Matthew J. Lustig’s SEC Form 4 filings over the past year paint a picture of steady accumulation through compensation structures rather than discretionary market timing. Across 37 reported transactions spanning two real estate investment trusts—Ventas Inc. (VTR) and BXP Inc. (BXP)—every single filing carried the “A” code, denoting a grant or award. There were no open-market purchases (code “P”), no sales (code “S”), and no option exercises or tax-withholding events. The total value of these non-cash acquisitions reached approximately $864,760, with the bulk concentrated in VTR, where recurring quarterly awards of roughly $32,500 and semi-annual grants in the $17,000–$20,000 range appeared with mechanical regularity.
The pattern is one of scheduled compensation rather than conviction buying. The largest single event occurred on May 13, 2026, when Lustig received a VTR award valued at $184,946—more than five times the typical quarterly grant—suggesting a performance-based or special retention component. BXP awards were smaller and less frequent, appearing at quarter-end dates like June 30, 2025, and March 31, 2026, each in the $29,000–$30,000 range. Smaller odd-lot grants, such as the $833 awards on May 29, 2026, for both BXP and an unidentified entity, round out the filing history. The absence of any “S” or “P” codes means Lustig has not expressed a directional view through the open market during this period; his equity stakes in both REITs have grown solely through board or executive compensation mechanics.
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