Spann Hilary J. 4
4 · BOSTON PROPERTIES LTD PARTNERSHIP · Filed Feb 26, 2026
Research Summary
AI-generated summary of this filing
Boston Properties (BXP) EVP Hilary Spann Converts LTIP Units to BXP Shares
What Happened
Hilary J. Spann, Executive Vice President of the general partner of Boston Properties, converted 5,495 LTIP (long-term incentive plan) units into Common OP Units and those Common OP Units were redeemed for an equal number (5,495) of shares of BXP, Inc. common stock. The Form 4 shows an associated disposition line reporting 5,495 shares at $0.25 per share, totaling $1,374 (derivative disposition).
Key Details
- Transaction date: 2026-02-25; Form 4 filed: 2026-02-26.
- Reported transactions: conversion/acquisition of 5,495 shares (conversion of LTIP units), redemption/disposition of 5,495 shares, and a derivative disposition reported at $0.25/share for $1,374.
- Shares owned after the transaction: not disclosed in the excerpt provided.
- Relevant footnotes:
- F2/F3: 5,495 LTIP Units were converted into Common OP Units and redeemed for 5,495 shares of BXP common stock per the partnership agreement.
- F1/F3 explain that Common OP Units can be redeemed for cash equal to BXP share FMV or exchanged for BXP common stock; LTIP Units are equity awards that may be converted and have no expiration.
- Filing timeliness: transaction date and filing date are adjacent (no late-filing flag indicated).
Context
This was not an open-market purchase or sale of stock but an internal conversion/redemption of equity awards: LTIP units converted to partnership units and then redeemed for BXP shares. The small $1,374 disposition reported (5,495 shares at $0.25) is recorded as a derivative disposition in the filing; filings of this type often include a small share surrender or disposition related to tax withholding or administrative mechanics of conversion/redemption. The Form 4 does not by itself signal the insider’s view of the company’s prospects.
Insider Transaction Report
- Conversion
Common OP Units
[F1][F2]2026-02-25+5,495→ 5,495 total - Conversion
Common OP Units
[F1][F2]2026-02-25−5,495→ 0 total - Conversion
LTIP Units
[F3][F2]2026-02-25$0.25/sh−5,495$1,374→ 39,923 total→ Common OP Units (5,495 underlying)
Footnotes (3)
- [F1]Represents common units of limited partnership interest ("Common OP Units") in the Issuer. Each Common OP 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 common stock of BXP, Inc. ("BXP"), the Issuer's sole general partner, except that BXP may at its election, acquire each Common OP Unit so presented for redemption for one share of BXP's common stock.
- [F2]5,495 of the reporting person's units of limited partnership interest ("LTIP Units") in the Issuer were converted into Common OP Units in the Issuer by the reporting person and the Common OP Units were redeemed for an equal number of shares of BXP's common stock, in accordance with the terms of the Issuer's Partnership Agreement.
- [F3]Represents LTIP Units in the Issuer issued pursuant to BXP's equity based incentive programs. 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 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.