BXP, Inc. Files Q3 2024 10-Q
Ticker: BXP · Form: 10-Q · Filed: 2024-11-05T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, real-estate, REIT
TL;DR
BXP filed its Q3 10-Q, check financials for Boston Properties REIT.
AI Summary
BXP, Inc. (formerly Boston Properties Ltd Partnership) filed its 10-Q for the period ending September 30, 2024. The company, a real estate investment trust, is headquartered at 800 Boylston Street, Boston, MA. The filing covers the third quarter of 2024.
Why It Matters
This filing provides investors with crucial financial and operational details for BXP, Inc. during the third quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Numbers
- 158,110,697 — Shares Outstanding (Reported for BXP, Inc.)
Key Players & Entities
- BXP, Inc. (company) — Filer
- Boston Properties Ltd Partnership (company) — Former Company Name
- 800 Boylston Street, Boston, MA (company) — Business Address
- 20240930 (date) — Period of Report
- 20241105 (date) — Filing Date
FAQ
What is the primary business of BXP, Inc.?
BXP, Inc. is a real estate investment trust (REIT) as indicated by its Standard Industrial Classification code [6798].
When was the company formerly known as Boston Properties Ltd Partnership renamed BXP, Inc.?
The date of the name change from Boston Properties Ltd Partnership to BXP, Inc. was April 9, 1997.
What is the fiscal year end for BXP, Inc.?
The fiscal year end for BXP, Inc. is December 31.
What is the SEC file number for BXP, Inc.?
The SEC file number for BXP, Inc. is 001-13087.
What is the SIC code for BXP, Inc.?
The Standard Industrial Classification (SIC) code for BXP, Inc. is [6798], which corresponds to Real Estate Investment Trusts.
Filing Stats: 4,808 words · 19 min read · ~16 pages · Grade level 18 · Accepted 2024-11-05 13:23:51
Key Financial Figures
- $0.01 — ered BXP, Inc. Common Stock, par value $0.01 per share BXP New York Stock Exchange
- $237.8 m — XP as compared to BPLP of approximately $237.8 million, or 1.2% at September 30, 2024, a
Filing Documents
- bxp-20240930.htm (10-Q) — 4225KB
- bxp-secondamendmenttoninth.htm (EX-10.1) — 1333KB
- bxp-thirdamendmenttonintha.htm (EX-10.2) — 66KB
- bxp-firstamendmenttotermlo.htm (EX-10.3) — 55KB
- bxpbplp-2024930ex311.htm (EX-31.1) — 9KB
- bxpbplp-2024930ex312.htm (EX-31.2) — 9KB
- bxpbplp-2024930ex313.htm (EX-31.3) — 8KB
- bxpbplp-2024930ex314.htm (EX-31.4) — 9KB
- bxpbplp-2024930ex321.htm (EX-32.1) — 5KB
- bxpbplp-2024930ex322.htm (EX-32.2) — 5KB
- bxpbplp-2024930ex323.htm (EX-32.3) — 4KB
- bxpbplp-2024930ex324.htm (EX-32.4) — 5KB
- 0001656423-24-000059.txt ( ) — 19318KB
- bxp-20240930.xsd (EX-101.SCH) — 103KB
- bxp-20240930_cal.xml (EX-101.CAL) — 113KB
- bxp-20240930_def.xml (EX-101.DEF) — 943KB
- bxp-20240930_lab.xml (EX-101.LAB) — 1216KB
- bxp-20240930_pre.xml (EX-101.PRE) — 1070KB
- bxp-20240930_htm.xml (XML) — 2749KB
Financial Statements (unaudited), which includes the following specific disclosures for BXP and BPLP
Item 1. Financial Statements (unaudited), which includes the following specific disclosures for BXP and BPLP: Note 3. Real Estate; Note 10. Stockholders' Equity / Partners' Capital; Note 11. Segment Information; Note 12. Earnings Per Share / Common Unit; and Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and Liquidity and Capital Resources, includes information specific to each entity, where applicable. This report also includes separate Part I - Item 4. Controls and Procedures and Part II - Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections for each of BXP and BPLP, as well as separate Exhibits 31 and 32 certifications for each of BXP and BPLP. Table of Contents BXP, INC. AND BOSTON PROPERTIES LIMITED PARTNERSHIP FORM 10-Q for the quarter ended September 30, 2024 TABLE OF CONTENTS Page
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (unaudited)
ITEM 1. Financial Statements (unaudited) 1 BXP, Inc. a) Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 b) Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 3 c) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 4 d) Consolidated Statements of Equity for the three and nine months ended September 30, 2024 and 2023 5 e) Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 7 Boston Properties Limited Partnership a) Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 10 b) Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 12 c) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 13 d) Consolidated Statements of Capital and Noncontrolling Interests for the three and nine months ended September 30, 2024 and 2023 14 e) Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 16 BXP, Inc. and Boston Properties Limited Partnership Notes to the Consolidated Financial Statements 19
Management's Discussion and Analysis of Financial Condition and Results of Operations
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 50
Quantitative and Qualitative Disclosures about Market Risk
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 103
Controls and Procedures
ITEM 4. Controls and Procedures 104
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
ITEM 1. Legal Proceedings 105
Risk Factors
ITEM 1A. Risk Factors 105
Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 106
Defaults Upon Senior Securities
ITEM 3. Defaults Upon Senior Securities 106
Mine Safety Disclosures
ITEM 4. Mine Safety Disclosures 107
Other Information
ITEM 5. Other Information 107
Exhibits
ITEM 6. Exhibits 108
SIGNATURES
SIGNATURES 109 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
—Financial Statements
ITEM 1—Financial Statements. BXP, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts) September 30, 2024 December 31, 2023 ASSETS Real estate, at cost (amounts related to variable interest entities ("VIEs") of $ 7,646,435 and $ 7,054,075 at September 30, 2024 and December 31, 2023, respectively) $ 27,557,824 $ 26,749,209 Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at September 30, 2024 and December 31, 2023, respectively) 372,896 401,680 Right of use assets - operating leases (amounts related to VIEs of $ 145,052 and $ 158,885 at September 30, 2024 and December 31, 2023, respectively) 339,804 324,298 Less: accumulated depreciation (amounts related to VIEs of $( 1,601,919 ) and $( 1,501,483 ) at September 30, 2024 and December 31, 2023, respectively) ( 7,369,545 ) ( 6,881,728 ) Total real estate 20,900,979 20,593,459 Cash and cash equivalents (amounts related to VIEs of $ 322,604 and $ 245,317 at September 30, 2024 and December 31, 2023, respectively) 1,420,475 1,531,477 Cash held in escrows (amounts related to VIEs of $ 5,032 and $ 22,160 at September 30, 2024 and December 31, 2023, respectively) 51,009 81,090 Investments in securities 39,186 36,337 Tenant and other receivables, net (amounts related to VIEs of $ 19,216 and $ 27,987 at September 30, 2024 and December 31, 2023, respectively) 99,706 122,407 Note receivable, net 3,937 1,714 Related party notes receivable, net 88,788 88,779 Sales-type lease receivable, net 14,429 13,704 Accrued rental income, net (amounts related to VIEs of $ 425,867 and $ 401,159 at September 30, 2024 and December 31, 2023, respectively) 1,438,492 1,355,212 Deferred charges, net (amounts related to VIEs of $ 201,947 and $ 175,383 at September 30, 2024 and December 31, 2023, respectively) 794,571 760,421 Prepaid expenses and other assets (amounts related to VIEs of $ 50,275 and $ 11,824 at September 30, 2024 and Dec