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- Asset Impairment (new) — Company recording $18M non-cash impairment charge on Sumner Square property sale in Q2 2026.
BXP to sell DC property for $63M, taking $18M impairment charge in Q2
Filed May 29, 2026 · Period ending May 27, 2026 · ~1 min read
Key Changes
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BXP agreed to sell Sumner Square property complex in Washington DC for $63 million, with buyer providing $6 million non-refundable deposit. Sale is part of strategic asset disposition plan announced at September 2025 Investor Day.
Item 8.01 view on EDGAR → -
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Company will record $18 million non-cash impairment loss in Q2 2026 because property's carrying value exceeds expected net sale proceeds, reducing diluted EPS by approximately $0.10 for Q2 and full year.
Item 8.01 view on EDGAR → -
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Impairment charge will not affect Funds from Operations (FFO), the key REIT performance metric that excludes non-cash items. Impact is limited to GAAP earnings only.
Item 8.01 view on EDGAR →
Summary
BXP disclosed an agreement to sell its Sumner Square property complex in Washington DC for $63 million, consisting of three buildings at the corner of 17th and M Street. The buyer has already paid a $6 million non-refundable deposit. This transaction is part of the company's strategic asset sales program that management outlined at their September 2025 Investor Day.
The sale comes with a $18 million non-cash impairment charge in Q2 2026, reflecting that the property's book value exceeds what BXP will net from the sale. This will reduce reported earnings per share by $0.10 for both Q2 and the full year. However, the charge won't affect Funds from Operations, the cash-based metric most REIT investors focus on, meaning the company's operating performance remains unchanged.
Retail investors should watch whether this sale closes as planned and whether BXP announces additional asset sales from its strategic disposition program. The impairment suggests the DC office market remains challenging, so future guidance on the broader portfolio's valuation will be important.
Section-by-Section Diff
Event · Item 2.06 — Material Impairments
Item 2.06 — Material Impairments filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
Because the carrying value of the Property exceeds the expected net proceeds from the contemplated sale, the Company and BPLP will recognize a non-cash impairment loss of approximately $18 million and $17 million, respectively, in the second quarter of 2026 in accordance with GAAP.
The property's carrying value on the books exceeds the expected net sale proceeds, requiring BXP to record a non-cash impairment charge of approximately $18 million in Q2 2026. This is a GAAP accounting requirement when asset values decline below carrying amounts.
Added in current filing · verify on EDGAR →
The Company expects this impairment loss to reduce net income attributable to BXP, Inc. and net income attributable to BPLP per diluted share/unit for the second quarter and full year of 2026 by approximately $0.10 per diluted share/unit, but it will have no impact on Funds from Operations.
The impairment will reduce Q2 and full-year 2026 diluted earnings per share by approximately $0.10, but will not affect Funds from Operations (FFO), a key REIT performance metric that excludes non-cash impairments. This means the charge affects GAAP earnings but not the company's cash-based operating performance measure.
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Figures/quotes linked to EDGAR · Narrative written by AI · May 29, 2026 · How we verify