PEXA Group Ltd (ASX: PXA) shares are crashing on Thursday morning.

At the time of writing, the property settlements company's shares are down 10% to $11.59.

This follows the release of two big announcements from the ASX 200 real estate stock this morning.

ASX 200 real estate stock falls on big announcements

The first announcement reveals that Les Vance is leaving the company later this month. He is the CEO of its Australia business and regarded as key management personnel (KMP).

The release reveals that Mr Vance will be resigning from the role on 21 February. However, no explanation has been provided about why he is stepping down with just two weeks' notice.

What else was announced?

The ASX 200 real estate stock also released an update on its guidance for the first half of FY 2025.

As a reminder, the company is scheduled to release its half year results later this month on 28 February.

Pexa now expects to recognise a non-cash impairment charge of approximately $15 million in these results. It notes that this charge relates to the impairment of a minority investment and is in addition to previously announced specified items guidance for the 2025 full year results. There is no tax impact resulting from this adjustment.

As a result, specified items are now expected to impact its profits by $35 million to $40 million instead of $15 million to $20 million.

But wait, there's more!

The ASX 200 real estate stock advised that following a review of the criteria set out in AASB 112 / IAS 12 Income Taxes for recognising deferred tax assets (DTA) and the ongoing development of the business, it expects to de-recognise approximately $19 million of total DTA in its half year results.

This is primarily due to new non-exchange revenue streams in the six months ended 31 December 2024, which have caused the company to fail the stricter same business test which these losses were subject to.

Additionally, the group's effective Australian tax rate is higher than anticipated in first half. As a result, its FY 2025 tax expense guidance has been updated to reflect both impacts.

Pexa now expects a tax expense of $40 million to $45 million, which is down from its guidance of $13 million to $18 million. Though, this remains subject to the finalisation of results, auditor processes, and board approval.

Anything else?

Unfortunately, there's still potential for one more impairment charge.

The release notes that following the pause of the interoperability program by ARNECC2 in June 2024, Titles Queensland commenced a review of the program.

The ASX 200 real estate stock currently recognises an interoperability intangible software asset of carrying value $14.1 million. Once the report is released, management advised that it will review whether any impairment to the carrying value of the asset is appropriate.