What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-02-06 compared with 2025-02-12 · 53 added, 55 removed, 191 unchanged (36% of the section changed)

1 unchanged sentence

As of December 31, 2025, our operating portfolio was comprised of 31 office, retail, multifamily and mixed-use properties with an aggregate of approximately 6.8 million rentable square feet of office and retail space (including mixed-use retail space), 2,302 residential units (including 120 RV spaces) and a 369-room hotel.

Additionally, as of December 31, 2024, we owned land at three of our properties that we classified as held for development or construction in progress.

Additionally, as of December 31, 2025, we owned land at two of our properties that we classified as held for development or construction in progress.

Retail and Office Portfolios

2 unchanged sentences

Feet Percentage

Leased Annualized

Base Rent (1)

OFFICE PROPERTIES

La Jolla Commons (2)

La Jolla Commons I & II San Diego, CA 2008 725,439 98.5 % $ 48,403,724 $ 67.74

La Jolla Commons III San Diego, CA 2025 206,231 34.7 2,643,758 36.94

Coastal Collection at Torrey Reserve (3)

San Diego, CA 1996/2022 552,276 82.2 25,033,359 55.14

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

San Diego, CA 2017 94,854 99.6 6,119,373 64.77

6 unchanged sentences

City Center Bellevue Bellevue, WA 1987/2023 498,606 92.0 27,649,275 60.28

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

14Acres Bellevue, WA 1985/2024 276,060 63.5 5,962,845 34.02

Timber Ridge Bellevue, WA 1986 160,509 97.5 7,280,357 46.52

Timber Springs Bellevue, WA 1983 93,295 73.0 2,589,179 38.02

Subtotal / Weighted Average Office Portfolio (5)

6 unchanged sentences

San Diego, CA 1997/2018 132,877 97.8 2,535,608 19.51

Gateway Marketplace San Diego, CA 1997/2016 127,861 98.7 2,533,074 20.07

Gateway Marketplace (6)

San Diego, CA 1997/2016 127,861 98.9 2,473,675 19.56

Lomas Santa Fe Plaza Solana Beach, CA 1972/1997 208,297 96.6 6,613,353 32.87

Solana Beach Towne Centre Solana Beach, CA 1973/2004 246,651 97.5 7,423,168 30.87

Del Monte Center (8)

Monterey, CA 1967/2018 673,155 82.8 10,475,471 18.79

Geary Marketplace Walnut Creek, CA 2012 35,097 100.0 1,299,574 37.03

3 unchanged sentences

San Antonio, TX 1997/1999 588,148 99.2 16,311,778 27.96

Hassalo on Eighth - Retail (9)

Portland, OR 2015 44,236 57.5 847,389 33.31

Hassalo on Eighth - Retail Portland, OR 2015 44,236 57.5 857,552 33.71

Subtotal / Weighted Average Retail Portfolio (5)

5 unchanged sentences

Renovated Net

Leased Annualized

Base Rent Annualized

Feet Percentage

Base Rent (1)

Waikiki Beach Walk—Retail Honolulu, HI 2006 93,925 96.2 % $ 9,628,291 $ 106.56

8 unchanged sentences

Renovated Units Percentage

Leased Annualized

Base Rent Average Monthly Base Rent per Leased Unit

Base Rent (1)

Average Monthly Base Rent per Occupied Unit

Loma Palisades San Diego, CA 1958/2022 548 96.7 % 94.9 % $ 18,131,064 $ 2,905

1 unchanged sentence

Mariner’s Point Imperial Beach, CA 1986 88 93.2 92.1 1,928,100 1,982

Santa Fe Park RV Resort (10)

San Diego, CA 1971/2008 124 70.2 1,646,532 1,576

Pacific Ridge Apartments San Diego, CA 2013 533 99.1 98.1 24,977,172 3,981

Genesee Park San Diego, CA 1985 192 98.4 96.9 4,878,144 2,185

Hassalo on Eighth - Multifamily (7)

1 unchanged sentence

Total / Weighted Average Multifamily 2,178 95.5 % 93.7 % $ 66,482,784 $ 2,715

Santa Fe Park RV Resort (8)

San Diego, CA 1971/2008 124 45.2 % 45.2 % $ 1,064,856 $ 1,583

Total / Weighted Average Multifamily (including Santa Fe Park RV Resort) 2,302 92.8 % 91.1 % $ 67,547,640 $ 2,684

(1) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) under commenced leases for the month ended December 31, 2025 by 12.

5 unchanged sentences

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 $1,822,289 to our estimate of annual triple net operating expenses of $766,890 for an estimated annualized base rent on a modified gross lease basis of $2,589,179 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.

(2) Percentage leased for each of our retail and office properties and the retail portion of the mixed-use property is calculated as square footage under lease as of December 31, 2025, divided by net rentable square feet, expressed as a percentage.

The square footage under lease includes leases which may not have commenced as of December 31, 2025.

Percentage occupied for each of our multifamily properties includes total units rented and occupied as of December 31, 2025.

Percentage leased for each of our multifamily properties includes units leased but not occupied as of December 31, 2025, divided by total units available, expressed as a percentage.

(3) Coastal Collection at Torrey Reserve was formerly known as Torrey Reserve Campus.

(4) 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.

We currently lease the Annex from an affiliate of the Paramount Group pursuant to a long-term master lease effective through June 30, 2031.

(5) Lease data for signed but not commenced leases as of December 31, 2025 is in the following table:

5 unchanged sentences

Total Retail and Office Portfolio $ 151,022 $ 7,775,058 $ 51.48 $ 47.23

(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.

(a) Office portfolio leases signed but not commenced of 84,009, 35,861, 15,194, and 4,658 square feet are expected to commence during each quarter of 2026, respectively.

Retail portfolio leases signed but not commenced of 1,700, 1,627, 5,255, and 2,718 square feet are expected to commence during each quarter of 2026, 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, 2025 by 12.

6 unchanged sentences

South Bay Marketplace 1 2,824 $ 114,552

Del Monte Center 1 212,500 $ 96,000

Alamo Quarry Market 4 31,994 $ 723,455

Gateway Marketplace 1 18,903 $ 226,800

(7) The Hassalo on Eighth property is comprised of three multifamily buildings, each with a ground floor retail component:

2 unchanged sentences

The number of units at the Santa Fe Park RV Resort includes 120 RV spaces and four apartments.

The Santa Fe Park RV Resort is excluded from the multifamily presentation above to accurately reflect true multifamily performance.

In the tables above:

3 unchanged sentences

Net rentable square footage may be adjusted from the prior period to reflect re-measurement of leased space at the properties.

• Percentage leased for each of our retail and office properties and the retail portion of the mixed-use property is calculated as square footage under leases as of December 31, 2024, divided by net rentable square feet, expressed as a percentage.

The square footage under lease includes leases which may not have commenced as of December 31, 2024.

Percentage leased for our multifamily properties is calculated as total units rented as of December 31, 2024, divided by total units available, expressed as a percentage.

• Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents, before abatements) for the month ended December 31, 2025, by 12.

9 unchanged sentences

RevPAR does not include food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services.

• Average monthly base rent per leased unit represents the average monthly base rent per leased units as of December 31, 2024.

• Average monthly base rent per occupied unit represents the average monthly base rent per occupied unit as of December 31, 2025.

Tenant Diversification

20 unchanged sentences

La Jolla Commons 10/31/2027 73,176 1.1 5,110,316 1.8

VMware, Inc City Center Bellevue 3/31/2028 75,000 1.0 4,673,061 1.6

Databricks, Inc.

City Center Bellevue 11/30/2027

10/31/2028 69,104 1.0 4,183,793 1.5

Lowe's Waikele Center 5/31/2028 155,000 2.3 4,092,000 1.5

Clearesult Operating, LLC First & Main 4/30/2025 101,848 1.4 3,588,009 1.3

Industrious City Center Bellevue

La Jolla Commons 4/30/2033

7/31/2035 75,749 1.1 4,015,281 1.4

VMWare, LLC City Center Bellevue 1/31/2026

3/31/2028 55,683 0.8 3,667,357 1.3

State of Oregon:

Department of Environmental Quality Lloyd Portfolio 10/31/2031 87,787 1.3 3,207,179 1.1

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

Top technology tenant (2) La Jolla Commons 8/31/2030 40,800 0.6 2,674,996 1.0

Genentech, Inc.

Lloyd Portfolio 10/31/2026 66,852 1.0 2,554,393 0.9

Sprouts Farmers Market Solana Beach Towne Centre

2 unchanged sentences

3/31/2035 71,431 1.1 2,248,554 0.8

Perkins Coie, LLP Torrey Reserve Campus 12/31/2028 36,980 0.5 2,032,036 0.7

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

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

Perkins Coie, LLP Coastal Collection at Torrey Reserve 12/31/2028 36,980 0.5 2,092,997 0.7

Veterans Benefits Administration First and Main 8/31/2030 73,001 1.1 1,997,006 0.7

Marshalls Carmel Mountain Plaza

1 unchanged sentence

1/31/2035 68,055 1.0 1,901,151 0.7

Nordstrom Rack Carmel Mountain Plaza

Alamo Quarry Market 9/30/2027

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

US Bank La Jolla Commons

1 unchanged sentence

8/31/2027 40,858 0.6 1,852,546 0.7

Databricks, Inc.

City Center Bellevue 11/30/2027

Nordstrom Rack Carmel Mountain Plaza

Alamo Quarry Market 9/30/2027

10/31/2027 69,047 1.0 1,804,269 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 0.4 1,632,825 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

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

Petit Kohn Ingrassia Lutz & Dolin Coastal Collection at Torrey Reserve 12/31/2026 26,993 0.4 1,596,010 0.6

Pillsbury Winthrop Shaw Pittman LLP Coastal Collection at Torrey Reserve 12/31/2033 26,152 0.4 1,564,799 0.6

Seismic Software, Inc.

Coastal Collection at Torrey Reserve 1/31/2034 25,026 0.4 1,529,285 0.5

Ruth's Chris Steak House Waikiki Beach Walk Retail

Coastal Collection at Torrey Reserve 2/29/2028

1/31/2030 14,833 0.2 1,499,217 0.5

TOTAL 2,150,389 31.6 % $ 122,802,325 43.7 %

4 unchanged sentences

The following table shows the number of properties, the net rentable square feet and the percentage of total portfolio net rentable square footage in each region as of December 31, 2025.

Our six multifamily properties are excluded from the table below and are located in Southern California and Portland, Oregon.

Our seven multifamily properties are excluded from the table below and are located in Southern California and Portland, Oregon.

The hotel portion of our mixed-use property is also excluded and is located in Hawaii.

14 unchanged sentences

Retail 11 68,338 25.6 %

Mixed-Use 1 36,583 12.6 %

Multifamily 7 37,010 13.9 %

Mixed-Use 1 22,122 8.3 %

Total 31 $ 266,609 100.0 %

28 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