What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2022-02-18 compared with 2021-02-22 · 23 added, 22 removed, 211 unchanged (18% of the section changed)

25 unchanged sentences

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(3) In calculating market share, we adjusted the rentable square footage by (i) removing approximately 277,000 rentable square feet of vacant space at an office building in Honolulu, which we are converting to residential apartments, from both our rentable square footage and that of the submarket and (ii) removing a 218,000 square foot property located just outside the Beverly Hills city limits from both the numerator and the denominator.

(3) In calculating market share, we adjusted the rentable square footage by (i) removing approximately 313,000 rentable square feet of vacant space at an office building in Honolulu that we are converting to residential apartments, from both our rentable square footage and that of the submarket and (ii) removing a 218,000 square foot property located just outside the Beverly Hills city limits from both the numerator and the denominator.

Office Portfolio Percentage Leased and In-place Rents as of December 31, 2021

40 unchanged sentences

Total Leased Square Feet Percent of Rentable Square Feet Annualized Rent Percent of Annualized Rent

Time Warner (2)

WarnerMedia/AT&T (2)

5 4 2022-2024 488,798 2.7 % $ 26,656,714 3.7 %

6 unchanged sentences

6 5 2029-2038 185,236 1.0 9,620,654 1.4

2 1 2023-2028 82,368 0.4 7,230,118 1.0

Total 50 26 1,438,504 7.9 % $ 83,801,801 11.8 %

3 unchanged sentences

15,000 square feet in 2022;

and 456,000 square feet in 2024.

(3) Square footage ( rounded) expires as follows:

13,000 square feet in 2023;

55,000 square feet in 2022;

47,000 square feet in 2023;

11,000 square feet in 2024;

89,000 square feet in 2025;

5,000 square feet in 2026;

and 462,000 square feet in 2024.

(3) Square footage (rounded) expires as follows:

7 leases totaling 71,000 square feet in 2022;

6 leases totaling 47,000 square feet in 2023;

2 leases totaling 11,000 square feet in 2024;

4 leases totaling 89,000 square feet in 2025;

5 leases totaling 32,000 square feet in 2026;

and 3 leases totaling 71,000 square feet in 2027.

Tenant has options to terminate 15,000 square feet in 2023;

3 unchanged sentences

and 209,000 square feet in 2027.

Tenant has an option to terminate 214,000 square feet in 2022.

(5) Square footage (rounded) expires as follows:

3 unchanged sentences

and 70,000 square feet in 2027.

Tenant has options to terminate 26,000 square feet in 2022;

and 32,000 square feet in 2024.

Tenant has an option to terminate 32,000 square feet in 2024.

(6) Square footage (rounded) expires as follows:

34,000 square feet in 2029;

31,000 square feet in 2027;

44,000 square feet in 2028;

46,000 square feet in 2030;

and 30,000 square feet in 2033.

46,000 square feet in 2035, 31,000 square feet in 2037, and 74,000 square feet in 2038.

(7) Square footage (rounded) expires as follows:

29,000 square feet in 2023, and 54,000 square feet in 2028.

Office Industry Diversification as of December 31, 2021

6 unchanged sentences

Health Services 361 7.9

Retail 178 5.6

Technology 100 5.1

Retail 172 4.9

Insurance 90 3.6

1 unchanged sentence

Public Administration 85 2.7

Advertising 44 1.2

Manufacturing & Distribution 50 1.1

Advertising 39 1.0

Total 2,745 100.0 %

70 unchanged sentences

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(1) We excluded the following properties:

(1) We excluded the following properties in accordance with our definition of Recurring Capital Expenditures:

• For 2021, we excluded eleven properties with an aggregate 2.9 million square feet.

• For 2020, we excluded eleven properties with an aggregate 3.0 million square feet.

• For 2019, we excluded twelve properties with an aggregate 3.2 million square feet.

For 2018, we excluded ten properties with an aggregate 2.8 million square feet.

Multifamily Portfolio as of December 31, 2021

8 unchanged sentences

99.2 42,987,792 2,975

Honolulu 99.3 52,888,152 1,963

Total / Weighted Average 99.3 % $ 126,349,332 $ 2,469

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(1) Includes newly developed units just made available for rent.

(1) The multifamily portfolio also includes 10,495 square feet of ancillary retail space generating annualized rent of $433,286, which is not included in multifamily annualized rent.

(2) 83 units at one property, which are temporarily unoccupied as a result of a fire, are omitted from the calculation of Percent Leased.

These units, as well as insurance recoveries for lost rent, are also omitted from the calculation of Annualized Rent.

Historical Multifamily Recurring Capital Expenditures

12 unchanged sentences

We classify these capital expenditures as non-recurring.

(2) We excluded the following properties:

(2) We excluded the following properties in accordance with our definition of Recurring Capital Expenditures:

• For 2021, we excluded two properties with an aggregate 939 units.

• For 2020, we excluded four properties with an aggregate 1,057 units.

1 unchanged sentence

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