Item 2. Properties
Item 2. Properties
We present property level data for our Total Portfolio, except that we present historical capital expenditures for our Consolidated Portfolio. Commencing with the fourth quarter of 2024, we present the data for our In-Service Portfolio.
In-Service Office Portfolio Summary as of December 31, 2025
Region Westside Valley Honolulu Total / Weighted Average
Number of Office Properties 52 15 2 69
Our Rentable Square Feet 10,000,661 6,334,572 1,190,835 17,526,068
Region Rentable Square Feet (1)
39,387,351 13,889,773 5,339,375 58,616,499
Our Market Share (2)
36.0 % 47.5 % 22.3 % 39.2 %
Our Percent Leased 79.7 % 79.7 89.9 % 80.4 %
Our Annualized Rent $ 438,390,903 $ 166,339,123 $ 39,292,153 $ 644,022,179
Annualized Rent Per Leased Square Foot (3)
$ 57.49 $ 34.29 $ 37.84 $ 47.65
Monthly Rent Per Leased Square Foot (3)
$ 4.79 $ 2.86 $ 3.15 $ 3.97
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(1) The rentable square feet in each region is based on the Rentable Square Feet as reported in the 2025 fourth quarter CBRE Marketview report for our submarkets in that region.
(2) Our market share is calculated by dividing our Rentable Square Feet by the applicable Region's Rentable Square Feet, weighted in the case of averages based on the square feet of exposure to our submarkets in each region. In calculating market share, we adjusted the rentable square footage by: (i) removing 62,000 rentable square feet for an office building in Honolulu that we are converting to residential apartments from both our rentable square footage and that of the region, and (ii) adding a 218,000 square foot property located just outside the Beverly Hills city limits to both the numerator and the denominator.
(3) Does not include signed leases not yet commenced, which are included in percent leased but excluded from Annualized Rent.
In-Service Office Portfolio Lease Diversification as of December 31, 2025
Portfolio Tenant Size
Median Average
Square feet 2,400 5,000
Office Leases Rentable Square Feet Annualized Rent
Square Feet Under Lease Number Percent Amount Percent Amount Percent
2,500 or less 1,372 51.1 % 1,981,021 14.7 % $ 87,392,272 13.6 %
2,501-10,000 1,002 37.4 4,885,656 36.1 225,735,926 35.0
10,001-20,000 200 7.5 2,757,100 20.4 132,099,727 20.5
20,001-40,000 82 3.1 2,191,421 16.2 106,190,884 16.5
40,001-100,000 25 0.9 1,444,099 10.7 74,835,243 11.6
Greater than 100,000 1 — 255,884 1.9 17,768,127 2.8
Total for all leases 2,682 100.0 % 13,515,181 100.0 % $ 644,022,179 100.0 %
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In-Service Office Portfolio Largest Tenants as of December 31, 2025
The table below presents tenants paying 1% or more of our aggregate Annualized Rent:
Tenant Number of Leases Number of Properties Lease Expiration (1)
Total Leased Square Feet Percent of Rentable Square Feet Annualized Rent Percent of Annualized Rent
William Morris Endeavor (2)
1 1 2037 255,884 1.4 $ 17,768,127 2.8
Equinox Fitness (3)
6 5 2029-2038 185,236 1.1 11,094,444 1.7
Morgan Stanley (4)
5 5 2027-2030 145,062 0.8 11,076,807 1.7
UCLA (5)
13 8 2026-2033 151,431 0.9 8,461,101 1.3
NKSFB 2 2 2030 135,066 0.8 7,150,417 1.1
Total 27 21 872,679 5.0 % $ 55,550,896 8.6 %
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(1) Expiration dates are per lease (expiration dates do not reflect storage and similar leases).
(2) Tenant has the option to terminate its lease in 2033.
(3) Square footage (rounded) expires as follows: 34,000 square feet in 2029; 46,000 square feet in 2035; 31,000 square feet in 2037, and 74,000 square feet in 2038.
(4) Square footage (rounded) expires as follows: 89,000 square feet in 2027; 30,000 square feet in 2028; and 26,000 square feet in 2030.
(5) Square footage (rounded) expires as follows: 5 leases totaling 60,000 square feet in 2026; 2 leases totaling 18,000 square feet in 2028; 2 leases totaling 28,000 square feet in 2029; 1 lease totaling 12,000 square feet in 2030; 1 lease totaling 18,000 square feet in 2031; and 2 leases totaling 14,000 square feet in 2033.
In-Service Office Portfolio Industry Diversification as of December 31, 2025
Industry Number of Leases Annualized Rent as a Percent of Total
Legal 597 19.7 %
Financial Services 368 16.8 %
Real Estate 315 13.3 %
Health Services 396 9.9 %
Entertainment 127 9.7 %
Accounting & Consulting 304 9.2 %
Retail 162 5.8 %
Technology 88 5.0 %
Insurance 85 3.0 %
Public Administration 71 2.6 %
Educational Services 37 2.2 %
Manufacturing & Distribution 49 1.3 %
Advertising 30 0.9 %
Other 53 0.6 %
Total 2,682 100.0 %
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In-Service Office Portfolio Lease Expirations as of December 31, 2025 (assuming non-exercise of renewal options and early termination rights)
Year of Lease Expiration Number of
Leases Rentable
Square Feet Expiring
Square Feet
as a Percent of Total Annualized Rent at December 31, 2025 Annualized
Rent as a
Percent of Total Annualized
Rent Per
Leased Square Foot (1)
Annualized
Rent Per
Leased
Square
Foot at Expiration (2)
Short Term Leases 69 243,726 1.4 % $ 8,959,051 1.4 % $ 36.76 $ 36.76
2026 566 2,044,738 11.7 94,002,952 14.6 45.97 46.45
2027 543 2,256,727 12.9 106,378,736 16.5 47.14 49.74
2028 509 2,096,422 12.0 96,840,247 15.0 46.19 50.29
2029 328 1,637,970 9.3 72,985,214 11.3 44.56 48.53
2030 247 1,460,070 8.3 71,551,307 11.1 49.01 55.94
2031 167 1,019,033 5.8 49,019,854 7.6 48.10 54.57
2032 69 621,960 3.5 30,950,944 4.8 49.76 57.27
2033 66 495,474 2.8 25,824,145 4.0 52.12 66.23
2034 38 359,311 2.1 17,598,526 2.7 48.98 63.50
2035 35 333,504 1.9 16,799,573 2.6 50.37 67.11
Thereafter 45 946,246 5.4 53,111,630 8.4 56.13 77.60
Subtotal/weighted average 2,682 13,515,181 77.1 644,022,179 100.0 47.65 53.68
Signed leases not commenced 422,231 2.4
Available 3,439,897 19.7
Building management use 107,696 0.6
BOMA adjustment (3)
41,063 0.2
Total/Weighted Average 2,682 17,526,068 100.0 % $ 644,022,179 100.0 % $ 47.65 $ 53.68
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(1) Represents Annualized Rent at December 31, 2025 divided by leased square feet.
(2) Represents Annualized Rent at expiration divided by leased square feet.
(3) Represents the square footage adjustments for leases that do not reflect BOMA remeasurement.
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Office Portfolio Tenant Improvements and Leasing Commissions
Commencing with the fourth quarter of 2024, the table below presents only our In-Service Portfolio.
Year Ended December 31,
2025 2024 2023
Renewal leases (1)
Number of leases 579 556 576
Square feet 2,349,466 2,763,902 2,359,780
Tenant improvement costs per square foot (2)
$ 13.64 $ 16.37 $ 11.15
Leasing commission costs per square foot (2)
6.95 9.71 5.98
Total costs per square foot (2)
$ 20.59 $ 26.08 $ 17.13
New leases (1)
Number of leases 280 298 289
Square feet 915,565 881,884 792,716
Tenant improvement costs per square foot (2)
$ 24.89 $ 20.17 $ 21.69
Leasing commission costs per square foot (2)
8.79 8.46 7.39
Total costs per square foot (2)
$ 33.68 $ 28.63 $ 29.08
Total leases (1)
Number of leases 859 854 865
Square feet 3,265,031 3,645,786 3,152,496
Tenant improvement costs per square foot (2)
$ 16.80 $ 17.29 $ 13.80
Leasing commission costs per square foot (2)
7.47 9.41 6.34
Total costs per square foot (2)
$ 24.27 $ 26.70 $ 20.14
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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. Tenant improvements are based on signed leases, or, for leases in which a tenant improvement allowance was not specified, the amount budgeted at the time the lease commenced.
Consolidated Office Portfolio Recurring Capital Expenditures
Commencing with the fourth quarter of 2024, the table below presents only our In-Service Portfolio.
Year Ended December 31,
2025 2024 2023
Recurring Capital Expenditures (1)
$ 2,825,003 $ 3,324,572 $ 3,279,814
Total square feet (1)
14,782,611 14,851,645 14,851,645
Recurring Capital Expenditures per square foot (1)
$ 0.19 $ 0.22 $ 0.22
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(1) We excluded the following properties in accordance with our definition of Recurring Capital Expenditures:
• For 2025, we excluded ten properties with an aggregate 2.7 million square feet.
• For 2024, we excluded ten properties with an aggregate 2.7 million square feet.
• For 2023, we excluded ten properties with an aggregate 2.7 million square feet.
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In-Service Multifamily Portfolio Summary as of December 31, 2025
Submarket Number of Properties Number of Units Units as a Percent of Total
Los Angeles
Santa Monica 3 940 21 %
West Los Angeles 6 964 22 %
Honolulu 4 2,506 57 %
Total 13 4,410 100 %
Submarket Percent Leased Annualized Rent (1)
Monthly Rent Per Leased Unit
Los Angeles
Santa Monica 99.7 % $ 52,298,052 $ 4,656
West Los Angeles 99.0 55,700,724 4,881
Honolulu 99.7 72,572,184 2,427
Total / Weighted Average 99.5 % $ 180,570,960 $ 3,436
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(1) The multifamily portfolio also includes: (i) 72,613 square feet consisting of ancillary retail space at three properties and the remaining office space at a building undergoing conversion from office to residential, and (ii) 712 apartment units at The Landmark Residences (formerly Barrington Plaza) which is undergoing redevelopment. These items are not included in this table.
Multifamily Portfolio Recurring Capital Expenditures
Commencing with the fourth quarter of 2024, the table below presents only our In-Service Portfolio.
Year Ended December 31,
2025 2024 2023
Recurring Capital Expenditures (1)(2)
$ 3,356,058 $ 3,342,407 $ 2,978,083
Total units (1)(2)
4,410 4,015 4,013
Recurring Capital Expenditures per unit (1)(2)
$ 762 $ 832 $ 747
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(1) Recurring Capital Expenditures include costs associated with the turnover of units. Our multifamily portfolio includes a large number of units that, due to Santa Monica rent control laws, have had only modest rent increases since 1979. During 2025, when a tenant vacated one of these units, we incurred on average $58 thousand per unit to bring the unit up to our standards. We classify these capital expenditures as non-recurring.
(2) We excluded the following properties in accordance with our definition of Recurring Capital Expenditures:
• For 2025, we excluded one property with an aggregate 69 units.
• For 2024, we excluded two properties with an aggregate 457 units.
• For 2023, we excluded two properties with an aggregate 563 units.
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