What changed in this filing

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Item 2. Properties

2025-02-06 compared with 2024-02-07 · 41 added, 35 removed, 143 unchanged (35% of the section changed)

10 unchanged sentences

Northpark (5) 1,539,000 Consolidated 100% 73.8% 71.8% 3.6% —

725 Ponce 372,000 Consolidated 100% 100.0% 100.0% 3.8% —

Promenade Tower 777,000 Consolidated 100% 88.8% 82.2% 3.3% —

Avalon (5) 480,000 Consolidated 100% 94.7% 93.3% 2.8% —

3344 Peachtree 484,000 Consolidated 100% 97.2% 95.2% 2.7% —

Promenade Tower 777,000 Consolidated 100% 82.9% 63.2% 2.4% —

725 Ponce 372,000 Consolidated 100% 87.6% 87.6% 2.6% —

3350 Peachtree 413,000 Consolidated 100% 84.0% 71.4% 1.6% —

Promenade Central (6) (7) 367,000 Consolidated 100% 78.4% 74.4% 1.4% —

3348 Peachtree 258,000 Consolidated 100% 80.3% 80.3% 0.9% —

Medical Offices at Emory Hospital 358,000 Unconsolidated 50% 99.1% 99.1% 0.9% 41,188

Meridian Mark Plaza 160,000 Consolidated 100% 100.0% 99.3% 0.6% —

3350 Peachtree 413,000 Consolidated 100% 60.3% 57.0% 0.4% —

Proscenium (6) 525,000 Unconsolidated 20% 62.8% 70.7% 0.3% —

120 West Trinity Office 43,000 Unconsolidated 20% 74.2% 74.2% 0.1% —

7 unchanged sentences

Domain Point (5) 240,000 Consolidated 96.5% 96.5% 96.5% 1.4% —

Sail Tower (6) 804,000 Consolidated 100% 100.0% 100.0% 1.3% —

Research Park V 173,000 Consolidated 100% 93.0% 93.0% 0.8% —

7 unchanged sentences

The RailYard 329,000 Consolidated 100% 98.7% 99.3% 2.1% —

Vantage South End (5) (6) 639,000 Consolidated 100% 97.4% 97.4% 1.6% —

550 South 394,000 Consolidated 100% 74.9% 74.9% 1.3% —

2 unchanged sentences

100 Mill 288,000 Consolidated 90% 98.1% 98.1% 2.7% —

111 West Rio 225,000 Consolidated 100% 100.0% 100.0% 1.0% —

Tempe Gateway 264,000 Consolidated 100% 95.7% 89.5% 1.3% —

111 West Rio 225,000 Consolidated 100% 100.0% 100.0% 1.0% —

PHOENIX (9) 1,569,000 94.1% 90.2% 8.1% —

13 unchanged sentences

120 West Trinity Apartment - Atlanta (330 Units) (6) 310,000 Unconsolidated 20% 94.7% 94.1% 0.1% —

Domain 4 (8) 157,000 Consolidated 100% 100.0% 100.0% 0.1%

TOTAL OTHER 467,000 0.7% $ —

8 unchanged sentences

Management's Discussion and Analysis of Financial Condition and Results of Operations for the definition of Same Property.

(7) A redevelopment of Promenade Central reached substantial completion in the fourth quarter of 2022.

This building will be excluded from the Atlanta, Total Office, and Total Portfolio calculations until stabilized.

(7) A full building redevelopment of Promenade Central reached substantial completion in the fourth quarter of 2022.

This building will be excluded from the Atlanta and Total Office end of period leased and weighted average occupancy calculations until stabilized.

(8) Effective September 1, 2024, Domain 4 is excluded from the square footage, end of period leased, and weighted average occupancy, and it is not included in Same Property as of December 31, 2024.

The Company plans to replace Domain 4, once its leases expire, with future development.

(9) Hayden Ferry 1 in this group of buildings has been excluded from Same Property, end of period leased as of December 31, 2024, and weighted average occupancy for the quarter ended December 31, 2024 due to commencement of a full redevelopment of this building effective October 1, 2023.

The above table has annualized rent of $741.6 million, which represents the sum of the annualized cash rent including tenant's share of estimated operating expenses, if applicable, each tenant is paying as of the end of the reporting period.

Included in this amount is $27.7 million related to tenants not paying rent as of December 31, 2023 due to free rent concessions.

For those tenants, annualized rent is calculated based on the annualized contractual rent the tenant will pay in the first period it is required to pay rent.

It is also excluded from the Phoenix and Total Office end of period leased and weighted average occupancy calculations.

The properties included in the table above have annualized rent of $843.7 million, which represents the sum of the annualized cash rent including tenant's share of estimated operating expenses, if applicable, each tenant is paying as of the end of the reporting period.

Included in this amount is $43.5 million related to tenants in free rent period as of December 31, 2024 due to free rent concessions.

For those tenants, annualized rent is calculated based on the annualized rent the tenant will pay in the first period it is required to pay rent.

Office Lease Expirations (1)

22 unchanged sentences

1 Amazon 5 3 1,296,397 $ 69,610 8.1% 5.2

2 Alphabet 1 1 799,149 53,924 6.3% 13.1

3 NCR Voyix 2 2 815,634 41,277 4.8% 8.4

3 Pioneer Natural Resources 2 1 359,660 25,868 3.5% 7.7

4 Meta Platforms 1 1 319,863 19,481 2.6% 7.6

4 ExxonMobil 2 1 359,660 25,176 2.9% 6.7

5 IBM (3) 1 1 319,863 18,755 2.2% 15.7

6 Expedia 1 1 315,882 17,139 2.0% 6.2

6 Bank of America 2 2 347,139 12,648 1.7% 2.0

7 Apache 1 1 365,614 14,623 1.7% 13.8

8 Wells Fargo 5 3 198,507 9,153 1.2% 5.1

8 Bank of America 2 2 347,139 12,910 1.5% 1.0

9 Ovintiv USA 1 1 318,582 8,437 1.0% 2.5

10 WeWork (3) 4 2 169,050 8,058 1.1% 9.8

10 ADP 1 1 225,000 7,894 0.9% 3.2

12 Westrock Shared Services 1 1 205,185 7,487 1.0% 6.3

13 Regus Equity Business Centers 5 4 145,119 7,393 1.0% 4.9

11 Wells Fargo 5 3 159,114 7,628 0.9% 5.0

12 Smurfit Westrock 1 1 205,185 7,535 0.9% 5.3

13 BlackRock 1 1 131,656 7,297 0.9% 11.4

15 Workrise Technologies 1 1 93,210 6,712 1.0% 4.6

14 Amgen 1 1 163,169 6,833 0.8% 3.8

17 Samsung Engineering America 1 1 133,860 6,482 0.9% 2.9

15 Lendingtree 1 1 161,321 6,805 0.8% 11.8

16 Workrise Technologies 1 1 93,210 6,678 0.8% 3.6

17 McKinsey & Company 2 2 130,513 6,541 0.8% 7.9

19 Time Warner Cable 4 2 120,140 6,048 0.8% 2.0

20 Visa U.S.A.

1 1 122,764 5,864 0.8% 9.8

18 Regus Equity Business Centers 4 4 123,625 6,474 0.8% 7.3

19 Samsung Engineering America 1 1 133,860 6,367 0.7% 1.9

20 Allstate 1 1 148,262 5,937 0.7% 5.0

Total 6,612,835 $ 337,840 39.5% 7.5

(1) In some cases, the actual tenant may be an affiliate of the entity shown.

(2) Annualized Rent represents the annualized cash rent including tenant's share of estimated operating expenses, if applicable, paid by the tenant for December 2023.

If the tenant is in a free rent period for December 2023, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full rent.

Included in this amount is $3.0 million of annualized base rent for tenants in a free rent period.

(3) Additional information regarding leases with this tenant can be found in note 13 of the Notes to Consolidated Financial Statements within this Form 10-K annual report.

(1) In some cases, the actual tenant may be an affiliate of the entity shown, and the entity shown may not be a guarantor of the obligations of that tenant.

(2) Annualized Rent represents the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, paid by the tenant as of December 31, 2024.

If the tenant is in a free rent period as of December 31, 2024, Annualized Rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent.

Included in annualized rent is $10.2 million of annualized rent for tenants in a free rent period.

(3) IBM has assumed, effective January 1, 2026, the existing lease at Domain 12 from Meta Platforms.

Additionally, IBM has extended the lease maturity from 2031 to 2040.

This schedule includes leases that have commenced.

7 unchanged sentences

Consumer Goods & Services 7.2 %

Real Estate 6.0 %

Health Care 5.6 %

Real Estate 5.2 %

Insurance 3.8 %

14 unchanged sentences

(1) This schedule shows projects currently under active development through the substantial completion of construction as well as properties in an initial lease up period prior to stabilization.

Amounts included in the estimated project cost column are the estimated costs of the project, including direct financing costs as of project commencement.

Significant estimation is required to derive these costs, and the final costs may differ from these estimates.

(2) Estimated and incurred project costs are construction costs plus financing costs on project-specific debt.

Estimated and incurred project costs are construction costs, initial leasing costs, and financing costs on project-specific debt.

Neuhoff has a project-specific construction loan (see footnote 3 below).

The above excludes any financing cost assumptions for projects without project-specific debt and any other incremental capitalized costs required by GAAP.

The above schedule excludes any financing cost assumptions for projects without project-specific debt and any other incremental capitalized costs required by GAAP.

(2) Initial occupancy represents the quarter within which the Company first recognized, or estimates it will begin recognizing, revenue under GAAP.

2 unchanged sentences

(3) The Neuhoff estimated project cost will be funded with a combination of $276.4 million of equity contributed by the joint venture partners and a $312.7 million construction loan.

The estimated project cost, as of project commencement, includes approximately $66 million of site and associated infrastructure work related to a future phase.

These costs include approximately $66 million of site and associated infrastructure work related to a future phase.

The estimated project cost includes revisions related to updated initial leasing costs and construction loan interest costs.

Land Holdings

As of December 31, 2024, we owned the following land holdings, either directly or indirectly through joint ventures:

Market Company's Ownership Interest Financial Statement Presentation Total Developable Land (Acres) Cost Basis of Land (in thousands)

Market Company's Ownership Interest Financial Statement Presentation Total Developable Land (Acres)

3354/3356 Peachtree Atlanta 95% Consolidated 3.2

7 unchanged sentences

Corporate Center 5 & 6 (1) Tampa 100% Consolidated 14.1

Total 37.0 $ 162,812

Company's Share 36.0 $ 156,008

(1) Includes a ground lease with future obligation to purchase.

Total Cost Basis of Land ($ in thousands) $ 162,810

Company's Share of Cost Basis of Land ($ in thousands) $ 156,006

(1) Corporate Center 5 is controlled through a long-term ground lease.

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