SEC Form 4 · accession 0001473158-17-000010
Brookfield Property REIT Inc. · BPR
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Richard Pesin
Officer — EVP, Anchors, Dev. & Construct
Period of report
Jan 3, 2017
Accepted (ET)
Jan 5, 2017 · 5:55 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001496048
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LTIP UnitsF1,F2 | $0.00 | Jan 3, 2017 | A | 39,045 | A | — | — | Common Stock | 40,597 | 39,045 | D |
Explanation of responses
- F1The reporting person received a grant of restricted limited partnership interests ("Limited FV LTIP Units") in GGP Operating Partnership, LP (the "Operating Partnership"), an operating partnership of General Growth Properties, Inc. (the "Company"), pursuant to the General Growth Properties, Inc. 2010 Equity Incentive Plan. Limited FV LTIP Units are a class of units of the Operating Partnership that, conditioned upon minimum allocations to the capital accounts of the Limited FV LTIP Units for federal income tax purposes, are convertible by the holder into an equivalent number of common units of the Operating Partnership ("OP Units"), which are redeemable by the holder for common shares of the Company on an approximately one-for-one basis or the cash value of such shares, at the Company's option. Allocations to the capital accounts of Limited FV LTIP Units will be made only to the extent the book gains exceed prior book losses incurred since the issuance of such Limited FV LTIP Units.
- F2The grant vests in 25% increments on each of January 3, 2018, January 3, 2019, January 3, 2020 and January 3, 2021. The rights to convert Limited FV LTIP Units into OP Units and redeem OP Units do not have expiration dates.