What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2025-02-12 compared with 2024-02-14 · 39 added, 34 removed, 207 unchanged (26% of the section changed)

4 unchanged sentences

Property Location Year Built/

Renovated Number

Buildings Net

Most Recent Renovation Net

Feet Percentage

2 unchanged sentences

OFFICE PROPERTIES

La Jolla Commons San Diego, CA 2008/2014 2 724,654 99.3 % $ 46,251,701 $ 64.28

La Jolla Commons (2)

San Diego, CA 2008/2014 725,439 98.5 % $ 46,530,658 $ 65.12

Torrey Reserve Campus San Diego, CA 1996/2022 551,005 79.1 23,840,979 54.70

7 unchanged sentences

City Center Bellevue Bellevue, WA 1987/2023 498,606 91.4 26,320,549 57.76

Eastgate Office Park Bellevue, WA 1985 4 281,204 55.4 6,475,463 41.57

Corporate Campus East III Bellevue, WA 1986 4 159,578 85.0 6,253,631 46.10

Bel-Spring 520 Bellevue, WA 1983 2 93,295 73.1 2,989,023 43.83

Bellevue, WA 1985/2024 276,060 62.0 6,800,550 39.73

Timber Ridge (5)

Bellevue, WA 1986 160,509 87.2 6,471,011 46.23

Timber Springs (6)

Bellevue, WA 1983 93,295 59.2 2,626,198 47.55

Subtotal / Weighted Average Office Portfolio (7)

24 unchanged sentences

Retail Portion Location Year Built/

Renovated Number

Buildings Net

Renovated Net

Leased Annualized

2 unchanged sentences

Hotel Portion Location Year Built/

Renovated Number

Buildings Units Average

Renovated Units Average

Occupancy Average

4 unchanged sentences

Property Location Year Built/

Renovated Number

Buildings Units Percentage

Renovated Units Percentage

Leased Annualized

13 unchanged sentences

The annualized base rent for La Jolla Commons has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $36,379,330 to our estimate of annual triple net operating expenses of $10,151,328 for an estimated annualized base rent on a modified gross lease basis of $46,530,658 for La Jolla Commons.

The annualized base rent for Eastgate Office Park has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $4,656,039 to our estimate of annual triple net operating expenses of $1,819,424 for an estimated annualized base rent on a modified gross lease basis of $6,475,463 for Eastgate Office Park.

The annualized base rent for Corporate Campus East III has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $4,508,259 to our estimate of annual triple net operating expenses of $1,745,372 for an estimated annualized base rent on a modified gross lease basis of $6,253,631 for Corporate Campus East III.

The annualized base rent for Bel-Spring 520 has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $2,140,936 to our estimate of annual triple net operating expenses of $848,087 for an estimated annualized base rent on a modified gross lease basis of $2,989,023 for Bel-Spring 520.

The annualized base rent for 14Acres has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $4,815,832 to our estimate of annual triple net operating expenses of $1,984,718 for an estimated annualized base rent on a modified gross lease basis of $6,800,550 for 14Acres.

The annualized base rent for Timber Ridge has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $4,541,907 to our estimate of annual triple net operating expenses of $1,929,104 for an estimated annualized base rent on a modified gross lease basis of $6,471,011 for Timber Ridge.

The annualized base rent for Timber Springs has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $1,889,523 to our estimate of annual triple net operating expenses of $736,675 for an estimated annualized base rent on a modified gross lease basis of $2,626,198 for Timber Springs.

(2) Data for La Jolla Commons does not include La Jolla Commons - Tower III, which remains under development.

However, as of December 31, 2024, 38,130 out of 206,231 rentable square feet, or 18.5%, of La Jolla Commons - Tower III has been leased.

(3) This property contains 422,426 net rentable square feet consisting of The Landmark at One Market (378,206 net rentable square feet) as well as a separate long-term leasehold interest in approximately 44,220 net rentable square feet of space located in an adjacent six-story leasehold known as the Annex.

We currently lease the Annex from an affiliate of the Paramount Group pursuant to a long-term master lease effective through June 30, 2026, which we have the option to extend until 2031 pursuant to one remaining five-year extension option.

(4) 14Acres was formerly known as Eastgate Office Park.

(5) Timber Ridge was formerly known as Corporate Campus East III.

(6) Timber Springs was formerly known as Bel-Spring 520.

(7) Lease data for signed but not commenced leases as of December 31, 2024 is in the following table:

5 unchanged sentences

Total Retail and Office Portfolio $ 84,847 $ 4,148,829 $ 48.90 $ 43.51

(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.

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.

(a) Office portfolio leases signed but not commenced of 44,374, 8,764, and 20,471 are expected to commence during the first and second quarters of 2025, and the first quarter of 2026, respectively.

Retail portfolio leases signed but not commenced of 1,898, 4,374, and 4,966 square feet are expected to commence during the first, second, and fourth quarters of 2025, 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, 2024 by 12.

61 unchanged sentences

Department of Environmental Quality Lloyd Portfolio 10/31/2031 87,787 1.2 3,113,766 1.1

Top technology tenant (2) La Jolla Commons 8/31/2030 40,800 0.6 2,521,440 0.9

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

PIMCO Solana Crossing

Top technology tenant (2) Del Monte Center

La Jolla Commons 1/31/2028

8/31/2030 47,826 0.7 2,813,083 1.0

Genentech, Inc Lloyd Portfolio 10/31/2026 66,852 0.9 2,479,993 0.9

Internal Revenue Service First & Main 8/31/2030 63,648 0.9 2,189,700 0.8

Sprouts Farmers Market Carmel Mountain Plaza,

Solana Beach Towne Centre,

Sprouts Farmers Market Solana Beach Towne Centre

Geary Marketplace

9/30/2032 71,431 1.0 2,121,187 0.8

California Bank & Trust Torrey Reserve Campus 2/29/2024

Carmel Mountain Plaza 6/30/2029

3/31/2035 71,431 1.0 2,174,838 0.8

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 2,032,036 0.7

Troutman Sanders, LLP Torrey Reserve,

First & Main 3/31/2025

Veterans Benefits Administration First & Main 8/31/2030 73,001 1.0 1,997,006 0.7

Troutman Pepper Locke, LLP First & Main

Torrey Reserve Campus 1/31/2031

3/31/2035 32,380 0.4 1,848,457 0.7

Marshalls Carmel Mountain Plaza

Solana Beach Towne Centre 1/31/2029

1/31/2035 68,055 0.9 1,822,561 0.6

Nordstrom Rack Carmel Mountain Plaza

1 unchanged sentence

10/31/2027 69,047 1.0 1,804,269 0.6

Marshalls Solana Beach Towne Centre,

Carmel Mountain Plaza 1/31/2025

1/31/2029 68,055 0.9 1,728,228 0.6

US Bank La Jolla Commons

Lomas Sante Fe Plaza 8/31/2027

Banner Corporation Corporate Campus East III 10/31/2027 46,572 0.6 1,630,020 0.6

8/31/2027 40,858 0.6 1,776,987 0.6

Databricks, Inc.

City Center Bellevue 11/30/2027

1/31/2028 45,344 0.6 1,612,897 0.6

Vons Lomas Santa Fe Plaza 12/31/2027 49,895 0.7 1,609,086 0.6

PIMCO La Jolla Commons 3/31/2034 24,464 0.3 1,585,267 0.6

Banner Corporation Timber Ridge 10/31/2027 43,766 0.6 1,575,576 0.6

At Home Stores Carmel Mountain Plaza 7/31/2029 107,870 1.5 1,545,367 0.5

TOTAL 2,325,339 32.0 % $ 120,657,376 42.5 %

53 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.

What changed 10-K

Item 2. Properties