BXP, Inc. (BXP) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that BXP, Inc. surfaced in its latest filing.

• Recognized long-lived asset impairments of approximately $85.8 million for BXP and $82.9 million for BPLP for the year ended December 31, 20252025
• Recognized an other-than-temporary impairment of approximately $145.1 million in an unconsolidated joint venture investment
• Entered into capped call transactions with option counterparties in connection with the 2.00% Exchangeable Senior Notes due 2030September 2025
• As of December 31, 2025, the U.S. Government was one of the company's clients2025-12-31
• As of February 20, 2026, had $2.3 billion outstanding variable-rate indebtedness excluding unconsolidated joint ventures, with approximately $0.9 billion hedged with interest rate swaps fixing SOFR2026-02-20
• As of February 20, 2026, Consolidated Debt was approximately $15.6 billion and Consolidated Debt to Consolidated Market Capitalization was 59.10%2026-02-20
• As of December 31, 2025, one tax protection agreement could restrict ability to repay or refinance debt2025-12-31
• Carries pollution legal liability policy with $20 million per incident and $40 million aggregate limits
• Property insurance program per occurrence limit of $1.0 billion including terrorism coverage; excess insurance of $1.35 billion for 601 Lexington Avenue and separate program for General Motors Building with $1.625 billion limit
• TRIA federal backstop applies after program trigger of $200 million with 20% coinsurance and 20% deductible; option to terminate NBCR coverage if TRIA not extended after December 31, 20272027-12-31
• San Francisco and Los Angeles earthquake coverage: $330 million per occurrence, $330 million annual aggregate, 5% deductible; Seattle coverage: $110 million per occurrence, $110 million annual aggregate, 2% deductible
• BPLP guarantee of $20.0 million to cover liabilities of IXP
• Mortimer B. Zuckerman and families/affiliates of Zuckerman and Edward H. Linde may own up to 15% of common shares; pension plans and mutual funds may own up to 15%
• Certain entities through which BXP owns real estate are currently undergoing or have undergone tax audits; tax deficiency notices received to date have not been material