,018 thousand (4.73%) and $21,106 thousand (4.79%), respectively. source
• General and administrative expense increased by $14,985 thousand (15.81%) to $109,785 thousand for the six months ended June 30, 2026. source
• Real estate operating expenses from the Same Property Portfolio increased by approximately $9.94 million, or 3.14%, for the three months ended June 30, 2026 compared to 2025. source
• Depreciation and amortization expense increased by approximately $13.158 million for BXP (from $223,819 thousand to $236,977 thousand) for the three months ended June 30, 2026 compared to 2025. source
• Real estate operating expenses from the Same Property Portfolio increased by approximately $28.8 million, or 4.6%, for the six months ended June 30, 2026 compared to 2025. source
• Gains from investments in securities for the three months ended June 30, 2026 and 2025 were approximately $4.4 million and $2.6 million, respectively; general and administrative expense increased by corresponding amounts due to deferred compensation liabilities. source
• Transaction costs decreased by approximately $1.1 million for the six months ended June 30, 2026 compared to 2025. source