BXP · 10-Q · 2026Q3 · Full report

Unconsolidated Joint Venture Income

BXP, Inc. · 2026-11-06 · Importance 59 · Surprise 64 · In source text

Income from unconsolidated joint ventures increased approximately $149.5 million for the three months ended September 30, 2026 compared with 2025. The principal driver was that a $145.1 million other-than-temporary impairment loss on BXP’s investment in Gateway Commons recognized in 2025 did not recur in 2026. The 2025 comparison also included an approximately $2.2 million gain on the sale of Beach Cities Media Campus that did not recur. New York region joint venture properties contributed approximately $6.5 million to the year-over-year increase.

Key facts

• Income (loss) from unconsolidated joint ventures increased approximately $149.5 million for the three months ended September 30, 2026 compared with 2025, primarily because the approximately $145.1 million Gateway Commons impairment loss and approximately $2.2 million Beach Cities Media Campus sale gain from 2025 did not recur; New York region joint ventures added approximately $6.5 million to the increase.
• At September 30, 2026, BXP’s unconsolidated joint ventures had approximately $2.7 billion of aggregate debt, of which BXP’s proportionate share was approximately $1.1 billion.
• BXP’s share of debt for its unconsolidated joint ventures totaled $1.102877 billion at September 30, 2026.
• Income (loss) from unconsolidated joint ventures increased approximately $187.9 million for the nine months ended September 30, 2026 compared with 2025, primarily because a $145.1 million impairment loss on Gateway Commons recognized in 2025 did not recur.
• BXP’s share of 360 Park Avenue South joint venture debt was $155.923 million, with a stated interest rate of 6.32% and a December 13, 2027 maturity.
• BXP recognized approximately $42.4 million in gains on sales related to three transactions for the nine months ended September 30, 2026.
• BXP had investments in unconsolidated joint ventures with effective ownership interests ranging from approximately 19% to approximately 71%; 14 ventures had mortgage indebtedness as of September 30, 2026.
• For the nine months ended September 30, 2026, BXP contributed approximately $35.7 million, $21.0 million, $19.2 million, $6.2 million, and $5.4 million to the 290 Coles Street, 200 Fifth Avenue, 360 Park Avenue South, 17 Hartwell Avenue, and 13150 Worldgate Drive joint ventures, respectively.

Impact estimates