BXP, Inc.

BXP enhanced liquidity in 2025 but remains levered. At Q3 2025, cash and cash equivalents were $861 million, unsecured senior notes were ~$9.8 billion, mortgages ~$4.3 billion, unsecured term loans ~$0.8 billion, unsecured exchangeable notes ~$1.0 billion, and commercial paper $750 million.

Revolver availability was significant at midyear (about $1.31 billion remaining capacity on a $2.25 billion facility when including CP and letters of credit), and credit ratings were BBB (negative) and Baa2 (stable).

Variable-rate exposure was manageable with swaps, and earlier in 2025 the weighted average rate on variable debt (including swaps) was ~5.2% vs fixed near ~3.9%. The 2.00% 2030 exchangeables lower cash interest and extend runway.

Still, consolidated net debt is large versus TTM free cash flow, and additional impairments highlight asset-value pressure. We view liquidity as adequate and term structure improved, but overall leverage keeps the score below high-quality compounders.