DUNCAN BRUCE W 4

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.