--- title: "BXP | 8-K: FY2026 Q2 Revenue: USD 895.7 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/294108715.md" datetime: "2026-07-28T20:20:17.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294108715.md) - [en](https://longbridge.com/en/news/294108715.md) - [zh-HK](https://longbridge.com/zh-HK/news/294108715.md) --- # BXP | 8-K: FY2026 Q2 Revenue: USD 895.7 M Revenue: As of FY2026 Q2, the actual value is USD 895.7 M. EPS: As of FY2026 Q2, the actual value is USD 0.43, beating the estimate of USD 0.3842. EBIT: As of FY2026 Q2, the actual value is USD 255.06 M. ### Financial Performance Highlights (Three Months Ended June 30, 2026, vs. March 31, 2026) #### Net Income Attributable to BXP, Inc. - Net income attributable to BXP, Inc. was $68,564 thousand, a decrease from $101,576 thousand in the previous quarter. #### Funds From Operations (FFO) Attributable to BXP, Inc. - FFO attributable to BXP, Inc. was $283,412 thousand, an increase from $252,236 thousand in the previous quarter. #### Funds Available for Distribution (FAD) - FAD was $142,069 thousand, significantly higher than $88,667 thousand in the prior quarter. - The FAD Payout Ratio improved to 87.54% from 140.25%. #### Revenue - Total revenue increased to $895,699 thousand from $872,148 thousand. - BXP’s Share of revenue was $838,636 thousand, an increase from $825,470 thousand. - Lease revenue was $831,678 thousand, up from $818,156 thousand. - Hotel revenue increased to $14,901 thousand from $9,101 thousand. #### Expenses - Total expenses were $636,770 thousand, a decrease from $644,371 thousand. - Operating expenses were $192,421 thousand, down from $201,823 thousand. - Real estate taxes were $142,194 thousand, slightly up from $141,197 thousand. - General and administrative expense decreased to $50,444 thousand from $59,341 thousand. - Depreciation and amortization increased to $236,977 thousand from $227,967 thousand. - Interest expense was - $153,425 thousand, compared to - $152,093 thousand. - An impairment loss of - $18,036 thousand was recorded in Q2 2026, with no impairment loss in Q1 2026. #### Operational Metrics (Quarter-over-Quarter) - Operating Margins \[(rental revenue - rental expense)/rental revenue\] improved to 61.3% from 59.5%. - Occupancy % of In-Service Properties increased to 88.4% from 87.4%. - Leased % of In-Service Properties rose to 91.3% from 90.9%. - BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income) showed a 3.5% change, compared to -2.0% in the prior quarter. - BXP’s Share of Same Property NOI (excluding termination income) - cash basis, was 0.8%, up from -0.4%. #### Debt and Capitalization (Quarter-over-Quarter) - Consolidated Debt was $15,618,563 thousand, a slight increase from $15,614,009 thousand. - BXP’s Share of Debt increased to $15,355,350 thousand from $15,347,533 thousand. - Consolidated Market Capitalization was $27,388,124 thousand, up from $24,824,338 thousand. - BXP’s Share of Market Capitalization rose to $27,124,911 thousand from $24,557,862 thousand. - BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) improved to 7.94 from 8.50. - Interest Coverage Ratio (excluding capitalized interest) increased to 3.12 from 2.95. - Fixed Charge Coverage Ratio increased to 2.62 from 2.40. - Total outstanding principal for consolidated debt was $15,695,912 thousand. - Unsecured debt comprised 72.59% of total debt with a weighted average stated rate of 3.94% and maturity of 3.9 years. - Secured debt comprised 27.41% of total debt with a weighted average stated rate of 3.80% and maturity of 2.3 years. - Floating rate debt was 11.19% of total debt (weighted average stated rate 4.45%, 1.4 years maturity), and fixed rate debt was 88.81% (weighted average stated rate 3.83%, 3.8 years maturity). #### Capital Expenditures - BXP’s Share of Capital Expenditures was $17,246 thousand, down from $22,253 thousand. - Maintenance capital expenditures were $15,936 thousand, decreased from $18,984 thousand. ### Second Quarter 2026 Financial Highlights (Year-over-Year) #### Net Income Attributable to BXP, Inc. - Net income attributable to BXP, Inc. was $68.6 million for the quarter ended June 30, 2026, down from $89.0 million for the same period in 2025, primarily due to a - $0.10 per diluted share non-cash impairment charge. #### Funds from Operations (FFO) - FFO was $283.4 million for the quarter ended June 30, 2026, an increase from $271.7 million for the same period in 2025. #### Revenue - Total revenue increased 3.1% to $895.7 million for the quarter ended June 30, 2026, compared to $868.5 million for the same period in 2025. - Lease revenue was $831,678 thousand in Q2 2026, up from $805,935 thousand in Q2 2025. - Hotel revenue was $14,901 thousand in Q2 2026, versus $14,773 thousand in Q2 2025. - Development and management services revenue decreased to $7,633 thousand in Q2 2026 from $8,846 thousand in Q2 2025. #### Operating Expenses - Total expenses were $636,770 thousand for Q2 2026, up from $612,223 thousand in Q2 2025. - Rental operating expenses were $336,141 thousand in Q2 2026, compared to $332,062 thousand in Q2 2025. - General and administrative expenses increased to $50,444 thousand in Q2 2026 from $42,516 thousand in Q2 2025. - Depreciation and amortization expense was $236,977 thousand in Q2 2026, up from $223,819 thousand in Q2 2025. - Interest expense was - $153,425 thousand in Q2 2026, an improvement from - $162,783 thousand in Q2 2025. - An impairment loss of - $18,036 thousand was recognized in Q2 2026, with no comparable loss in Q2 2025. ### Six Months Ended June 30, 2026 Financial Highlights (Year-over-Year) #### Net Income Attributable to BXP, Inc. - Net income attributable to BXP, Inc. was $170,186 thousand for the six months ended June 30, 2026, an increase from $150,161 thousand for the same period in 2025. #### Funds from Operations (FFO) - FFO was $535,604 thousand for the six months ended June 30, 2026, up from $532,272 thousand for the same period in 2025. #### Revenue - Total revenue for the six months ended June 30, 2026, was $1,767,847 thousand, compared to $1,733,672 thousand for the same period in 2025. - Lease revenue was $1,649,834 thousand in YTD 2026, up from $1,617,037 thousand in YTD 2025. - Hotel revenue was $24,002 thousand in YTD 2026, versus $24,370 thousand in YTD 2025. - Development and management services revenue decreased to $16,840 thousand in YTD 2026 from $18,621 thousand in YTD 2025. #### Operating Expenses - Total expenses were $1,281,141 thousand for YTD 2026, up from $1,229,024 thousand in YTD 2025. - Rental operating expenses were $680,223 thousand in YTD 2026, compared to $663,640 thousand in YTD 2025. - General and administrative expenses increased to $109,785 thousand in YTD 2026 from $94,800 thousand in YTD 2025. - Depreciation and amortization expense was $464,944 thousand in YTD 2026, up from $443,926 thousand in YTD 2025. - Interest expense was - $305,518 thousand in YTD 2026, an improvement from - $326,227 thousand in YTD 2025. - An impairment loss of - $18,036 thousand was recognized in YTD 2026, with no comparable loss in YTD 2025. ### Balance Sheet Highlights (as of June 30, 2026 vs December 31, 2025) - Total assets decreased to $25,173,869 thousand as of June 30, 2026, from $26,166,164 thousand as of December 31, 2025. - Cash and cash equivalents were $493,949 thousand as of June 30, 2026, a decrease from $1,478,206 thousand as of December 31, 2025. - Total liabilities decreased to $17,436,219 thousand as of June 30, 2026, from $18,473,924 thousand as of December 31, 2025. ### Operational Metrics - Operating Margins \[(rental revenue - rental expense)/rental revenue\] improved to 61.3% from 59.5%. - Occupancy % of In-Service Properties increased to 88.4% from 87.4%. - Leased % of In-Service Properties rose to 91.3% from 90.9%. - For Office properties, Same Property NOI (excluding termination income) increased by 3.5% year-over-year, and cash basis NOI increased by 1.4%. - For Hotel & Residential properties, Same Property NOI (excluding termination income) increased by 21.0% year-over-year, and cash basis NOI increased by 20.9%. - Total rentable square footage of in-service properties was 47,543,624, with Office properties accounting for 91.68%. - BXP’s Share of Rental revenue was $826,832 thousand, with Office contributing 90.57%. - BXP’s Share of net operating income (NOI) (excluding termination income) by location was concentrated in Boston (40.55%), New York (24.94%), San Francisco (15.85%), and Washington, DC (13.36%). - Occupancy for total in-service office properties was 88.4% (89.9% year-over-year for same properties). - BXP, Inc. executed 106 leases totaling approximately 1.8 million square feet in Q2 2026, with a weighted-average lease term of 9.9 years. - The total portfolio occupancy reached 88.4%, an increase of 100 basis points from Q1 2026, with 86% of this increase driven by gains across the existing portfolio. - The total portfolio leased percentage was 91.3%, an increase of 40 basis points from Q1 2026. ### Acquisitions and Dispositions (January 1, 2026, through June 30, 2026) - BXP, Inc. acquired a 20% ownership in 13150 Worldgate Drive (Herndon, VA) for an initial investment of $4,236 thousand, with anticipated future investment totaling $26,400 thousand. - Dispositions included land parcels with BXP’s share of gross sales price totaling $85,425 thousand and a book loss of - $160 thousand. - Residential disposition included The Lofts at Atlantic Wharf (Boston, MA) for BXP’s share of gross sales price of $55,500 thousand and a book gain of $14,764 thousand. - Non-Strategic Office/Retail dispositions included Gateway Commons, 7750 Wisconsin Avenue, and Kingstowne Retail, with BXP’s share of gross sales price totaling $384,700 thousand and a book gain of $48,276 thousand. ### Outlook / Guidance (Full Year 2026) BXP, Inc. projects diluted Funds From Operations (FFO) per share for the full year 2026 to range from $6.99 to $7.05, and anticipates an average in-service portfolio occupancy between 88.50% and 89.25%. The company expects its share of Same Property net operating income (excluding termination income) to change by 1.80% to 2.60%, with the cash basis change ranging from -0.25% to 0.25%. 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