$BXP · BXP, Inc.
BXP, Inc. filed its combined 10-Q for the quarter ended September 30, 2026. Total revenue rose 4.6% YoY to $911.4M, and net income attributable to BXP swung to $114.5M (GAAP EPS $0.71) from a $116.8M loss in Q3 2025. The prior-year loss reflected a $148.3M loss from unconsolidated joint ventures and $68.9M in impairment losses, both absent this quarter.
- Q3 revenue rose 4.6% YoY to $911.4M, with lease revenue up to $846.2M from $809.8M.
- Net income swung to $114.5M from a $116.8M loss a year earlier; GAAP EPS was $0.71.
- Prior-year loss was driven by a $148.3M unconsolidated JV loss and $68.9M impairment, both absent in Q3 2026.
- Nine-month net income reached $391.0M versus $89.2M in the prior-year period.
- Total debt stood at $16.59B, including roughly $2.0B of variable-rate debt.
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The swing from a large year-ago loss to a solid profit, driven by the absence of JV and impairment charges, marks a meaningful earnings inflection for a major office REIT.
Office REITs remain under pressure from remote-work trends, but BXP's lease revenue growth and swing to profitability contrast with the prior year's impairment-driven losses.
Roughly $2.0B of variable-rate debt exposes results to interest-rate moves; a 100bps rise would lift interest expense by about $6.7M (quarter) and $20.1M (nine months). Nine-month impairment losses of $18.0M signal continued asset-value pressure.