Spann Hilary J. 4

What Happened
Hilary J. Spann, Executive Vice President of Boston Properties, reported the conversion of 5,495 LTIP (limited partnership) units into common units and the redemption of those units for 5,495 shares of BXP common stock on 2026-02-25. The Form 4 shows a reported disposition of 5,495 shares at $0.25 per share, totaling $1,374, in connection with the conversion/redemption. The main economic event is an acquisition of shares through an equity-compensation conversion rather than an open-market purchase.

Key Details

• Transaction date: February 25, 2026; Form filed February 26, 2026 (timely).
• Primary action: Conversion of LTIP Units into Common OP Units and redemption for common stock (derivative/security conversion; transaction code C).
• Reported counts/prices: 5,495 shares acquired via conversion; a corresponding reported disposal of 5,495 shares at $0.25 each (total $1,374). Acquisition price listed as N/A (conversion).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: F1–F3 explain LTIP Units convertable into Common OP Units and that Common OP Units may be redeemed for cash or exchanged by the issuer for shares of common stock; LTIP and Common OP Units have no expiration.
• Filing timeliness: Report appears timely (filed one day after the transaction).

Context
This was an equity-compensation conversion (LTIP units converted and redeemed for company stock). Such conversions are routine for executives receiving long-term incentive units; the small reported $1,374 disposition commonly reflects cash handling or withholding related to the conversion/redemption process rather than an opportunistic market sale.