DUNCAN BRUCE W 4
4 · BOSTON PROPERTIES LTD PARTNERSHIP · Filed Jun 2, 2026
Research Summary
AI-generated summary of this filing
Boston Properties Director Bruce W. Duncan Receives 3,332 LTIP Units
What Happened
Bruce W. Duncan, a director of Boston Properties Ltd. Partnership (BXP), was granted 3,332 LTIP units (derivative limited partnership units) on May 29, 2026. The units were issued at a stated price of $0.25 each for a total reported value of $833. This was a compensation award (Form 4 transaction code A), not an open-market purchase or sale.
Key Details
- Transaction date: 2026-05-29; filing date: 2026-06-02 (appears to be filed after the two-business-day Form 4 window).
- Instrument: 3,332 LTIP Units (derivative limited partnership interest) at $0.25 each; total value $833.
- Vesting: The LTIP Units vest on the earlier of (i) May 29, 2027 or (ii) the date of BXP's 2027 annual meeting of stockholders (footnote).
- Conversion/redeemability (footnote): LTIP Units may convert to Common OP Units and those may be redeemed for cash equal to the fair market value of a share of BXP common stock or, at BXP’s election, exchanged for one share of BXP common stock. LTIP Units have no expiration date.
- Shares owned after transaction: Not specified in this filing.
- Transaction type: Award/grant (compensation), not a market buy or sell.
Context
This is a routine equity-compensation grant to a director and should be viewed as compensation rather than an independent purchase signal. The units are derivative rights tied to BXP equity value and have a one-year vesting/holding condition. Note the filing date is after the transaction date and appears to miss the usual two-business-day Form 4 deadline.
Insider Transaction Report
- Award
LTIP Units
[F1][F2]2026-05-29$0.25/sh+3,332$833→ 20,739 total→ Common OP Units (3,332 underlying)
Footnotes (2)
- [F1]Represents units of limited partnership interest in the Issuer issued pursuant to BXP, Inc.'s ("BXP"), the Issuer's general partner, equity based incentive programs ("LTIP Units"). Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each LTIP Unit may be converted, at the election of the Issuer or the holder, into a common unit of limited partnership interest in the Issuer ("Common OP Unit"). Each Common OP Unit acquired upon conversion of an LTIP Unit may be presented for redemption, at the election of the holder, for cash equal to the then fair market value of a share of BXP's common stock, except that BXP may, at its election, acquire each Common OP Unit so presented for one share of BXP's common stock. LTIP Units have no expiration date.
- [F2]The 3,332 LTIP Units will vest on the earlier of (i) May 29, 2027 and (ii) the date of BXP's 2027 annual meeting of stockholders.