ADDED
Such exclusion shall not be deemed to constitute an admission that any such person is an affiliate of the Registrant.) The registrant had 167,462,215 shares of its common stock outstanding as of February 13, 2026.
Total Portfolio Includes our consolidated properties, which includes the properties of our consolidated joint ventures.
We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date of this Report except as required by law.
At December 31, 2025, our Total Portfolio consisted of (i) an 18.0 million square foot office portfolio, which included a 456 thousand square foot office property under development, (ii) 5,445 multifamily apartment units, which included 1,035 apartment units under development, and (iii) fee interests in two parcels of land from which we receive rent under ground leases.
As of December 31, 2025, our portfolio consisted of the following (including ancillary retail space and excluding two parcels of land from which we receive rent under ground leases): Total Portfolio Office Wholly-owned properties 52 Consolidated JV properties 18 Total 70 Multifamily Wholly-owned properties 12 Consolidated JV properties 3 Total 15 Total 85 Business Strategy We employ a focused business strategy that we have developed and implemented over the past four decades: Concentration of High Quality Office and Multifamily Properties in Premier Submarkets.
In 2023, 2024 and 2025, no tenant accounted for more than 10% of our total revenues.
JVs At December 31, 2025, in addition to 52 office properties and 12 residential properties wholly-owned by our Operating Partnership, we managed and owned equity interests in six consolidated JVs, through which we and institutional investors owned 18 office properties in our core markets totaling 4.6 million square feet, and 3 residential properties with 793 apartments, which included 323 apartment units under development.
At December 31, 2025, we owned a weighted average interest in the consolidated JVs of approximately 47% based on square footage.
We are entitled to: (i) distributions based on invested capital, (ii) additional distributions based on cash net operating income or invested capital, (iii) fees for property management and other services, (iv) reimbursement of certain acquisition-related expenses and certain other costs, and (v) a carried interest for certain JVs if the investors distributions exceed a hurdle rate.
The financial data in this Report presents our JVs on a consolidated basis in accordance with GAAP.
REMOVED
Such exclusion shall not be deemed to constitute an admission that any such person is an affiliate of the Registrant.) The registrant had 167,446,350 shares of its common stock outstanding as of February 7, 2025.
Development Portfolio Represents the following properties undergoing development activities: (i) a residential property with 712 apartments and approximately 34,000 square feet of retail space in Los Angeles which we are removing from the residential rental market following a fire in January 2020, and (ii) a 456,000 square foot single tenant office property in Los Angeles that we commenced converting to multi-tenant after the tenant's lease expired in 2024.
Total Portfolio Includes our Consolidated Portfolio plus the properties owned by our unconsolidated Fund.
We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date of this Report.
At December 31, 2024, we owned a Consolidated Portfolio consisting of (i) a 17.6 million square foot office portfolio, (ii) 4,472 multifamily apartment units and (iii) fee interests in two parcels of land from which we receive rent under ground leases.
We also manage and own equity interests in our unconsolidated Fund which, at December 31, 2024, owned an additional 0.4 million square feet of office space.
We manage our unconsolidated Fund alongside our Consolidated Portfolio, and we therefore present the statistics for our office portfolio on a Total Portfolio basis.
In 2022, 2023 and 2024, no tenant accounted for more than 10% of our total revenues.
JVs and Fund At December 31, 2024, in addition to 52 office properties and 12 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 16 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, 2024 based on square footage.
We are entitled to (i) distributions based on invested capital as well as additional distributions based on cash net operating income, (ii) fees for property management and other services and (iii) reimbursement of certain acquisition-related expenses and certain other costs.