BXP, Inc. filings document the REIT and its operating partnership, Boston Properties Limited Partnership, including NYSE-listed common stock, operating results, securities registrations, and debt financing. Recent 8-K reports cover quarterly financial results, supplemental operating information, shelf registration activity, and the completed issuance of exchangeable senior notes by the partnership.
Proxy materials describe board matters, executive compensation, equity awards, shareholder voting items, and governance disclosures. The filing record also identifies the dual-registrant structure in which BXP, Inc. serves as general partner of the operating partnership.
BXP, Inc. and Boston Properties Limited Partnership report on their combined 2025 performance as an UPREIT focused on premier office-led workplaces in six gateway markets. At December 31, 2025, they owned or held joint venture interests in 179 commercial properties totaling about 52.6 million square feet, with eight projects under construction or redevelopment adding an estimated 3.5 million square feet.
In 2025 they sold eight consolidated properties for approximately $702.6 million, generating net proceeds of $682.5 million and gains of $175.0 million for BXP. They also commenced four new development or redevelopment projects with an estimated total investment share of about $2.1 billion and report a total development pipeline around $3.9 billion, 61% pre-leased as of February 20, 2026.
Debt and capital markets activity totaled roughly $4.2 billion, including repayment of $850.0 million of notes, a larger revolving credit facility and commercial paper program, and issuance of $1.0 billion of 2.00% exchangeable senior notes due 2030. The company recorded about $85.8 million of property impairments at BXP and a $145.1 million other-than-temporary impairment on a joint venture investment, while highlighting a three-year plan centered on occupancy growth, selective development, asset sales and private capital partnerships, alongside continued leadership in sustainability and human capital initiatives.
BXP insider Hilary Jo Spann reported an intended transfer to sell 5,495 shares of common stock, acquired as compensation on 02/02/2024, with the transfer listed on 02/25/2026. The filing also shows a prior sale of 1,194 shares on 02/05/2026 for $75,531.32. Shares outstanding are listed as 158,468,685 as of 02/27/2026.
BXP, Inc. Executive Vice President Hilary J. Spann reported derivative conversions involving partnership units and common stock. On 2026-02-25, Spann converted 5,495 LTIP Units in Boston Properties Limited Partnership into 5,495 Common OP Units, which were then redeemed for 5,495 shares of BXP common stock under the partnership agreement.
After these transactions, Spann directly held 39,923 LTIP Units and 23,327 shares of BXP common stock. The footnotes explain that LTIP Units and Common OP Units are partnership interests with no expiration date that can, at the holder’s or partnership’s election, be exchanged for cash or BXP common stock.
BXP, Inc.’s EVP and CFO Michael E. Labelle reported an equity incentive award. On February 13, 2026, he acquired 7,736 LTIP Units at $0.25 per unit under BXP’s 2023 multi-year long-term incentive program. These LTIP Units represent limited partnership interests in Boston Properties Limited Partnership that can later convert into units redeemable for either cash or BXP common stock. Following this grant, Labelle beneficially owns 324,376 derivative securities, and the earned LTIP Units are fully vested but generally subject to a one-year post-vesting holding period before transfer or redemption.
BXP, Inc. senior executive Raymond A. Ritchey reported an equity award tied to long-term performance. On 02/13/2026, he acquired 15,163 LTIP Units at $0.25 per unit, bringing his directly held derivative interest to 93,357 LTIP Units.
The LTIP Units were earned after performance-based hurdles were met under BXP’s 2023 Multi-Year Long-Term Incentive Program. These partnership units in Boston Properties Limited Partnership can be converted into Common OP Units and then redeemed for cash equal to the fair market value of one BXP common share, or, at the issuer’s election, exchanged for one share of common stock. The earned LTIP Units vested in full but remain subject to a one-year post-vesting holding period before transfer or redemption rights can generally be used.
BXP, Inc. reported that Chief Executive Officer and director Thomas Owen D acquired 35,930 LTIP Units on February 13, 2026 as a grant under the company’s 2023 Multi-Year Long-Term Incentive Program after performance hurdles were met.
These LTIP Units represent limited partnership interests in Boston Properties Limited Partnership and are convertible into common OP units that may ultimately be redeemed for cash or BXP common stock. The LTIP Units vested in full upon being earned and are subject to a one-year post-vesting holding period. Following this award, the reporting person beneficially owns 1,107,523 derivative securities.
BXP, Inc. Executive Vice President Bryan J. Koop reported an acquisition of 5,501 LTIP Units on February 13, 2026 under the company’s 2023 multi-year long-term incentive program after performance hurdles were met. These derivative awards were priced at $0.25 per unit.
Each LTIP Unit can be converted into a partnership unit and then redeemed for either cash equal to the value of one BXP common share or one actual share, with no expiration date. The LTIP Units vested upon being earned but are subject to a one-year post-vesting holding period.
Following this grant, Koop beneficially owned 222,070 derivative securities. The filing also notes a forfeiture of 5,222 earlier LTIP Units originally issued in 2023 that did not satisfy performance-based vesting conditions tied to total shareholder return through February 6, 2026.
BXP, Inc. President and Director Douglas T. Linde acquired 20,973 LTIP Units on February 13, 2026 as an incentive award. The units were earned under the company’s 2023 multi-year long-term incentive program after performance hurdles were met, at a stated price of $0.25 per unit.
Each LTIP Unit can potentially convert into a partnership unit that may later be redeemed for cash equal to the fair market value of one share of BXP common stock, or, at the issuer’s election, one share of BXP common stock. After this grant, Linde beneficially owns 807,060 derivative securities. The LTIP Units vested upon being earned but are subject to an additional one-year post-vesting holding period, and the filing notes a prior forfeiture of 19,907 LTIP Units that did not meet performance conditions.
THOMAS OWEN D reported open-market sale transactions in a Form 4 filing for BXP. The filing lists transactions totaling 2,396 shares at a weighted average price of $61.22 per share. Following the reported transactions, holdings were 1,198 shares.
BXP has a planned insider sale under Rule 144 covering 1,198 shares of common stock, par value $0.01 per share. The shares are to be sold through US Bank, N.A. on the NYSE, with an approximate sale date of February 13, 2026 and an aggregate market value of $70,765.
The stock to be sold was acquired by inheritance in December 2025 from the Owen Thomas III Trust (990 shares) and the Petronella S. Thomas Revocable Trust (208 shares). The filing reports that 158,468,685 BXP common shares are outstanding, providing context for the relatively small size of this proposed sale.