BXP · 10-Q · 2026Q2
BXP, Inc.
Filed 2026-08-06 · Real Estate · View original filing on EDGAR
USD 895,699KTotal Revenue
USD 25,173,869KTotal Assets
21Topics
78Top Importance
Ranked Events
- Capital Expenditures ProgramImportance 78 · Surprise 74Net cash used in investing activities declined to $348.9 million for the six months ended June 30, 2026, from $612.4 million in the prior-year period, primarily because of $215.1 million of proceeds from sales of…
- Interest Rate and Refinancing ExposureImportance 64 · Surprise 42BXP faces $100.0 million of 2024 Unsecured Term Loan maturities on September 26, 2026, $1.0 billion of 2.750% senior notes due October 1, 2026, and $2.3 billion of mortgage debt secured by 767 Fifth Avenue maturing…
- Liquidity and Debt PositionImportance 64 · Surprise 42As of July 31, 2026, BXP had $345.7 million of available cash, including $93.3 million attributable to consolidated joint venture partners, and approximately $1.3 billion available under BPLP’s Revolving Facility after…
- Development PipelineImportance 64 · Surprise 42BXP had six properties under development or redevelopment as of June 30, 2026, representing its $3.3 billion share of estimated total investment and approximately $900 million of remaining investment after the July 28,…
- Joint Venture InvestmentsImportance 62 · Surprise 58BXP 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…
- Outstanding IndebtednessImportance 61 · Surprise 32Consolidated debt totaled $15.6 billion at June 30, 2026, down from $15.8 billion at June 30, 2025, after BPLP repaid $1.0 billion of 3.650% unsecured senior notes at maturity on February 1, 2026. BXP also had $1.0…
- Net Income and ProfitabilityImportance 61 · Surprise 66Net income attributable to BXP, Inc. fell to $68.6 million for the three months ended June 30, 2026, from $89.0 million in the prior-year quarter, a 22.9% decline. The decrease occurred despite depreciation and…
- Tenant Leasing CommitmentsImportance 56 · Surprise 24BXP paid $139.4 million for tenant-related obligations, including tenant improvements and leasing commissions, during the three months ended June 30, 2026. BXP and its unconsolidated joint-venture partners incurred an…
- Acquisitions and DivestituresImportance 46 · Surprise 42BXP generated approximately $432 million of net sale proceeds since January 1, 2026 and approximately $1.3 billion since its September 2025 Investor Conference. Five additional assets were under contract for sale with…
- Occupancy and Leasing ActivityImportance 43 · Surprise 56BXP signed 106 leases totaling approximately 1.8 million square feet in the second quarter of 2026, equal to 129% of its historical 10-year second-quarter average, with a weighted-average lease term of approximately…
- Operating Cash Flow TrendsImportance 42 · Surprise 14Net cash provided by operating activities increased to $602.5 million for the six months ended June 30, 2026, from $563.2 million in the prior-year period, a $39.3 million or 7.0% improvement. Cash generation was…
- Operating Expense TrendsImportance 38 · Surprise 58General 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…
- Guidance / OutlookImportance 37 · Surprise 42BXP expects constructive leasing conditions to continue, driven by demand for premier office assets and improving leasing execution. Demand is strongest in Midtown Manhattan, Boston’s Back Bay, Reston Town Center and…
- Revenue Performance and MixImportance 37 · Surprise 32Total rental revenue increased $37.4 million, or 4.5%, to $865.6 million in the three months ended June 30, 2026, while total NOI increased $24.6 million, or 4.8%, to $538.7 million. Same-property lease revenue…
- Residential Rental DemandImportance 30 · Surprise 40BXP’s residential same-property portfolio in San Francisco showed stronger rental demand in the second quarter of 2026. Average monthly rental rates increased 9.1% to $3,270, while average rental rate per occupied…
- Interest Rate EnvironmentImportance 29 · Surprise 24BXP states that elevated financing costs and broader economic uncertainty continue to influence real estate investment and occupier decision-making in 2026. Higher interest rates may increase the cost and reduce the…
- Property Impairment LossImportance 28 · Surprise 42BXP entered into an agreement on May 27, 2026 to sell the Sumner Square leasehold interest and improvements to a third party. After the assets met held-for-sale criteria on May 29, 2026, BXP recorded an $18.0 million…
- Supply and Office DemandImportance 23 · Surprise 24New office construction has effectively halted across most of BXP’s markets, which management expects to improve long-term supply-demand fundamentals and strengthen the competitiveness of institutional, well-amenitized…
- Competition and Market ShareImportance 23 · Surprise 24BXP identifies its commitment to the office asset class, strong access to secured and unsecured debt markets, and high-quality premier workplace portfolio as competitive advantages while other competitors have divested…
- REIT Dividend RequirementsImportance 22 · Surprise 6As a REIT, BXP is required to distribute at least 90% of its annual taxable income, excluding capital gains and subject to specified adjustments. BXP’s policy is to distribute at least 100% of taxable income, including…
Revenue by Product (in thousands)
| Q2 2025 | segment | Q2 2026 | YTD 2025 | YTD 2026 |
|---|---|---|---|---|
| 805,935 | Lease | 831,678 | 1,617,037 | 1,649,834 |
| 34,799 | Parking and other | 37,586 | 65,041 | 68,400 |
| 14,773 | Hotel | 14,901 | 24,370 | 24,002 |
| 8,846 | Development and management services | 7,633 | 18,621 | 16,840 |
| 4,104 | Direct reimbursements of payroll and related costs from management services contracts | 3,901 | 8,603 | 8,771 |
| 868,457 | Total revenue | 895,699 | 1,733,672 | 1,767,847 |
Revenue by Geography (in thousands)
| region | YTD 2025 | YTD 2026 | Q2 2025 | Q2 2026 |
|---|---|---|---|---|
| Boston | 609,111 | 629,531 | 303,822 | 327,895 |
| Los Angeles | 34,781 | 32,685 | 17,616 | 16,153 |
| New York | 527,514 | 544,607 | 264,089 | 276,770 |
| San Francisco | 251,188 | 255,296 | 125,380 | 128,229 |
| Seattle | 24,103 | 22,014 | 12,112 | 10,994 |
| Washington, DC | 210,501 | 225,966 | 105,183 | 105,540 |
| Total | 1,706,448 | 1,742,236 | 855,507 | 884,165 |