BXP · 10-Q · 2026Q3 · Full report
Liquidity and Debt Position
BXP, Inc. · 2026-11-06 · Importance 50 · Surprise 24 · From source text
BXP identified $100.0 million of principal on its 2024 Unsecured Term Loan maturing September 24, 2027, with a one-year extension option subject to conditions. BXP also identified $2.3 billion of mortgage debt secured by 767 Fifth Avenue, where it holds a 60% ownership interest, maturing June 9, 2027. Other stated liquidity needs include commercial-paper repayments, joint venture capital calls, development and redevelopment spending, capital expenditures, and required REIT distributions. Potential funding sources include operating cash flow, joint venture distributions, cash balances, revolving and term borrowings, real estate and joint venture interest sales, and long-term secured or unsecured debt.
Key facts
- During the third quarter, BXP entered into a $1.2 billion construction loan for development of 343 Madison Avenue in New York City.
- BXP’s cash and cash equivalents and cash held in escrows totaled approximately $1.5 billion at September 30, 2026, versus $938.7 million at September 30, 2025, an increase of approximately $582.9 million.
- BXP's principal liquidity needs include $2.3 billion of mortgage debt secured by 767 Fifth Avenue in New York City, where BXP holds a 60% ownership interest, maturing June 9, 2027.
- BXP used approximately $0.4 billion in financing activities during the nine months ended September 30, 2026, primarily to repay $1.0 billion of 3.650% senior notes due February 1, 2026 and pay regular dividends and distributions.
- BXP’s financing cash use for the nine months ended September 30, 2026 was partially offset by the $700.0 million senior note issuance, approximately $50.3 million from the sale of an ownership interest in 343 Madison Avenue, and approximately $44.9 million of noncontrolling-interest contributions.
- At September 30, 2026, BXP’s consolidated debt was $16.591 billion and BXP’s share of debt was $16.326 billion.
- At September 30, 2026, consolidated debt to consolidated market capitalization was 60.47%, and BXP’s share of debt to BXP’s share of market capitalization was 60.08%.
- BXP had $800.0 million of variable-rate mortgage notes secured by Santa Monica Business Park and specified Cambridge properties; $600.0 million was hedged with interest rate swaps to fix SOFR for the applicable debt term.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | committed | -7.4% | BXP's principal liquidity needs include $2.3 billion of mortgage debt secured by 767 Fifth Avenue in New York City, where BXP holds a 60%… |
| liability | positive | realized | +3.8% | BXP used approximately $0.4 billion in financing activities during the nine months ended September 30, 2026, primarily to repay $1.0… |
| cash | negative | realized | -3.8% | On October 1, 2026, BPLP repaid at par $1.0 billion of 2.750% unsecured senior notes due that date, using available cash and proceeds from… |
| cash | positive | realized | +2.2% | BXP’s cash and cash equivalents and cash held in escrows totaled approximately $1.5 billion at September 30, 2026, versus $938.7 million… |
| cash | negative | realized | -1.5% | BXP used approximately $0.4 billion in financing activities during the nine months ended September 30, 2026, primarily to repay $1.0… |
| liability | positive | realized | +0.1% | BXP’s consolidated debt at September 30, 2026 totaled $16.591 billion, compared with $16.605 billion at September 30, 2025. |