BXP (NYSE: BXP) plans $63M DC property sale and non-cash impairments

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

BXP, Inc., through Boston Properties Limited Partnership, agreed to sell its Sumner Square property in Washington, DC for a gross purchase price of $63 million. The property includes the leasehold interest and three office buildings at 1615 and 1625 M Street NW and 1215 17th Street NW.

The buyer has paid a non-refundable cash deposit of approximately $6 million, which will be credited at closing. Because the carrying value of the property exceeds expected net proceeds, BXP and BPLP will record non-cash impairment losses of approximately $18 million and $17 million, respectively, in the second quarter of 2026.

The impairment is expected to reduce net income attributable to BXP and BPLP by about $0.10 per diluted share/unit for the second quarter and full year 2026, while having no impact on Funds from Operations. The company notes there can be no assurance the sale will close on the contemplated terms or at all.

8-K Event Classification

2 items: 2.06, 9.01

2 items

Item 2.06 Material Impairments Financial

The company concluded that a material charge for impairment of assets (goodwill, intangibles, etc.) is required.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Gross purchase price: $63 million Non-refundable deposit: approximately $6 million Impairment loss - BXP, Inc.: approximately $18 million +2 more

5 metrics

Gross purchase price $63 million Sale of Sumner Square property in Washington, DC

Non-refundable deposit approximately $6 million Cash deposit credited against purchase price at closing

Impairment loss - BXP, Inc. approximately $18 million Non-cash impairment in Q2 2026

Impairment loss - BPLP approximately $17 million Non-cash impairment in Q2 2026

Earnings impact approximately $0.10 per diluted share/unit Reduction in net income for Q2 and full year 2026

Key Terms

non-cash impairment loss, Funds from Operations, leasehold interest, diluted share/unit

4 terms

non-cash impairment loss financial

"will recognize a non-cash impairment loss of approximately $18 million and $17 million"

A non-cash impairment loss is an accounting write-down that reduces the reported value of an asset when its expected future benefits have fallen, without any actual cash leaving the company. Investors care because it lowers reported profits and book value—like marking down a damaged item on a balance sheet—so it signals that the company’s assets will generate less value going forward and can affect valuation and investor confidence.

Funds from Operations financial

"but it will have no impact on Funds from Operations"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

leasehold interest financial

"the leasehold interest in the real property commonly known as Sumner Square"

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Understanding 8-K Material Events →

05/29/2026 - 04:36 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 27, 2026

BXP, INC.

BOSTON PROPERTIES LIMITED PARTNERSHIP

(Exact Name of Registrant As Specified in its Charter)


BXP, Inc.	Delaware	1-13087	04-2473675
	(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
Boston Properties Limited Partnership	Delaware	0-50209	04-3372948
	(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

800 Boylston Street, Suite 1900, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip Code)

(617) 236-3300

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Registrant

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

BXP, Inc.

Common Stock, par value $0.01 per share

BXP

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

BXP, Inc.:

Emerging growth company ☐

Boston Properties Limited Partnership:

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

BXP, Inc. ☐ Boston Properties Limited Partnership ☐

Item 2.06. Material Impairments

Consistent with the strategic asset sales plan outlined at BXP, Inc.’s September 2025 Investor Day, on May 27, 2026, a subsidiary of Boston Properties Limited Partnership (“BPLP”) entered into an agreement to sell certain property (the "Property") comprised of (1) the leasehold interest in the real property commonly known as Sumner Square, located at the corner of 17th and M Street, NW in Washington, DC, and (2) the improvements located thereon, consisting of three buildings ((a) 1615 M Street, NW, Washington, DC, (b) the Magruder Building, 1625 M Street, NW, Washington, DC and (c) the Sumner Annex, 1215 17th Street, NW, Washington, DC), for a gross purchase price of $63 million. BPLP is the entity through which BXP, Inc. (the “Company”) conducts substantially all of its business and owns, either directly or through subsidiaries, substantially all of its assets. BXP is the sole general partner of BPLP. Under the agreement, the buyer paid a non-refundable cash deposit of approximately $6 million that will be credited against the purchase price at closing.

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 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.

There can be no assurance that the sale will be consummated on the terms currently contemplated or at all.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.			Description
*101.SCH			Inline XBRL Taxonomy Extension Schema Document.
*101.LAB			Inline XBRL Taxonomy Extension Calculation Linkbase Document
*101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document.
*101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document.
*104			Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*).

*Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.


BXP, INC.

By:			/s/ MICHAEL E. LABELLE
			Michael E. LaBelle
			Executive Vice President, Chief Financial Officer and Treasurer



BOSTON PROPERTIES LIMITED PARTNERSHIP
By: BXP, Inc., its General Partner

By:			/s/ MICHAEL E. LABELLE
			Michael E. LaBelle
			Executive Vice President, Chief Financial Officer and Treasurer

Date: May 29, 2026

Source: View Original Filing on SEC EDGAR

FAQ

What property is BXP (BXP) selling in Washington, DC?

BXP is selling the Sumner Square property in Washington, DC. It includes a leasehold interest and three buildings at 1615 and 1625 M Street NW and 1215 17th Street NW.

What is the sale price of BXP’s Sumner Square property?

The agreed gross purchase price is $63 million. This amount covers the leasehold interest and all related improvements, including the three office buildings located at Sumner Square in Washington, DC.

How will the Sumner Square sale affect BXP’s earnings?

BXP expects a non-cash impairment loss to reduce net income by about $0.10 per diluted share/unit for the second quarter and full year 2026, reflecting the gap between the property’s carrying value and expected sale proceeds.

What impairment charges will BXP and BPLP record from this transaction?

BXP expects to record a non-cash impairment loss of approximately $18 million, and BPLP expects about $17 million. Both charges will be recognized in the second quarter of 2026 under GAAP accounting rules.

Will the impairment from BXP’s Sumner Square sale affect Funds from Operations?

The company states the impairment loss will not affect Funds from Operations. It will reduce net income attributable to BXP and BPLP, but Funds from Operations, a key REIT performance metric, will remain unchanged by this non-cash charge.

Is the sale of BXP’s Sumner Square property guaranteed to close?

The sale is not guaranteed to close. BXP notes there can be no assurance the transaction will be consummated on the terms currently contemplated, or that it will close at all.

Filing Exhibits & Attachments

4 documents