What changed in this filing

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Item 2. Properties

2024-02-16 compared with 2023-02-17 · 21 added, 19 removed, 212 unchanged (16% 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 406,000 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.

(3) In calculating market share, we adjusted the rentable square footage by:

(i) removing a 218,000 square foot property located just outside the Beverly Hills city limits from both the numerator and the denominator, and (ii) removing 77,000 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.

Office Portfolio Percentage Leased and In-place Rents as of December 31, 2023

42 unchanged sentences

1 1 2024 456,205 2.5 % $ 27,435,217 4.0 %

22 10 2023-2027 261,179 1.4 14,209,652 2.0

William Morris Endeavor (3)

2 1 2027 247,768 1.4 16,189,523 2.4

18 10 2023-2033 247,183 1.4 13,482,083 2.0

Morgan Stanley (5)

2 unchanged sentences

6 5 2029-2038 185,236 1.0 10,407,103 1.5

2 1 2023-2028 82,368 0.5 7,501,247 1.1

Total 32 22 1,281,080 7.1 % $ 78,175,083 11.4 %

3 unchanged sentences

456,000 square feet in 2024.

and 456,000 square feet in 2024.

(3) Table reflects lease terms as of December 31, 2023.

Subsequent to quarter end, the lease term was extended through 2037.

Tenant has the option to terminate 248,000 square feet in 2033.

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

8 leases totaling 59,000 square feet in 2023;

1 lease totaling 1,000 square feet in 2023;

3 leases totaling 37,000 square feet in 2024;

1 unchanged sentence

5 leases totaling 32,000 square feet in 2026;

1 lease totaling 51,000 square feet in 2027;

1 lease totaling 8,000 square feet in 2028;

1 lease totaling 15,000 square feet in 2029;

and 2 leases totaling 14,000 square feet in 2033.

Tenant has options to terminate 51,000 square feet in 2025.

and 51,000 square feet in 2025.

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

26,000 square feet in 2025;

and 211,000 square feet in 2027.

88,000 square feet in 2027 and 30,000 square feet in 2028.

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

34,000 square feet in 2029;

and 86,000 square feet in 2027;

and 30,000 square feet in 2028.

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

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

46,000 square feet in 2035;

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:

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

5 unchanged sentences

Real Estate 315 12.7

Accounting & Consulting 294 9.5

Health Services 387 9.2

Accounting & Consulting 298 8.9

Technology 101 4.9

3 unchanged sentences

Public Administration 73 2.3

Manufacturing & Distribution 50 1.2

Advertising 33 1.0

Manufacturing & Distribution 53 1.2

Total 2,686 100.0 %

41 unchanged sentences

$ 17.13 $ 16.92 $ 14.47

New leases (1)

Number of leases 289 343 351

6 unchanged sentences

$ 29.08 $ 36.94 $ 37.24

Total leases (1)

Number of leases 865 914 908

7 unchanged sentences

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(1) Excludes square feet for ancillary retail space.

(2) Tenant improvements and leasing commissions are reported in the period in which the lease is signed.

11 unchanged sentences

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

• For 2022, we excluded eleven properties with an aggregate 2.8 million square feet.

• For 2023, we excluded ten properties with an aggregate 2.7 million square feet.

• For 2022, we excluded eleven properties with an aggregate 2.8 million square feet.

14 unchanged sentences

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(1) The multifamily portfolio also includes 10,495 square feet of ancillary retail space generating annualized rent of $449,224, which is not included in multifamily annualized rent.

(2) Calculations exclude 94 units temporarily unoccupied as a result of a fire and 376 units at a newly constructed property undergoing lease up.

(1) Excludes units vacated as part of removing Barrington Plaza from the rental market.

(2) The multifamily portfolio also includes 83,018 square feet and annualized rent of $2,992,297 consisting of ancillary retail space at three properties and remaining office space at a building undergoing conversion from office to residential, which are not included in this table.

(3) Excludes impact of Barrington Plaza.

Multifamily Recurring Capital Expenditures

15 unchanged sentences

• For 2022, we excluded two properties with an aggregate 1,088 units.

• For 2020, we excluded four properties with an aggregate 1057 units.

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

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