BXP changes

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View the full Oct 31, 2026 version

Price: $59.20 → $63.44(+7.2%)
Next earnings: Oct 27, 2026 → Jan 27, 2027
Next earnings is estimate: No → Yes
About: BXP is the largest publicly traded developer, owner and manager of premier office buildings in the United States. It owns removed: 164 added: 162 properties with removed: 51.1 added: 50.6 million square feet, including joint ventures, in Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. About removed: 91% added: 90% of its rent comes from clients in central business districts. It also develops new buildings, such as 343 Madison Avenue in New York, and laboratory buildings for life sciences companies. BXP is a real estate investment trust (REIT), so it pays out most of its taxable income as dividends.
Thesis: The market prices BXP for weak office demand and high debt. Investors fear that companies need less office space because of hybrid work. removed: BXP's total occupancy was 88.4% at June 30, 2026, and its share of net debt was 7.94 times annualized EBITDAre. Higher interest rates raise the cost of refinancing its removed: debt. added: debt, and BXP's share of net debt was 7.52 times its share of annualized EBITDAre at September 30, 2026. Occupancy now rises: total occupancy was 89.4% at September 30, 2026, the fourth quarterly gain in a row. For the gap to close, removed: three added: four things must be true. Occupancy must keep rising, because removed: 1.3 added: about 1.1 million square feet of signed leases are due to start, about removed: 85% added: half of them before the end of 2026. BXP must sell assets as planned and reduce leverage. New developments, such as 343 Madison Avenue, must lease up at good rents. added: BXP must refinance large loans at fair rates, such as the $2.3 billion mortgage on the GM Building due in June 2027. The removed: Q3 added: full-year 2026 report removed: on October 27, 2026 gives added: and the added: 2027 guidance, expected in late January 2027, give the next removed: test of leasing and occupancy. added: test. If these checks pass, the gap can close, but slowly, over several years, as leases start and debt falls. The main reason it may not close is a longer fall in office demand, which BXP cannot control.
Risks: Office demand is weak where companies use less space. If clients leave when leases end, occupancy and cash flow can fall. BXP had removed: $15.6 added: $16.6 billion of consolidated debt at removed: June added: September 30, 2026, added: before it repaid $1.0 billion of notes on October 1, 2026, and added: its share of net debt removed: of 7.94 added: was 7.52 times added: its share of annualized EBITDAre. Higher interest rates raise the cost of refinancing maturing removed: debt. added: debt, such as the $2.3 billion mortgage on the GM Building due in June 2027. Development projects such as 343 Madison Avenue need large investment. If leasing is slow or costs rise, returns can be lower than planned. BXP plans to sell assets to reduce leverage. Weak demand for office buildings can force sales at low prices, as the impairment on Sumner Square showed.
Balance sheet: Cash: removed: $494M added: $1.5B Debt: removed: $15.6B added: $16.6B Net debt: $15.1B Net debt / EBITDA: removed: 7.9× added: 7.5× (high) Interest cover: removed: 3.1× added: 3.0× BXP has high debt. Consolidated debt was removed: $15.62 added: $16.59 billion at removed: June added: September 30, 2026, and cash was removed: $493.9 million. added: $1.47 billion. Both were high at the quarter end, because BXP held the money from its $700 million of 6.050% notes due 2036 to repay $1.0 billion of 2.750% notes, which it repaid at par on October 1, 2026. BXP's share of net debt, which adds its share of joint venture debt and takes out its partners' share, was removed: $14.90 added: $14.89 billion, removed: 7.94 added: 7.52 times its share of annualized added: Q3 2026 EBITDAre of removed: $1.88 added: $1.98 billion, down from removed: 8.50 added: 7.94 times at removed: March 31, added: June 30, 2026. The interest coverage ratio was removed: 3.12 added: 2.98 times without capitalized removed: interest. In August added: interest, down from 3.12 times in Q2 2026. At September 30, 2026, removed: BXP issued $700 added: $247 million added: was drawn on the unsecured line of removed: 6.050% notes due 2036 to help repay $1.0 billion added: credit and $750 million of removed: 2.750% notes added: commercial paper was outstanding. The largest near maturity is the $2.3 billion mortgage on the GM Building, in which BXP owns 60%, due on removed: October 1, 2026. It also signed a $1.2 billion construction loan for 343 Madison Avenue. added: June 9, 2027. The quarterly dividend was $0.70 per share. As of removed: Jun added: Sep 30, 2026.
Checkpoints: Oct 27, 2026: Q3 2026 earnings: occupancy and leasing. removed: Pending. added: Passed. Watch: Occupancy above the 88.4% of Q2, FFO within $1.80 to $1.82 per share and steady leasing pass; lower occupancy or a cut in FFO guidance fail. added: Outcome: Total occupancy rose to 89.4%, FFO of $1.89 per share beat the guide, and BXP raised its 2026 FFO guidance to $7.06 to $7.08 per share. Jan 27, 2027 (estimate): Full-year 2026 report and 2027 guidance. Pending. Watch: 2027 FFO guidance above 2026 and progress on asset sales and leverage pass; lower guidance or higher leverage fail. added: Jun 9, 2027: GM Building mortgage refinanced. Pending. Watch: A refinancing of the $2.3 billion GM Building mortgage before it is due, at a rate BXP can carry, passes; a default, a large paydown with new equity or a much higher rate fails.
Recent events: Oct added: 27, 2026: BXP reported Q3 2026 results. Revenue rose 4.6% to $911.4 million, and FFO was $1.89 per diluted share, above its guidance of $1.80 to $1.82. It signed about 1.2 million square feet of leases, including about 206,000 square feet with a technology company at 500 North Capitol in Washington, DC. Total occupancy rose 100 basis points to 89.4%. BXP raised its 2026 FFO guidance to $7.06 to $7.08 per share. In the quarter, it sold Sumner Square and 1330 Connecticut Avenue in Washington, DC, for a total gross price of about $155.4 million. Oct 15, 2026: Press reports said that BXP closed the sale of a 10.6% equity interest in its 343 Madison Avenue development in New York to AVRS Partners. added: BXP confirmed the sale in its Q3 2026 report and keeps full control of development, leasing and management. The price was not disclosed, and added: press reports valued the project at about $2 billion. added: Oct 1, 2026: BXP removed: remains the developer and manager and may sell more minority interests in the project. added: repaid at par its $1.0 billion of 2.750% senior notes due October 1, 2026. Aug 31, 2026: BXP's operating partnership issued $700 million of 6.050% senior notes due 2036. It planned to use the money, with cash and its credit line, to repay $1.0 billion of 2.750% notes due October 1, 2026. Jul 28, 2026: BXP reported Q2 2026 results. Revenue rose 3.1% to $895.7 million, and FFO was $1.78 per diluted share. It signed about 1.8 million square feet of leases, including about 322,000 square feet with Boston Dynamics and about 148,000 square feet at 343 Madison Avenue. Total occupancy rose 100 basis points to 88.4%. BXP raised the midpoint of its 2026 FFO guidance to $6.99 to $7.05 per share. Jul 28, 2026: BXP signed a $1.2 billion construction loan for 343 Madison Avenue in New York, with a four-year term and an initial rate of Term SOFR plus 2.50%. May 27, 2026: BXP agreed to sell Sumner Square in Washington, DC, for a gross price of $63 million, as part of its asset sales plan. It recorded a non-cash impairment of about $18 million in Q2 2026.