What changed in this filing

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Item 2. Properties

2026-02-05 compared with 2025-02-06 · 51 added, 36 removed, 148 unchanged (37% of the section changed)

6 unchanged sentences

Income (3) Property Level Debt (4)

The Domain (5) (6) 2,080,000 Consolidated 100% 97.9% 97.9% 12.8% $ —

Sail Tower (7) 804,000 Consolidated 100% 100.0% 100.0% 6.9% —

300 Colorado 378,000 Consolidated 100% 100.0% 100.0% 4.0% —

One Eleven Congress 519,000 Consolidated 100% 86.4% 82.7% 2.8% —

San Jacinto Center 399,000 Consolidated 100% 90.3% 85.9% 2.8% —

The Terrace (5) 619,000 Consolidated 100% 88.1% 79.4% 2.4% —

Colorado Tower 373,000 Consolidated 100% 89.7% 89.7% 2.4% 101,140

Domain Point (5) 240,000 Consolidated 96.5% 93.6% 93.6% 1.2% —

Research Park V 173,000 Consolidated 100% 93.0% 93.0% 0.7% —

AUSTIN 5,585,000 94.8% 93.1% 36.0% 101,140

Terminus (5) 1,226,000 Consolidated 100% 83.9% 81.6% 4.8% 220,775

1 unchanged sentence

Buckhead Plaza (5) 678,000 Consolidated 100% 95.1% 93.2% 3.8% —

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

Promenade Tower 777,000 Consolidated 100% 87.1% 80.5% 3.5% —

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

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

725 Ponce 372,000 Consolidated 100% 87.6% 87.6% 2.4% —

3344 Peachtree 484,000 Consolidated 100% 94.5% 96.7% 2.4% —

Northpark (5) 1,405,000 Consolidated 100% 82.2% 69.1% 2.3% —

Avalon (5) 480,000 Consolidated 100% 99.2% 88.8% 2.3% —

3350 Peachtree 413,000 Consolidated 100% 90.8% 90.8% 1.6% —

Promenade Central 367,000 Consolidated 100% 83.2% 78.4% 1.4% —

3348 Peachtree 258,000 Consolidated 100% 77.0% 77.0% 0.8% —

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% 100.0% 0.7% —

Medical Offices at Emory Hospital 358,000 Unconsolidated 50% 99.1% 99.1% 0.7% 41,244

Proscenium (7) 525,000 Unconsolidated 20% 44.8% 46.9% 0.1% —

1 unchanged sentence

ATLANTA 8,311,000 88.5% 84.2% 31.2% 262,019

The Domain (5) (8) 1,742,000 Consolidated 100% 100.0% 99.5% 12.1% —

300 Colorado 378,000 Consolidated 100% 100.0% 100.0% 4.6% —

San Jacinto Center 399,000 Consolidated 100% 89.1% 91.5% 3.2% —

Colorado Tower 373,000 Consolidated 100% 98.8% 98.8% 3.1% 103,920

One Eleven Congress 519,000 Consolidated 100% 82.7% 79.9% 3.1% —

The Terrace (5) 619,000 Consolidated 100% 82.7% 78.1% 2.7% —

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% —

AUSTIN (8) 5,247,000 94.9% 93.3% 32.3% 103,920

Vantage South End (5) (7) 639,000 Consolidated 100% 97.4% 97.4% 4.2% —

The RailYard 329,000 Consolidated 100% 99.0% 98.1% 1.8% —

Tryon 692,000 Consolidated 100% 52.6% 53.1% 1.7% 118,885

550 South 394,000 Consolidated 100% 55.8% 61.6% 0.9% —

CHARLOTTE 2,054,000 74.6% 75.7% 8.6% 118,885

Corporate Center (5) 1,227,000 Consolidated 100% 97.6% 94.5% 5.0% —

3 unchanged sentences

TAMPA 1,980,000 95.8% 91.7% 7.8% —

Fifth Third Center 692,000 Consolidated 100% 92.1% 92.4% 3.5% 122,690

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% —

CHARLOTTE 2,054,000 1569000 91.5% 90.2% 8.5% 122,690

Hayden Ferry (5) (8) 792,000 Consolidated 100% 95.4% 92.2% 3.0% —

3 unchanged sentences

PHOENIX 1,569,000 96.8% 95.4% 7.5% —

The Link (6) 292,000 Consolidated 100% 93.6% 93.6% 2.6%

Legacy Union One 319,000 Consolidated 100% 100.0% 100.0% 1.4% —

21 unchanged sentences

(5) Contains two or more buildings that are grouped together for reporting purposes.

(6) Effective September 1, 2024, Domain 4 was 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, 2025.

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

(7) Not included in Same Property as of December 31, 2025.

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

(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.

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

(8) Effective October 1, 2023, Hayden Ferry I, a 207,000 square foot building, in this group of buildings was excluded from Same Property, end of period leased, and weighted average occupancy due to commencement of the current full redevelopment of this building.

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

The properties included in the table above have annualized rent of $892.5 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.

1 unchanged sentence

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.

A calculation of our office portfolio’s average effective annual rent per square foot as of December 31, 2025 and 2024 is as follows:

As of December 31,

In-place gross rent (1) $ 49.91 $ 47.94

Net free rent (2) (3.05) (2.39)

Leasing commissions (3) (2.41) (2.20)

Tenant improvements (3) (6.14) (5.75)

Total leasing costs (11.60) (10.34)

Average effective annual rent $ 38.31 $ 37.60

(1) In-place gross rent equals the annualized cash rent including the tenant's share of estimated operating expenses, if applicable, as of the end of the period divided by occupied square feet.

If the tenant is in a free rent period, annualized rent represents the annualized contractual rent the tenant will pay in the first month it is required to pay full cash rent.

(2) Annualized cost on a per square foot basis of leases in a free rent period as of the end of the period.

(3) Annual cost of commissions and tenant improvements on a per square foot basis generally incurred within a year of lease execution, most of which have been paid in full.

Office Lease Expirations (1)

28 unchanged sentences

7 Apache 1 1 362,803 14,743 1.6% 12.9

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

8 Ovintiv USA (3) 1 1 318,582 8,564 1.0% 1.2

9 Deloitte 4 3 193,751 8,478 0.9% 7.9

10 McGuireWoods LLP 2 2 176,498 8,211 0.9% 16.4

11 ADP 1 1 225,000 8,099 0.9% 2.2

12 Wells Fargo 5 3 159,114 7,833 0.9% 4.0

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

13 BlackRock 1 1 131,656 7,745 0.9% 10.4

14 Smurfit Westrock 1 1 181,286 7,028 0.8% 4.3

15 Amgen 1 1 163,169 6,874 0.8% 2.8

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

16 McKinsey & Company 2 2 130,513 6,794 0.8% 6.9

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

17 RigUp 1 1 93,210 6,773 0.8% 2.6

18 International Workplace Group 4 4 123,625 6,552 0.7% 6.3

19 Samsung Engineering America 1 1 133,860 6,507 0.7% 0.9

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

20 Time Warner Cable 2 1 119,018 6,301 0.6% 2.8

Total 6,522,814 $ 346,299 38.6% 7.1

3 unchanged sentences

Included in annualized rent is $11.3 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.

(3) Our current lease with Ovintiv USA is a triple net lease.

Therefore, the Company’s share of annualized rent represents only base rent.

In the third quarter of 2025, the Company proactively entered into an early termination agreement with Ovintiv.

Approximately 88% of Ovintiv’s premises is subleased and upon Ovintiv’s expiration the subtenants will become direct tenants.

Each subtenant’s remaining lease term is included in the remaining lease term reflected for Ovintiv above.

This schedule includes leases that have commenced.

7 unchanged sentences

Consumer Goods & Services 6.2 %

Health Care 5.6 %

Real Estate 5.4 %

Health Care 5.2 %

Insurance 4.3 %

11 unchanged sentences

Apartments 542 89 % 2Q24

Domain 9 Office Austin 100 % 2Q21 338,000 147,000 147,000 130,840 130,840 98 % 1Q24

Total $ 589,100 $ 294,550 $ 582,617 $ 291,309

7 unchanged sentences

For residential project construction, the Company continues to capitalize interest, real estate taxes, and certain operating expenses until cessation of major construction activity.

(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.

(3) The Neuhoff estimated project cost is being funded with a combination of $315.6 million of equity contributed by the joint venture partners and a construction loan with a current capacity of $273.5 million of which the Company's share is $136.8 million.

See note 6 to the Condensed Consolidated Financial Statements for additional information on the construction loan.

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

14 unchanged sentences

Company's Share of Cost Basis of Land ($ in thousands) $ 156,003

(1) 303 Tremont is under contract for sale and is expected to close in the second half of 2026.

(2) 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