BXP · 10-Q · 2026Q3 · Full report
Operating Expense Trends
BXP, Inc. · 2026-11-06 · Importance 24 · Surprise 14
Same Property Portfolio real estate operating expenses increased $38.3 million, or 4.07%, to $979.0 million for the nine months ended September 30, 2026. The increase was less than same-property rental revenue growth of $86.3 million, which helped lift same-property NOI by $49.2 million, or 3.28%, to $1.548 billion. General and administrative expense increased $16.4 million, or 12.52%, to $147.4 million during the period. Depreciation and amortization expense rose $13.6 million, or 1.99%, to $693.6 million.
Key facts
- The December 2025 issuance of 2025 OPP Units accounted for an approximately $8.6 million non-cash increase in compensation expense for the nine months ended September 30, 2026.
- BXP's impairment losses decreased approximately $50.9 million for the nine months ended September 30, 2026 compared with 2025.
- Same Property Portfolio real estate operating expenses increased approximately $10.2 million, or 3.2%, for the three months ended September 30, 2026 compared with 2025.
- BXP’s Same Property Portfolio real estate operating expenses increased approximately $38.3 million, or 4.1%, for the nine months ended September 30, 2026 compared with 2025.
- Boston Marriott Cambridge hotel net operating income was approximately $9.9 million for the nine months ended September 30, 2026, down approximately $1.0 million year over year, partially due to higher operating expenses.
- General and administrative expense increased approximately $16.4 million for the nine months ended September 30, 2026 versus 2025, including increases of approximately $14.3 million in compensation expense and $2.1 million in other G&A expenses.
- BXP depreciation and amortization expense increased approximately $13.6 million for the nine months ended September 30, 2026 compared with 2025.
- Boston Marriott Cambridge hotel NOI was approximately $3.3 million for the three months ended September 30, 2026, down approximately $0.2 million from 2025.