Business Description

partnership interest as of December 31, 2025. The remaining approximate 0.9% common limited partnership interest in the Operating Partnership as of December 31, 2025 was owned by non-affiliated investors. With the exception of the Operating Partnership and property partnerships that we consolidate, all of our subsidiaries are wholly-owned. Our stabilized portfolio includes all of our properties with the exception of development and redevelopment properties currently committed for construction, under construction, or in the tenant improvement phase, undeveloped land, and real estate assets held for sale, if any. Our stabilized portfolio of operating properties was comprised of the following at December 31, 2025: Number of Buildings Rentable Square Feet Number of Tenants Percentage Occupied (1) Stabilized Office Properties (2) 121 16,292,164 438 81.6 % ________________________ (1) Represents economic occupancy for space where we have achieved revenue recognition for the associated lease agreements. (2) Includes stabilized life science and retail space. Number of Properties Number of Units 2025 Average Occupancy Stabilized Residential Properties 3 1,001 94.1 % As of December 31, 2025, the following properties and projects were excluded from our stabilized portfolio: Number of Properties / Projects Actual / Estimated Rentable Square Feet (1) Properties held for sale (2) 1 427,764 In-process development project - tenant improvement 1 871,738 ________________________ (1) For the property classified as held for sale, represents actual rentable square feet and consists of three buildings. For the in-process development project in the tenant improvement phase, represents estimated rentable square feet upon completion. (2) See Note 4 “Dispositions and Held For Sale” to our consolidated financial statements included in this report for additional information. Our stabilized portfolio also excludes our future development pipeline, which, as of December 31, 2025, was comprised of eight potential future development sites. 4 Business and Growth Strategies Growth Strategies . We believe that a number of strategies will enable us to continue to achieve our objectives of long-term sustainable growth in Net Operating Income (defined below), FFO (defined below), and the maximization of long-term stockholder value, including: • Operating strategies; • Capital recycling strategies; • Development and redevelopment strategies; • Financing strategies; and • Sustainability strategies. Net Operating Income (“NOI”) is defined as consolidated operating revenues (rental income and other property income) less consolidated operating expenses (property expenses, real estate taxes and ground leases). “FFO” is Funds From Operations available to common stockholders and common unitholders calculated in accordance with the 2018 Restated White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”). (See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations —Results of Operations” and “—Non-GAAP Supplemental Financial Measures: Funds From Operations” for a reconciliation of these measures to generally accepted accounting principles (“GAAP”) net income available to common stockholders.) Operating Strategies . We focus on enhancing our long-term sustainable growth in operating income and cash flow from our properties by: • maximizing cash flows through new and renewal leasing activity; • managing portfolio credit risk through effective underwriting, including the use of credit enhancements to mitigate individual tenant credit risks; • maintaining and developing long-term relationships with industry-leading companies in our markets; • managing operating expenses through the efficient use of internal property management, leasing, marketing, financing, accounting, legal, and construction and development management functions; • investing in capital improvements to enhance the competitive advantages of our properties in their respective markets and integrating technology, including building management systems, security operation centers, and tenant experience solutions to provide a premium experience to our tenant base while reducing operating costs; and • attracting and retaining motivated employees to meet our operating and financial goals. Capital Recycling Strategies.…