13 unchanged sentences
San Diego, CA 2017 2 94,854 100.0 5,780,415 60.94
−Removed: Solana Beach Corporate Centre
−Removed: Solana Beach, CA 1982/2005 4 224,009 85.1 7,887,387 41.38
+Added: Solana Crossing Solana Beach, CA 1982/2005 4 224,009 88.3 9,150,509 46.26
The Landmark at One Market (2)
76 unchanged sentences
Total Retail and Office Portfolio $ 45,715 $ 1,436,761 $ 31.43 $ 42.87
−Removed: (a) Office portfolio leases signed but not commenced of 27,753, 39,266 and 17,418 square feet are expected to commence during the first, second and third quarters of 2023, respectively.
−Removed: Retail portfolio leases signed but not commenced of 4,264, 11,300, 11,350, 19,433 and 988 square feet are expected to commence during the first, second, third and fourth quarters of 2023 and the fourth quarter of 2024, respectively.
+Added: (a) Office portfolio leases signed but not commenced of 7,016 and 7,198 square feet are expected to commence during the first and second quarters of 2024, respectively.
+Added: Retail portfolio leases signed but not commenced of 3,264, 1,200, and 27,037 square feet are expected to commence during the first, second and third quarters of 2024, respectively.
(b) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for signed but not commenced leases as of December 31, 2023 by 12.
3 unchanged sentences
(4) Net rentable square feet at certain of our retail properties includes square footage leased pursuant to ground leases, as described in the following table:
−Removed: Property Number of Ground Leases Square Footage Leased Pursuant to Ground Leases (a) Aggregate Annualized Base Rent
+Added: Property Number of Ground Leases Square Footage Leased Pursuant to Ground Leases Aggregate Annualized Base Rent
Carmel Mountain Plaza 5 17,607 $ 974,581
2 unchanged sentences
Alamo Quarry Market 3 20,694 $ 423,455
−Removed: (a) 2,912 square feet of the ground leases at Carmel Mountain Plaza expire during the third quarter of 2023, with no extension options as of December 31, 2022
(5) The Hassalo on Eighth property is comprised of three multifamily buildings, each with a ground floor retail component:
23 unchanged sentences
Tenant Diversification
−Removed: At December 31, 2022, our operating portfolio had approximately 834 leases with office and retail tenants, of which 10 expired on December 31, 2022 and there were 22 that had not yet commenced as of such date.
+Added: At December 31, 2023, our operating portfolio had approximately 796 leases with office and retail tenants, of which 6 expired on December 31, 2023 and 9 had not yet commenced as of such date.
Our residential properties had 1,843 leases with residential tenants at December 31, 2023, excluding Santa Fe Park RV Resort.
24 unchanged sentences
State of Oregon:
−Removed: Department of Environmental Quality Lloyd District Portfolio 10/31/2031 87,787 1.2 2,935,024 1.1
+Added: Department of Environmental Quality Lloyd Portfolio 10/31/2031 87,787 1.2 3,023,074 1.1
Top technology tenant (2) La Jolla Commons 8/31/2030 40,800 0.6 2,521,440 0.9
−Removed: Genentech, Inc Lloyd District Portfolio 10/31/2026 66,852 0.9 2,337,632 0.9
+Added: Genentech, Inc Lloyd Portfolio 10/31/2026 66,852 0.9 2,407,761 0.9
MEI Pharma, Inc.
Torrey Reserve Campus 11/30/2029 45,088 0.6 2,334,532 0.8
+Added: PIMCO Solana Crossing
+Added: La Jolla Commons
+Added: 3/31/2034 38,302 0.5 2,304,262 0.8
Internal Revenue Service First & Main 8/31/2030 63,648 0.9 2,189,700 0.8
−Removed: Sprouts Farmers Market Solana Beach Towne Centre,
−Removed: Carmel Mountain Plaza,
+Added: Sprouts Farmers Market Carmel Mountain Plaza,
+Added: Solana Beach Towne Centre,
Geary Marketplace 3/31/2025
1 unchanged sentence
California Bank & Trust Torrey Reserve Campus 2/29/2024
−Removed: WeWork Lloyd District Portfolio 1/31/2032 55,395 0.8 1,998,131 0.7
+Added: 2/28/2034 34,731 0.5 2,095,596 0.7
+Added: WeWork Lloyd Portfolio 1/31/2032 55,395 0.8 2,058,075 0.7
Veterans Benefits Administration First & Main 8/31/2030 73,001 1.0 1,997,006 0.7
Perkins Coie, LLP Torrey Reserve Campus 12/31/2028 36,980 0.5 1,972,850 0.7
+Added: Troutman Sanders, LLP Torrey Reserve,
+Added: First & Main 3/31/2025
+Added: 4/30/2025 33,812 0.5 1,852,641 0.7
Nordstrom Rack Carmel Mountain Plaza,
1 unchanged sentence
10/31/2027 69,047 1.0 1,804,269 0.6
−Removed: Troutman Sanders, LLP Torrey Reserve Campus
−Removed: First & Main 3/31/2025
−Removed: 4/30/2025 33,812 0.5 1,798,680 0.7
Marshalls Solana Beach Towne Centre,
1 unchanged sentence
1/31/2029 68,055 0.9 1,728,228 0.6
+Added: US Bank La Jolla Commons,
+Added: Lomas Sante Fe Plaza 8/31/2027 40,858 0.6 1,701,942 0.6
Banner Corporation Corporate Campus East III 10/31/2027 46,572 0.6 1,630,020 0.6
−Removed: Pillsbury Winthrop Shaw Pittman, LLP Torrey Reserve Campus 11/30/2033 26,152 0.4 1,474,973 0.5
−Removed: Cisco Systems, Inc.
−Removed: City Center Bellevue 2/28/2023 25,689 0.4 1,426,234 0.5
TOTAL 2,268,494 31.3 % $ 120,829,563 42.6 %
29 unchanged sentences
However, changes in rental income associated with individual signed leases on comparable spaces may be positive or negative, and we can provide no assurance that the rents on new leases will continue to increase at the above disclosed levels, if at all.
−Removed: The lease expirations for our multifamily portfolio and the hotel portion of our mixed-use portfolio are excluded from this table because multifamily unit leases generally have lease terms ranging from seven to 15 months, with a majority having 12-month lease terms, and because rooms in the hotel are rented on a nightly basis.
+Added: The lease expirations for our multifamily portfolio and the hotel portion of our mixed-use portfolio are excluded from this table because multifamily unit leases generally have lease terms ranging from seven to fifteen months, with a majority having twelve-month lease terms, and because rooms in the hotel are rented on a nightly basis.
The information set forth in the table assumes that tenants do not exercise any renewal options.
21 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.