33 unchanged sentences
Our fully integrated and focused operating platform provides the unsurpassed tenant service demanded in our submarkets, with in-house leasing, proactive asset and property management and internal design and construction services, which we believe provides us with a competitive advantage in managing our property portfolio.
−Removed: Our in-house leasing agents and legal specialists allow us to lease a large property portfolio with a diverse group of smaller tenants, closing an average of approximately four office leases each business day, and our in-house construction company allows us to compress the time required for building out many smaller spaces, resulting in reduced vacancy periods.
+Added: Our in-house leasing agents and legal specialists allow us to lease a large property portfolio with a diverse group of smaller tenants, closing an average of approximately three office leases each business day, and our in-house construction company allows us to compress the time required for building out many smaller spaces, resulting in reduced vacancy periods.
Our property management group oversees day-to-day property management of both our office and multifamily portfolios, allowing us to benefit from the operational efficiencies permitted by our submarket concentration.
5 unchanged sentences
Our interest in our Operating Partnership entitles us to share in the profits and losses and cash distributions in proportion to our percentage ownership.
−Removed: At December 31, 2022, in addition to fifty-three office properties and twelve residential properties wholly-owned by our Operating Partnership, we manage and own equity interests in:
+Added: At December 31, 2023, in addition to fifty-two office properties and twelve residential properties wholly-owned by our Operating Partnership, we manage and own equity interests in:
• four consolidated JVs, through which we and institutional investors own sixteen office properties in our core markets totaling 4.2 million square feet and two residential properties with 470 apartments, and in which we own a weighted average of 46% at December 31, 2023 based on square footage.
5 unchanged sentences
Most of the property data in this Report is presented for our Total Portfolio, which includes the properties owned by our JVs and our Fund, as we believe this presentation assists in understanding our business.
−Removed: See Note 3 to our consolidated financial statements in Item 15 of this Report for more information regarding our JV transactions.
We operate two business segments, our office segment and our multifamily segment.
34 unchanged sentences
We own an interest in a subsidiary that is intended to be treated as a QRS.
−Removed: The Code provides that a QRS will be ignored for federal income tax purposes and all assets, liabilities and items of income, deduction and credit of the QRS will be treated as our assets, liabilities and items of income.
+Added: The Code provides that a QRS will not be treated as a separate corporation for federal income tax purposes, and all assets, liabilities and items of income, deduction and credit of the QRS will be treated as our assets, liabilities and items of income.
We hold certain of our properties through subsidiaries that have elected to be taxed as REITs.
−Removed: We also wholly own an interest in a corporation which has elected to be treated as a TRS.
+Added: Each such subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to us.
+Added: We also wholly own a corporation which has elected to be treated as a TRS.
A REIT may own more than 10% of the voting stock and value of the securities of a corporation that jointly elects with the REIT to be a TRS, provided certain requirements are met.
5 unchanged sentences
We may also be subject to certain taxes applicable to REITs, including taxes in lieu of disqualification as a REIT, on undistributed income, and on income from prohibited transactions.
−Removed: In addition, if we acquire any asset from a corporation that is or has been a C corporation in a transaction in which our tax basis in the asset is less than the fair market value of the asset, in each case determined as of the date on which we acquired the asset, and we subsequently recognize gain on the disposition of the asset during the five-year period beginning on the date on which we acquired the asset, then we generally will be required to pay tax at the highest regular corporate tax rate on this gain to the extent of the excess of (i) the fair market value of the asset over (ii) our adjusted tax basis in the asset, in each case determined as of the date on which we acquired the asset.
+Added: In addition, if we acquire any asset from a corporation that is or has been a C corporation in certain transactions in which our tax basis in the asset is less than the fair market value of the asset, in each case determined as of the date on which we acquired the asset, and we subsequently recognize gain on the disposition of the asset during the five-year period beginning on the date on which we acquired the asset, then we generally will be required to pay tax at the highest regular corporate tax rate on this gain to the extent of the excess of (i) the fair market value of the asset over (ii) our adjusted tax basis in the asset, in each case determined as of the date on which we acquired the asset.
We carry comprehensive liability, fire, extended coverage, business interruption and rental loss insurance covering all of the properties in our portfolio under blanket insurance policies.
2 unchanged sentences
We compete with a number of developers, owners and operators of office and multifamily real estate, many of which own properties similar to ours in the same markets in which our properties are located.
−Removed: See Item 2 of this Report for more information about our properties.
+Added: See Item 2 "Properties" of this Report for more information about our properties.
See Item 1A "Risk Factors" of this Report for the risks we face regarding competition.
40 unchanged sentences
We also encourage sustainable transportation choices by our tenants:
−Removed: We have installed over 200 electric vehicle charging stations at our properties and have plans to add additional stations.
+Added: We have installed almost 400 electric vehicle charging stations at our properties and have plans to add additional stations.
All of our buildings provide ample bicycle parking.
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Part of our business strategy is owning very large concentrations of office buildings and residential communities in our target submarkets.
−Removed: Our large ownership share in many of these neighborhoods put us in a unique position to sometimes invest in outdoor enhancement projects that not only improve our properties but also provide a valuable amenity to the surrounding community.
+Added: Our large ownership share in many of these neighborhoods puts us in a unique position to sometimes invest in outdoor enhancement projects that not only improve our properties but also provide a valuable amenity to the surrounding community.
For example, at our recently completed residential development project in Brentwood we invested significant additional capital to build a one acre park on Wilshire Boulevard that is available to the public, providing urban green space as well as a valuable amenity to the surrounding properties and community.
13 unchanged sentences
We also offer a very generous equity compensation program that empowers our employees to act and feel like owners, not just employees.
−Removed: In 2022, we provided equity compensation to approximately half of our approximately 750 employees.
+Added: In 2023, we provided equity compensation to more than a quarter of our approximately 750 employees.
The health and safety of our employees, tenants, and vendors is of the utmost importance to us.
3 unchanged sentences
The program provides many benefits including higher employee satisfaction, reduced healthcare costs, and improved employee performance.
−Removed: The COVID-19 pandemic had a significant impact on our human capital management during 2020, 2021 and 2022.
−Removed: We are deemed an essential business and we moved quickly to institute safety protocols and procedures to keep our properties open and to protect our tenants and employees who continued to work on site and at our headquarters.
−Removed: These measures included enhanced cleaning/sanitization practices, maximizing fresh air ventilation, and upgrading air filter efficiencies.
−Removed: These ventilation and filtration measures will have longer-term beneficial impacts on our indoor air quality well past the pandemic.
−Removed: We also implemented employee training and workforce guidelines for preventing the spread of COVID-19 at our properties.
Principal Executive Offices
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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.