3 unchanged sentences
As of December 31, 2025, our portfolio is comprised of twelve office properties;
−Removed: twelve retail shopping centers;
+Added: eleven retail shopping centers;
a mixed-use property consisting of a 369-room all-suite hotel and a retail shopping center;
−Removed: and six multifamily properties.
−Removed: Additionally, as of December 31, 2024, we owned land at three of our properties that we classified as held for development and construction in progress.
+Added: and seven multifamily properties.
+Added: Additionally, as of December 31, 2025, we owned land at two of our properties that we classified as held for development and construction in progress.
Our core markets include San Diego, California;
26 unchanged sentences
Our senior management team has strong experience and capabilities across the real estate sector with significant expertise in the office, retail and multifamily asset classes, which provides for flexibility in pursuing attractive acquisition, development and repositioning opportunities.
−Removed: Ernest Rady, our Chief Executive Officer (through December 31, 2024) and Executive Chairman (effective January 1, 2025), Adam Wyll, our President and Chief Operating Officer (through December 31, 2024) and President and Chief Executive Officer (effective January 1, 2025), and Robert Barton, our Chief Financial Officer and the other members of senior management, each have over 30 years of commercial real estate experience (or 25 years in the case of Mr.
+Added: Ernest Rady, our Executive Chairman, Adam Wyll, our President and Chief Executive Officer, and Robert Barton, our Chief Financial Officer, and the other members of senior management, each have over 25 years of commercial real estate experience.
Business and Growth Strategies
20 unchanged sentences
In addition to salaries, employees may be eligible to receive annual bonuses, stock-based compensation awards, a 401(k) plan with employee matching opportunities, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, family leave, and family care resources.
−Removed: We are committed to cultivating a diverse culture of inclusion that we believe makes a positive difference in our employees’ lives and we actively work to improve workplace diversity, equity and inclusion.
−Removed: As of December 31, 2024, our employees were:
−Removed: • 44.2% female;
−Removed: and 0.5% non-binary;
−Removed: • 55.8% ethnically diverse (i.e., Asian, African American, Hispanic or Latino and other (Native Hawaiian/ Pacific Islander and two or more of the foregoing)).
We have elected to be taxed as a REIT and believe we are organized and operate in a manner that has allowed us to qualify and will allow us to remain qualified as a REIT for federal income tax purposes.
To maintain REIT status, we must meet a number of organizational and operational requirements, including a requirement that we annually distribute at least 90% of our net taxable income to our stockholders (excluding any net capital gains).
−Removed: We carry comprehensive general liability, fire, extended coverage, business interruption and rental loss insurance covering all of the properties in our portfolio under a blanket insurance policy or standalone policy, in addition to other coverages, such as trademark, cyber and pollution coverage, that may be appropriate for certain of our properties.
+Added: We carry comprehensive general liability and property insurance, including fire, extended coverage, business interruption and rental loss insurance covering all of the properties in our portfolio under a blanket insurance policy or standalone policy, in addition to other coverages, such as trademark, cyber and pollution coverage, that may be appropriate for our operations or certain of our properties.
We believe the policy specifications and insured limits are appropriate and adequate for our properties given the relative risk of loss, the cost of the coverage and industry practice;
−Removed: however, our insurance coverage may not be sufficient to fully cover our losses.
+Added: however, our insurance coverage may not be sufficient to fully cover our losses or may contain certain exclusions.
We do not carry insurance for certain losses, including losses caused by riots or war.
1 unchanged sentence
In addition, all our properties except our property located in San Antonio, Texas are subject to an increased risk of earthquakes.
−Removed: While we carry earthquake insurance on all of our properties, the amount of our earthquake insurance coverage may not be sufficient to fully cover losses from earthquakes.
−Removed: We may self-insure, reduce or discontinue casualty, earthquake, terrorism or other insurance on some or all of our properties in the future if the cost of premiums for any of these policies exceeds, in our judgment, the value of the coverage discounted for the risk of loss.
−Removed: Also, if destroyed, we may not be able to rebuild certain of our properties due to current zoning and land use regulations.
+Added: While we carry earthquake insurance on all of our properties, the limits of our earthquake insurance coverage may not be sufficient to fully cover losses from earthquakes.
+Added: We may elect to self-insure, reduce or discontinue casualty, earthquake, terrorism or other insurance on some or all of our properties in the future if the cost of premiums for any of these policies exceeds, in our judgment, the value of the coverage discounted for the risk of loss.
+Added: Also, if any property is destroyed, we may not be able to rebuild it due to current zoning and land use regulations.
As a result, we may be required to incur significant costs in the event of adverse weather conditions and natural disasters.
2 unchanged sentences
In addition, if the damaged properties are subject to recourse indebtedness, we would continue to be liable for the indebtedness, even if these properties were irreparably damaged.
−Removed: Furthermore, we may not be able to obtain adequate insurance coverage at reasonable costs in the future if the costs associated with property and casualty renewals become higher than anticipated or insurance carriers no longer offer certain coverage.
+Added: Furthermore, we may not be able to obtain adequate insurance coverage at reasonable costs in the future if the costs associated with property and casualty insurance renewals become higher than anticipated or insurance carriers no longer offer certain coverage.
Our properties are subject to various covenants, laws, ordinances and regulations, including laws such as the Americans with Disabilities Act of 1990, or the ADA, and the Fair Housing Amendment Act of 1988, or the FHAA, that impose further restrictions on our properties and operations.
12 unchanged sentences
Such contamination may arise from spills of petroleum or hazardous substances or releases from tanks used to store such materials.
−Removed: For example, Del Monte Center is currently undergoing remediation of dry cleaning solvent contamination from a former onsite dry cleaner.
−Removed: The environmental issue is currently in the final stages of remediation which entails the long term ground monitoring by the appropriate regulatory agency over the next five to seven years.
−Removed: The prior owner of Del Monte Center entered into a fixed fee environmental services agreement in 1997 pursuant to which the remediation will be completed for approximately $3.5 million, with the remediation costs paid for through funds held in an escrow account funded by the prior owner.
−Removed: We expect that the funds in this escrow account will cover all remaining costs and expenses of the environmental remediation.
−Removed: However, if the Regional Water Quality Control Board - Central Coast Region were to require further work costing more than the remaining escrowed funds, we could be required to pay such overage although we may have a claim for such costs against the prior owner or our environmental remediation consultant.
−Removed: In addition to the foregoing, though we possess Phase I Environmental Site Assessments for certain of the properties in our portfolio, these assessments are limited in scope (e.g., they do not generally include soil sampling, subsurface investigations or hazardous materials survey) and may have failed to identify all environmental conditions or concerns.
−Removed: Furthermore, we do not have Phase I Environmental Site Assessment reports for all of the properties in our portfolio and, as such, we may not be aware of all potential or existing environmental contamination liabilities at the properties in our portfolio.
+Added: Though we possess environmental site assessments for certain of the properties in our portfolio, these assessments are limited in scope and may have failed to identify all environmental conditions or concerns.
+Added: Furthermore, we do not have environmental site assessment reports for all of the properties in our portfolio and, as such, we may not be aware of all potential or existing environmental contamination liabilities at the properties in our portfolio.
As a result, we could potentially incur material liability for these issues, which could adversely impact our financial condition, results of operations, cash flow and the per share trading price of our common stock.
34 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.