EX-99.1 2 exhibit991.htm EX-99.1

Q3 2024 Supplemental Financial Report |

KILROY REALTY CORPORATION REPORTS
THIRD QUARTER FINANCIAL RESULTS
---------------
LOS ANGELES, October 28, 2024 - Kilroy Realty Corporation (NYSE: KRC) today reported financial results for its third quarter ended September 30, 2024.
Financial Results
•Revenues grew 2.2% to $289.9 million for the quarter ended September 30, 2024, as compared to $283.6 million for the quarter ended September 30, 2023
•Net income available to common stockholders of $0.44 per diluted share, as compared to $0.45 per diluted share for the quarter ended September 30, 2023
•Funds from operations available to common stockholders and unitholders (“FFO”) of $140.4 million, or $1.17 per diluted share, an increase of 4.5% as compared to $134.0 million, or $1.12 per diluted share, for the quarter ended September 30, 2023
“I’m pleased to report on a strong quarter of execution across our platform as we continue to navigate the recovery that is taking hold in our markets,” commented Angela Aman, CEO. “In addition to solid third quarter leasing activity, we have also been active on the capital allocation front, acquiring a small office campus located strategically adjacent to our One Paseo mixed-use project in San Diego.”
Leasing and Occupancy
•Stabilized portfolio was 84.3% occupied and 85.8% leased at September 30, 2024
•During the quarter ended September 30, 2024, signed approximately 436,000 square feet of leases, comprised of 48,000 square feet of new leasing on previously vacant space, 38,000 square feet of new leasing on currently occupied space, and 350,000 square feet of renewal leasing
◦Includes 209,000 square feet of short-term leasing, primarily comprised of 198,000 square feet of short-term renewal leasing
•During the quarter ended September 30, 2024, DermTech, which filed for bankruptcy during the quarter ended June 30, 2024, rejected its lease and Kilroy executed a 110,000 square foot short-term lease with the successor entity to facilitate DermTech’s interim operations. This lease has been excluded from the leasing productivity statistics above
•During the quarter ended September 30, 2024, GAAP rents on signed leases increased 26.0% and cash rents increased 7.1% from prior levels on second generation leasing, excluding short-term leasing
Acquisition Activity
•In September, completed the acquisition of Junction at Del Mar, an approximately 104,000 square foot office property, comprised of two buildings in the Del Mar submarket of San Diego, for $35.0 million. The buildings, which are located adjacent to the Company’s One Paseo mixed-use project, are 96% leased with a weighted average lease term of 4.7 years
Balance Sheet / Liquidity
•In September, repaid the full amount outstanding on the $120.0 million term loan, which had an initial maturity date of October 3, 2024
•As of September 30, 2024, the Company had approximately $1.7 billion of total liquidity comprised of approximately $0.6 billion of cash and approximately $1.1 billion available under the fully undrawn unsecured revolving credit facility
Dividend
•The Board declared and paid a regular quarterly cash dividend on its common stock of $0.54 per share, equivalent to an annual rate of $2.16
•The dividend was paid on October 9, 2024 to stockholders of record on September 30, 2024 (the ex-dividend date)
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Net Income Available to Common Stockholders / FFO Guidance and Outlook
The Company is providing an updated Nareit-defined FFO per diluted share guidance for the full year 2024 of $4.38 to $4.44 per share, with a midpoint of $4.41 per share.

|  | Full Year 2024 Range as of July 2024 |  | Full Year 2024 Range as of October 2024 |
|  | Low End |  | High End |  | Low End |  | High End |
|  | $ and shares/units in thousands, except per share/unit amounts |
| Net income available to common stockholders per share - diluted | $ | 1.50 |  |  | $ | 1.59 |  |  | $ | 1.61 |  |  | $ | 1.66 |  |
| Weighted average common shares outstanding - diluted (1) | 118,000 |  |  | 118,000 |  |  | 118,150 |  |  | 118,150 |  |
| Net income available to common stockholders | $ | 177,000 |  |  | $ | 188,000 |  |  | $ | 190,000 |  |  | $ | 196,000 |  |
| Adjustments: |  |  |  |  |  |  |  |
| Net income attributable to noncontrolling common units of the Operating Partnership | 1,800 |  |  | 1,900 |  |  | 1,900 |  |  | 2,000 |  |
| Net income attributable to noncontrolling interests in consolidated property partnerships | 20,500 |  |  | 21,000 |  |  | 20,250 |  |  | 20,750 |  |
| Depreciation and amortization of real estate assets | 338,000 |  |  | 339,000 |  |  | 346,000 |  |  | 347,000 |  |
| Gains on sales of depreciable real estate | — |  |  | — |  |  | — |  |  | — |  |
| Funds From Operations attributable to noncontrolling interests in consolidated property partnerships | (31,500) |  |  | (32,000) |  |  | (31,500) |  |  | (32,000) |  |
| Funds From Operations (2) | $ | 505,800 |  |  | $ | 517,900 |  |  | $ | 526,650 |  |  | $ | 533,750 |  |
| Weighted average common shares/units outstanding – diluted (3) | 120,200 |  |  | 120,200 |  |  | 120,250 |  |  | 120,250 |  |
| Funds From Operations per common share/unit – diluted (3) | $ | 4.21 |  |  | $ | 4.31 |  |  | $ | 4.38 |  |  | $ | 4.44 |  |

| Key Assumptions |  | July 2024 Assumptions |  | October 2024 Assumptions |
| Change in same store cash NOI (2) |  | (3.0%) to (4.0%) |  | (1.5%) to (2.0%) |
| Average full year occupancy |  | 82.75% to 83.75% |  | 83.75% to 84.25% |
| General and administrative expenses |  | $72 million to $80 million |  | $74 million to $76 million |
| Total development spending (4) |  | $225 million to $275 million |  | $250 million to $275 million |
| Weighted average common shares/units outstanding – diluted (in thousands) (3) |  | 120,200 |  | 120,225 |

________________________
(1)Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently issuable shares.
(2)See pages 33-34 for Management Statements on Funds From Operations and Same Store Cash Net Operating Income.
(3)Calculated based on weighted average shares outstanding, including participating and non-participating share-based awards, and the dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding. Reported amounts are attributable to common stockholders, common unitholders and restricted stock unitholders.
(4)Remaining 2024 development spending is $50 million to $75 million.
The Company’s guidance estimates for the full year 2024, and the reconciliation of net income available to common stockholders per share - diluted and FFO per share and unit - diluted included within this press release, reflect management’s views on current and future market conditions, including assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press release. These guidance estimates do not include the impact on the Company’s operating results from potential future acquisitions, dispositions (including any associated gains or
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losses), capital markets activity, impairment charges, or any events outside of the Company’s control, as the timing and magnitude of any such events are not known at the time the Company provides guidance. There can be no assurance that the Company’s actual results will not differ materially from these estimates.
Conference Call and Audio Webcast
The Company’s management will discuss third quarter results and the current business environment during the Company’s October 29, 2024 earnings conference call. The call will begin at 10:00 a.m. Pacific Time and last approximately one hour. To participate and obtain conference call dial-in details, register by using the following link, https://www.netroadshow.com/events/login?show=f1c41247&confId=58186. Those interested in listening via the Internet can access the conference call at https://events.q4inc.com/attendee/193901324. It may be necessary to download audio software to hear the conference call.
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Table of Contents

| Page
Corporate Data and Financial Highlights |
Company Background | 2
Financial Highlights | 3
Consolidated Balance Sheets | 4
Consolidated Statements of Operations | 5
Funds From Operations and Funds Available for Distribution | 6
Net Operating Income | 7
Portfolio Data |
Same Store Analysis | 9
Stabilized Portfolio Occupancy Overview by Region | 10-14
Information on Leases Commenced & Leases Executed | 15-16
Stabilized Portfolio Capital Expenditures | 17
Stabilized Portfolio Lease Expirations | 18-19
Top 20 Tenants | 20
Tenant Industry Diversification | 21
2024 Operating Property Acquisitions | 22
Consolidated Ventures (Noncontrolling Property Partnerships) | 23
Development |
In-Process Development & Redevelopment | 25
Future Development Pipeline | 26
Debt and Capitalization Data |
Capital Structure | 28
Debt Analysis | 29-30
Non-GAAP Supplemental Measures | 32-34
Definitions & Reconciliations | 36-42

This Supplemental Financial Report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, among other things, information concerning lease expirations, debt maturities, potential investments, development and redevelopment activity, projected construction costs, dispositions, and other forward-looking financial data. In some instances, forward-looking statements can be identified by the use of forward-looking terminology such as “expect,” “future,” “will,” “would,” “pursue,” or “project”, and variations of such words and similar expressions that do not relate to historical matters. Forward-looking statements are based on Kilroy Realty Corporation’s current expectations, beliefs, and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends, and factors that are difficult to predict, many of which are outside of Kilroy Realty Corporation’s control. Accordingly, actual performance, results, and events may vary materially from those indicated or implied in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results, or events. Numerous factors could cause actual future performance, results, and events to differ materially from those indicated in the forward-looking statements, including, among others: global market and general economic conditions, including periods of heightened inflation, and their effect on our liquidity and financial conditions and those of our tenants; adverse economic or real estate conditions generally, and specifically, in the States of California, Texas, and Washington; risks associated with our investment in real estate assets, which are illiquid, and with trends in the real estate industry; defaults on or non-renewal of leases by tenants; any significant downturn in tenants’ businesses, including bankruptcy, lack of liquidity or lack of funding, and the impact labor disruptions or strikes, such as episodic strikes in the entertainment industry, may have on our tenants’ businesses; our ability to re-lease property at or above current market rates; reduced demand for office space, including as a result of remote working and flexible working arrangements that allow work from remote locations other than an employer's office premises; costs to comply with government regulations, including environmental remediation; the availability of cash for distribution and debt service, and exposure to risk of default under debt obligations; increases in interest rates and our ability to manage interest rate exposure; changes in interest rates and the availability of financing on attractive terms or at all, which may adversely impact our future interest expense and our ability to pursue development, redevelopment, and acquisition opportunities and refinance existing debt; a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices, or obtain or maintain debt financing, and which may result in write-offs or impairment charges; significant competition, which may decrease the occupancy and rental rates of properties; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired, developed, and redeveloped properties; the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts; delays or refusals in obtaining all necessary zoning, land use, and other required entitlements, governmental permits and authorizations for our development and redevelopment properties; increases in anticipated capital expenditures, tenant improvement, and/or leasing costs; defaults on leases for land on which some of our properties are located; adverse changes to, or enactment or implementations of, tax laws or other applicable laws, regulations, or legislation, as well as business and consumer reactions to such changes; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on co-venturers' financial condition, and disputes between us and our co-venturers; environmental uncertainties and risks related to natural disasters; risks associated with climate change and our sustainability strategies, and our ability to achieve our sustainability goals; and our ability to maintain our status as a REIT. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect Kilroy Realty Corporation’s business and financial performance, see the factors included under the caption “Risk Factors” in Kilroy Realty Corporation’s annual report on Form 10-K for the year ended December 31, 2023, and its other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the dates on which they are made. Kilroy Realty Corporation assumes no obligation to update any forward-looking statement made in this Supplemental Financial Report that becomes untrue because of subsequent events, new information, or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.
Pictured on cover page, in order of appearance: Sunset Media Center, Hollywood, CA | One Paseo Office, San Diego, CA | 9514 Towne Centre Drive, San Diego, CA

01
Corporate Data and Financial Highlights
–Company Background
–Financial Highlights
–Consolidated Balance Sheets
–Consolidated Statements of Operations
–Funds From Operations and Funds Available for Distribution
–Net Operating Income

Q3 2024 Supplemental Financial Report |

Company Background
Kilroy Realty Corporation (NYSE: KRC), a publicly traded real estate investment trust and member of the S&P MidCap 400 Index, is a leading U.S. landlord and developer, with operations in San Diego, Los Angeles, the San Francisco Bay Area, Seattle, and Austin. The Company has over seven decades of experience developing, acquiring and managing office, life science, and mixed-use real estate assets. At September 30, 2024, the Company’s stabilized portfolio comprised of 123 buildings encompassing an aggregate of approximately 17.1 million square feet of primarily office and life science space that was 84.3% occupied and 85.8% leased. The Company also has 1,001 residential units in the Los Angeles and San Diego regions, which had an average occupancy of 92.0% for the quarter ended September 30, 2024.

Board of Directors |  | Executive and Senior Management Team |  | Investor Relations
Edward F. Brennan, PhD | Chair |  | Angela M. Aman | Chief Executive Officer |  | 12200 W. Olympic Blvd., Suite 200 Los Angeles, CA 90064 (310) 481-8400 Web: www.kilroyrealty.com E-mail: investorrelations@kilroyrealty.com
Angela M. Aman |  |  | Justin W. Smart | President |
Daryl J. Carter |  |  | Jeffrey R. Kuehling | EVP, Chief Financial Officer |
Jolie A. Hunt |  |  | John A. Osmond | EVP, Head of Asset Management |
Scott S. Ingraham |  |  | A. Robert Paratte | EVP, Chief Leasing Officer |
Louisa G. Ritter |  |  | Heidi R. Roth | EVP, Chief Administrative Officer |
Gary R. Stevenson |  |  | Lauren N. Stadler | EVP, General Counsel and Secretary |  | J. Taylor Friend | SVP, Capital Markets and Treasurer
Peter B. Stoneberg |  |  | Eliott L. Trencher | EVP, Chief Investment Officer |  |
|  |  | Merryl E. Werber | SVP, Chief Accounting Officer and Controller |  |  |

Equity Research Coverage
Barclays |  |  | Jefferies LLC |
Brendan Lynch | (212) 526-9428 |  | Peter Abramowitz | (212) 336-7241
BofA Securities |  |  | J.P. Morgan |
Jeffrey Spector | (646) 855-1363 |  | Anthony Paolone | (212) 622-6682
BMO Capital Markets Corp. |  |  | Keybanc Capital Markets |
John P. Kim | (212) 885-4115 |  | Upal Rana | (917) 368-2316
BTIG |  |  | Mizuho Securities USA LLC |
Thomas Catherwood | (212) 738-6140 |  | Vikram Malhotra | (212) 282-3827
Citigroup Investment Research |  |  | RBC Capital Markets |
Michael Griffin | (212) 816-5871 |  | Mike Carroll | (440) 715-2649
Deutsche Bank Securities, Inc. |  |  | Scotiabank |
Omotayo Okusanya | (212) 250-9284 |  | Nicholas Yulico | (212) 225-6904
Evercore ISI |  |  | Wells Fargo |
Steve Sakwa | (212) 446-9462 |  | Blaine Heck | (410) 662-2556
Goldman Sachs & Co. LLC |  |  | Wolfe Research |
Caitlin Burrows | (212) 902-4736 |  | Andrew Rosivach | (646) 582-9250
Green Street Advisors |  |  |  |
Dylan Burzinski | (949) 640-8780 |  |  |

Kilroy Realty Corporation is followed by the analysts listed above. Please note that any opinions, estimates, or forecasts regarding Kilroy Realty Corporation’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Kilroy Realty Corporation or its management. Kilroy Realty Corporation does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.
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Financial Highlights
(unaudited, $ in thousands, except per share amounts)

|  | Three Months Ended |
|  | 9/30/2024 |  | 6/30/2024 |  | 3/31/2024 |  | 12/31/2023 |  | 9/30/2023 |
| INCOME ITEMS: |  |  |  |  |  |  |  |  |  |
| Revenues | $ | 289,938 |  |  | $ | 280,731 |  |  | $ | 278,581 |  |  | $ | 269,016 |  |  | $ | 283,594 |  |
| Capitalized Interest and Debt Costs | 20,827 |  |  | 20,515 |  |  | 19,807 |  |  | 21,510 |  |  | 20,056 |  |
| Cash Lease Termination Fees (1) | 50 |  |  | 2,465 |  |  | 3,851 |  |  | 3,437 |  |  | 1,682 |  |
| EARNINGS METRICS: |  |  |  |  |  |  |  |  |  |
| Net Income Available to Common Stockholders | $ | 52,378 |  |  | $ | 49,211 |  |  | $ | 49,920 |  |  | $ | 47,284 |  |  | $ | 52,762 |  |
| Net Operating Income (2) | 196,691 |  |  | 189,447 |  |  | 189,270 |  |  | 184,725 |  |  | 193,396 |  |
| EBITDA, as adjusted (3) | 185,960 |  |  | 178,461 |  |  | 182,602 |  |  | 171,387 |  |  | 173,798 |  |
| Company's Share of EBITDA, as adjusted (3) | 178,475 |  |  | 170,860 |  |  | 173,942 |  |  | 163,059 |  |  | 165,408 |  |
| Company's Share of EBITDA, as adjusted less interest income (3) | 168,787 |  |  | 160,776 |  |  | 160,752 |  |  | 152,363 |  |  | 158,393 |  |
| Funds From Operations (4) | 140,448 |  |  | 132,587 |  |  | 133,723 |  |  | 129,257 |  |  | 134,047 |  |
| Funds Available for Distribution (4) | 96,820 |  |  | 114,834 |  |  | 125,328 |  |  | 109,528 |  |  | 118,698 |  |
| PER SHARE INFORMATION (5): |  |  |  |  |  |  |  |  |  |
| Net Income Available to Common Stockholders per common share – diluted | $ | 0.44 |  |  | $ | 0.41 |  |  | $ | 0.42 |  |  | $ | 0.40 |  |  | $ | 0.45 |  |
| Funds From Operations per common share – diluted (4) | 1.17 |  |  | 1.10 |  |  | 1.11 |  |  | 1.08 |  |  | 1.12 |  |
| Dividends declared per common share | 0.54 |  |  | 0.54 |  |  | 0.54 |  |  | 0.54 |  |  | 0.54 |  |
| RATIOS (6): |  |  |  |  |  |  |  |  |  |
| Net Operating Income Margin (2) | 67.8 | % |  | 67.5 | % |  | 67.9 | % |  | 68.7 | % |  | 68.2 | % |
| Net Debt to Company's Share of EBITDA, as adjusted Ratio (3)(7) | 6.4x |  | 6.4x |  | 6.3x |  | 6.2x |  | 6.1x |
| Net Debt to Company's Share of EBITDA, as adjusted less interest income Ratio (3)(7) | 6.9x |  | 6.8x |  | 6.6x |  | 6.5x |  | 6.2x |
| Fixed Charge Coverage Ratio - Net Income | 1.1x |  | 1.0x |  | 1.0x |  | 1.0x |  | 1.2x |
| Fixed Charge Coverage Ratio - EBITDA, as adjusted (3) | 3.4x |  | 3.3x |  | 3.3x |  | 3.4x |  | 3.7x |
| Net Income Payout Ratio | 111.6 | % |  | 117.3 | % |  | 114.9 | % |  | 120.5 | % |  | 108.8 | % |
| FFO / FAD Payout Ratio (4) | 45.8% / 66.5% |  | 48.3% / 55.7% |  | 47.9% / 51.1% |  | 49.5% / 58.4% |  | 47.7% / 53.9% |
| STABILIZED PORTFOLIO INFORMATION: |  |  |  |  |  |  |  |  |  |
| Change in Same Store Net Operating Income (8) | 1.5 | % |  | (5.7) | % |  | (9.4) | % |  | (10.6) | % |  | (5.0) | % |
| Change in Same Store Cash Net Operating Income (8) | 2.7 | % |  | 0.2 | % |  | (7.2) | % |  | (1.2) | % |  | 0.2 | % |
| Period End Occupancy Percentage | 84.3 | % |  | 83.7 | % |  | 84.2 | % |  | 85.0 | % |  | 86.2 | % |
| Period End Leased Percentage | 85.8 | % |  | 85.4 | % |  | 85.7 | % |  | 86.4 | % |  | 87.5 | % |
| Lease Composition (Net / Gross) (9) | 51% / 49% |  | 51% / 49% |  | 51% / 49% |  | 51% / 49% |  | 49% / 51% |

________________________
Note: Definitions for commonly used terms in this Supplemental Financial Report are on pages 36-38 “Definitions Included in Supplemental.” Refer to pages 32-34 for Management Statements on non-GAAP supplemental measures.
(1)Represents cash receipts of lease termination fees in the period they are received, which may not correspond to the timing of GAAP revenue recognition of the lease termination fee over the remaining term of the lease.
(2)Please refer to page 39 for a reconciliation of GAAP Net Income Available to Common Stockholders to Net Operating Income.
(3)Please refer to page 41 for a reconciliation of GAAP Net Income Available to Common Stockholders to the Company's EBITDA metrics.
(4)Please refer to page 6 for reconciliations of GAAP Net Income Available to Common Stockholders to Funds From Operations available to common stockholders and unitholders and Funds Available for Distribution to common stockholders and unitholders and page 42 for a reconciliation of GAAP Net Cash Provided by Operating Activities to Funds Available for Distribution to common stockholders and unitholders.
(5)Reported amounts are attributable to common stockholders, common unitholders and restricted stock unitholders.
(6)Ratios are calculated based on current quarter annualized amounts unless otherwise noted.
(7)Calculated on a trailing-12 month basis. Please refer to page 30 for the calculation of this ratio.
(8)Calculated as the change over the same prior year period. For all quarterly periods in 2024, the Same Store Portfolio was comprised of 119 properties. For all quarterly periods in 2023, the Same Store Portfolio was comprised of 115 properties.
(9)Based upon annualized base rent, including 100% of consolidated property partnerships, as of the period end. Excludes leases at our three residential properties.
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Consolidated Balance Sheets
(unaudited, $ in thousands)

|  | 9/30/2024 |  | 6/30/2024 |  | 3/31/2024 |  | 12/31/2023 |  | 9/30/2023 |
| ASSETS: |  |  |  |  |  |  |  |  |  |
| Land and improvements | $ | 1,750,820 |  |  | $ | 1,743,170 |  |  | $ | 1,743,170 |  |  | $ | 1,743,170 |  |  | $ | 1,743,170 |  |
| Buildings and improvements | 8,573,332 |  |  | 8,501,976 |  |  | 8,479,359 |  |  | 8,463,674 |  |  | 8,431,499 |  |
| Undeveloped land and construction in progress | 2,254,628 |  |  | 2,207,180 |  |  | 2,114,242 |  |  | 2,034,804 |  |  | 1,950,424 |  |
| Total real estate assets held for investment | 12,578,780 |  |  | 12,452,326 |  |  | 12,336,771 |  |  | 12,241,648 |  |  | 12,125,093 |  |
| Accumulated depreciation and amortization | (2,747,494) |  |  | (2,671,141) |  |  | (2,594,996) |  |  | (2,518,304) |  |  | (2,443,659) |  |
| Total real estate assets held for investment, net | 9,831,286 |  |  | 9,781,185 |  |  | 9,741,775 |  |  | 9,723,344 |  |  | 9,681,434 |  |
| Cash and cash equivalents | 625,395 |  |  | 835,893 |  |  | 855,007 |  |  | 510,163 |  |  | 618,794 |  |
| Marketable securities | 27,144 |  |  | 32,648 |  |  | 109,513 |  |  | 284,670 |  |  | 278,789 |  |
| Current receivables, net | 11,218 |  |  | 10,229 |  |  | 13,291 |  |  | 13,609 |  |  | 11,383 |  |
| Deferred rent receivables, net | 455,613 |  |  | 458,177 |  |  | 457,494 |  |  | 460,979 |  |  | 466,073 |  |
| Deferred leasing costs and acquisition-related intangible assets, net | 226,991 |  |  | 220,485 |  |  | 226,506 |  |  | 229,705 |  |  | 228,742 |  |
| Right of use ground lease assets | 129,492 |  |  | 129,760 |  |  | 130,026 |  |  | 125,506 |  |  | 125,765 |  |
| Prepaid expenses and other assets, net | 73,495 |  |  | 75,379 |  |  | 65,588 |  |  | 53,069 |  |  | 60,141 |  |
| TOTAL ASSETS | $ | 11,380,634 |  |  | $ | 11,543,756 |  |  | $ | 11,599,200 |  |  | $ | 11,401,045 |  |  | $ | 11,471,121 |  |
| LIABILITIES AND EQUITY: |  |  |  |  |  |  |  |  |  |
| Liabilities: |  |  |  |  |  |  |  |  |  |
| Secured debt, net | $ | 599,478 |  |  | $ | 600,741 |  |  | $ | 601,990 |  |  | $ | 603,225 |  |  | $ | 604,480 |  |
| Unsecured debt, net | 4,401,678 |  |  | 4,519,796 |  |  | 4,518,297 |  |  | 4,325,153 |  |  | 4,330,326 |  |
| Accounts payable, accrued expenses and other liabilities | 354,785 |  |  | 361,759 |  |  | 401,892 |  |  | 371,179 |  |  | 426,662 |  |
| Ground lease liabilities | 128,606 |  |  | 128,787 |  |  | 128,966 |  |  | 124,353 |  |  | 124,517 |  |
| Accrued dividends and distributions | 64,844 |  |  | 65,118 |  |  | 65,111 |  |  | 64,440 |  |  | 64,423 |  |
| Deferred revenue and acquisition-related intangible liabilities, net | 151,670 |  |  | 160,284 |  |  | 166,436 |  |  | 173,638 |  |  | 178,542 |  |
| Rents received in advance and tenant security deposits | 71,033 |  |  | 73,013 |  |  | 73,777 |  |  | 79,364 |  |  | 74,646 |  |
| Total liabilities | 5,772,094 |  |  | 5,909,498 |  |  | 5,956,469 |  |  | 5,741,352 |  |  | 5,803,596 |  |
| Equity: |  |  |  |  |  |  |  |  |  |
| Stockholders’ Equity |  |  |  |  |  |  |  |  |  |
| Common stock | 1,181 |  |  | 1,174 |  |  | 1,174 |  |  | 1,173 |  |  | 1,173 |  |
| Additional paid-in capital | 5,203,195 |  |  | 5,216,699 |  |  | 5,208,753 |  |  | 5,205,839 |  |  | 5,195,106 |  |
| Retained earnings | 175,962 |  |  | 187,796 |  |  | 203,080 |  |  | 221,149 |  |  | 237,665 |  |
| Total stockholders’ equity | 5,380,338 |  |  | 5,405,669 |  |  | 5,413,007 |  |  | 5,428,161 |  |  | 5,433,944 |  |
| Noncontrolling Interests |  |  |  |  |  |  |  |  |  |
| Common units of the Operating Partnership | 52,441 |  |  | 52,985 |  |  | 53,087 |  |  | 53,275 |  |  | 53,328 |  |
| Noncontrolling interests in consolidated property partnerships | 175,761 |  |  | 175,604 |  |  | 176,637 |  |  | 178,257 |  |  | 180,253 |  |
| Total noncontrolling interests | 228,202 |  |  | 228,589 |  |  | 229,724 |  |  | 231,532 |  |  | 233,581 |  |
| Total equity | 5,608,540 |  |  | 5,634,258 |  |  | 5,642,731 |  |  | 5,659,693 |  |  | 5,667,525 |  |
| TOTAL LIABILITIES AND EQUITY | $ | 11,380,634 |  |  | $ | 11,543,756 |  |  | $ | 11,599,200 |  |  | $ | 11,401,045 |  |  | $ | 11,471,121 |  |

4

Q3 2024 Supplemental Financial Report |

Consolidated Statements of Operations
(unaudited, $ and shares in thousands, except per share amounts)

|  |  | Three Months Ended |  |  | Nine Months Ended |
|  |  | 9/30/2024 |  | 6/30/2024 |  | 3/31/2024 |  | 12/31/2023 |  | 9/30/2023 |  |  | 9/30/2024 |  | 9/30/2023 |
| REVENUES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Rental income |  | $ | 285,951 |  |  | $ | 275,919 |  |  | $ | 274,890 |  |  | $ | 265,643 |  |  | $ | 280,681 |  |  |  | $ | 836,760 |  |  | $ | 852,094 |  |
| Other property income |  | 3,987 |  |  | 4,812 |  |  | 3,691 |  |  | 3,373 |  |  | 2,913 |  |  |  | 12,490 |  |  | 8,584 |  |
| Total revenues |  | 289,938 |  |  | 280,731 |  |  | 278,581 |  |  | 269,016 |  |  | 283,594 |  |  |  | 849,250 |  |  | 860,678 |  |
| EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Property expenses |  | 63,593 |  |  | 59,279 |  |  | 57,320 |  |  | 60,731 |  |  | 59,445 |  |  |  | 180,192 |  |  | 168,233 |  |
| Real estate taxes |  | 26,677 |  |  | 29,009 |  |  | 29,239 |  |  | 21,000 |  |  | 28,363 |  |  |  | 84,925 |  |  | 84,868 |  |
| Ground leases |  | 2,977 |  |  | 2,996 |  |  | 2,752 |  |  | 2,560 |  |  | 2,390 |  |  |  | 8,725 |  |  | 7,172 |  |
| General and administrative expenses (1) |  | 18,066 |  |  | 18,951 |  |  | 17,579 |  |  | 22,078 |  |  | 24,761 |  |  |  | 54,596 |  |  | 71,356 |  |
| Leasing costs |  | 2,353 |  |  | 2,119 |  |  | 2,279 |  |  | 1,956 |  |  | 1,852 |  |  |  | 6,751 |  |  | 4,550 |  |
| Depreciation and amortization |  | 91,879 |  |  | 87,151 |  |  | 88,031 |  |  | 86,016 |  |  | 85,224 |  |  |  | 267,061 |  |  | 269,262 |  |
| Total expenses |  | 205,545 |  |  | 199,505 |  |  | 197,200 |  |  | 194,341 |  |  | 202,035 |  |  |  | 602,250 |  |  | 605,441 |  |
| OTHER INCOME (EXPENSES) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest income |  | 9,688 |  |  | 10,084 |  |  | 13,190 |  |  | 10,696 |  |  | 7,015 |  |  |  | 32,962 |  |  | 11,896 |  |
| Interest expense |  | (36,408) |  |  | (36,763) |  |  | (38,871) |  |  | (32,325) |  |  | (29,837) |  |  |  | (112,042) |  |  | (81,891) |  |
| Total other expenses |  | (26,720) |  |  | (26,679) |  |  | (25,681) |  |  | (21,629) |  |  | (22,822) |  |  |  | (79,080) |  |  | (69,995) |  |
| NET INCOME |  | 57,673 |  |  | 54,547 |  |  | 55,700 |  |  | 53,046 |  |  | 58,737 |  |  |  | 167,920 |  |  | 185,242 |  |
| Net income attributable to noncontrolling common units of the Operating Partnership |  | (509) |  |  | (458) |  |  | (502) |  |  | (471) |  |  | (515) |  |  |  | (1,469) |  |  | (1,612) |  |
| Net income attributable to noncontrolling interests in consolidated property partnerships |  | (4,786) |  |  | (4,878) |  |  | (5,278) |  |  | (5,291) |  |  | (5,460) |  |  |  | (14,942) |  |  | (18,673) |  |
| Total income attributable to noncontrolling interests |  | (5,295) |  |  | (5,336) |  |  | (5,780) |  |  | (5,762) |  |  | (5,975) |  |  |  | (16,411) |  |  | (20,285) |  |
| NET INCOME AVAILABLE TO COMMON STOCKHOLDERS |  | $ | 52,378 |  |  | $ | 49,211 |  |  | $ | 49,920 |  |  | $ | 47,284 |  |  | $ | 52,762 |  |  |  | $ | 151,509 |  |  | $ | 164,957 |  |
| Weighted average common shares outstanding – basic |  | 117,830 |  |  | 117,375 |  |  | 117,338 |  |  | 117,240 |  |  | 117,185 |  |  |  | 117,516 |  |  | 117,133 |  |
| Weighted average common shares outstanding – diluted |  | 118,244 |  |  | 117,663 |  |  | 117,961 |  |  | 117,816 |  |  | 117,495 |  |  |  | 117,955 |  |  | 117,411 |  |
| NET INCOME AVAILABLE TO COMMON STOCKHOLDERS PER SHARE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net income available to common stockholders per share – basic |  | $ | 0.44 |  |  | $ | 0.41 |  |  | $ | 0.42 |  |  | $ | 0.40 |  |  | $ | 0.45 |  |  |  | $ | 1.27 |  |  | $ | 1.40 |  |
| Net income available to common stockholders per share – diluted |  | $ | 0.44 |  |  | $ | 0.41 |  |  | $ | 0.42 |  |  | $ | 0.40 |  |  | $ | 0.45 |  |  |  | $ | 1.27 |  |  | $ | 1.40 |  |

_______________________
(1)The three months ended December 31, 2023 and September 30, 2023 includes $4.9 million and $5.8 million, respectively, of retirement costs for our former CEO, primarily comprised of accelerated stock compensation expense. The nine months ended September 30, 2023 includes $12.1 million of retirement costs for our former CEO and former President, primarily comprised of accelerated stock compensation expense.
5

Q3 2024 Supplemental Financial Report |

Funds From Operations and Funds Available for Distribution
(unaudited, $ in thousands, except per share amounts)

|  |  | Three Months Ended |  |  | Nine Months Ended |
|  |  | 9/30/2024 |  | 6/30/2024 |  | 3/31/2024 |  | 12/31/2023 |  | 9/30/2023 |  |  | 9/30/2024 |  | 9/30/2023 |
| FUNDS FROM OPERATIONS (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net income available to common stockholders |  | $ | 52,378 |  |  | $ | 49,211 |  |  | $ | 49,920 |  |  | $ | 47,284 |  |  | $ | 52,762 |  |  |  | $ | 151,509 |  |  | $ | 164,957 |  |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net income attributable to noncontrolling common units of the Operating Partnership |  | 509 |  |  | 458 |  |  | 502 |  |  | 471 |  |  | 515 |  |  |  | 1,469 |  |  | 1,612 |  |
| Net income attributable to noncontrolling interests in consolidated property partnerships |  | 4,786 |  |  | 4,878 |  |  | 5,278 |  |  | 5,291 |  |  | 5,460 |  |  |  | 14,942 |  |  | 18,673 |  |
| Depreciation and amortization of real estate assets |  | 90,243 |  |  | 85,589 |  |  | 86,460 |  |  | 84,402 |  |  | 83,518 |  |  |  | 262,292 |  |  | 263,662 |  |
| Funds From Operations attributable to noncontrolling interests in consolidated property partnerships |  | (7,468) |  |  | (7,549) |  |  | (8,437) |  |  | (8,191) |  |  | (8,208) |  |  |  | (23,454) |  |  | (27,045) |  |
| Funds From Operations (1) |  | $ | 140,448 |  |  | $ | 132,587 |  |  | $ | 133,723 |  |  | $ | 129,257 |  |  | $ | 134,047 |  |  |  | $ | 406,758 |  |  | $ | 421,859 |  |
| Weighted average common shares/units outstanding – basic (2) |  | 119,702 |  |  | 120,034 |  |  | 119,660 |  |  | 118,896 |  |  | 118,934 |  |  |  | 119,798 |  |  | 118,894 |  |
| Weighted average common shares/units outstanding – diluted (3) |  | 120,115 |  |  | 120,322 |  |  | 120,283 |  |  | 119,473 |  |  | 119,245 |  |  |  | 120,237 |  |  | 119,172 |  |
| FFO per common share/unit – basic (1) |  | $ | 1.17 |  |  | $ | 1.10 |  |  | $ | 1.12 |  |  | $ | 1.09 |  |  | $ | 1.13 |  |  |  | $ | 3.40 |  |  | $ | 3.55 |  |
| FFO per common share/unit – diluted (1) |  | $ | 1.17 |  |  | $ | 1.10 |  |  | $ | 1.11 |  |  | $ | 1.08 |  |  | $ | 1.12 |  |  |  | $ | 3.38 |  |  | $ | 3.54 |  |
| FUNDS AVAILABLE FOR DISTRIBUTION (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Funds From Operations (1) |  | $ | 140,448 |  |  | $ | 132,587 |  |  | $ | 133,723 |  |  | $ | 129,257 |  |  | $ | 134,047 |  |  |  | $ | 406,758 |  |  | $ | 421,859 |  |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Recurring tenant improvements, leasing commissions and capital expenditures |  | (25,662) |  |  | (22,069) |  |  | (11,763) |  |  | (31,411) |  |  | (20,519) |  |  |  | (59,494) |  |  | (56,135) |  |
| Amortization of deferred revenue related to tenant-funded tenant improvements (4) |  | (4,213) |  |  | (4,358) |  |  | (6,502) |  |  | (5,717) |  |  | (4,883) |  |  |  | (15,073) |  |  | (14,980) |  |
| Net effect of straight-line rents |  | 2,615 |  |  | (634) |  |  | 3,536 |  |  | 5,143 |  |  | (2,382) |  |  |  | 5,517 |  |  | (13,721) |  |
| Amortization of net below market rents (5) |  | (885) |  |  | (886) |  |  | (904) |  |  | (973) |  |  | (1,034) |  |  |  | (2,675) |  |  | (5,675) |  |
| Amortization of deferred financing costs and net debt discount/premium |  | 1,926 |  |  | 1,560 |  |  | 1,757 |  |  | 1,279 |  |  | 1,312 |  |  |  | 5,243 |  |  | 3,921 |  |
| Non-cash amortization of share-based compensation awards and adjustments for executive retirement obligations (6) |  | (12,389) |  |  | 5,889 |  |  | 3,381 |  |  | 8,498 |  |  | 10,596 |  |  |  | (3,119) |  |  | 28,360 |  |
| Lease related adjustments and other (7) |  | (7,226) |  |  | 830 |  |  | 1,216 |  |  | 1,966 |  |  | (401) |  |  |  | (5,180) |  |  | 2,955 |  |
| Adjustments attributable to noncontrolling interests in consolidated property partnerships |  | 2,206 |  |  | 1,915 |  |  | 884 |  |  | 1,486 |  |  | 1,962 |  |  |  | 5,005 |  |  | 4,193 |  |
| Funds Available for Distribution (1) |  | $ | 96,820 |  |  | $ | 114,834 |  |  | $ | 125,328 |  |  | $ | 109,528 |  |  | $ | 118,698 |  |  |  | $ | 336,982 |  |  | $ | 370,777 |  |

________________________
(1)Please refer to pages 32-34 for Management Statements on non-GAAP supplemental measures. Reported per common share/unit amounts are attributable to common stockholders, common unitholders and restricted stock unitholders.
(2)Calculated based on weighted average shares outstanding including participating share-based awards and assuming the exchange of all common limited partnership units outstanding.
(3)Calculated based on weighted average shares outstanding including participating and non-participating share-based awards, dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding.
(4)Represents revenue recognized during the period as a result of the amortization of deferred revenue recorded for tenant-funded tenant improvements.
(5)Represents the non-cash adjustment related to the acquisition of buildings with above and/or below market rents.
(6)The three and nine months ended September 30, 2024 includes $17.1 million of cash retirement payments to our former CEO.
(7)Includes other cash and non-cash adjustments attributable to lease-related matters including GAAP revenue recognition timing differences and other.
6

Q3 2024 Supplemental Financial Report |

Net Operating Income
(unaudited, $ in thousands)

|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  |  | 2024 |  | 2023 |  | % Change |  | 2024 |  | 2023 |  | % Change |
| Operating Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
| Rental income (1) |  | $ | 234,105 |  |  | $ | 231,579 |  |  | 1.1 | % |  | $ | 687,183 |  |  | $ | 709,657 |  |  | (3.2) | % |
| Tenant reimbursements (1) |  | 51,846 |  |  | 49,102 |  |  | 5.6 | % |  | 149,577 |  |  | 142,437 |  |  | 5.0 | % |
| Other property income |  | 3,987 |  |  | 2,913 |  |  | 36.9 | % |  | 12,490 |  |  | 8,584 |  |  | 45.5 | % |
| Total operating revenues |  | 289,938 |  |  | 283,594 |  |  | 2.2 | % |  | 849,250 |  |  | 860,678 |  |  | (1.3) | % |
| Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
| Property expenses |  | 63,593 |  |  | 59,445 |  |  | 7.0 | % |  | 180,192 |  |  | 168,233 |  |  | 7.1 | % |
| Real estate taxes |  | 26,677 |  |  | 28,363 |  |  | (5.9) | % |  | 84,925 |  |  | 84,868 |  |  | 0.1 | % |
| Ground leases |  | 2,977 |  |  | 2,390 |  |  | 24.6 | % |  | 8,725 |  |  | 7,172 |  |  | 21.7 | % |
| Total operating expenses |  | 93,247 |  |  | 90,198 |  |  | 3.4 | % |  | 273,842 |  |  | 260,273 |  |  | 5.2 | % |
| Net Operating Income (2) |  | $ | 196,691 |  |  | $ | 193,396 |  |  | 1.7 | % |  | $ | 575,408 |  |  | $ | 600,405 |  |  | (4.2) | % |

________________________
(1)Revenue from tenant reimbursements is included in rental income on our consolidated statements of operations.
(2)Please refer to page 32-34 for Management Statements on non-GAAP supplemental measures and page 39 for a reconciliation of GAAP Net Income Available to Common Stockholders to Net Operating Income.
7

02
Portfolio Data
–Same Store Analysis
–Stabilized Portfolio Occupancy Overview by Region
–Information on Leases Commenced & Leases Executed
–Stabilized Portfolio Capital Expenditures
–Stabilized Portfolio Lease Expirations
–Top 20 Tenants
–Tenant Industry Diversification
–2024 Operating Property Acquisitions
–Consolidated Ventures (Noncontrolling Property Partnerships)

Q3 2024 Supplemental Financial Report |

Same Store Analysis
(unaudited, $ in thousands)

|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  |  | 2024 |  | 2023 |  |  |  | % Change |  | % Contribution |  | 2024 |  | 2023 |  |  |  | % Change |  | % Contribution |
| Total Same Store Portfolio (1) |
| Number of properties |  | 119 |  |  | 119 |  |  |  |  |  |  |  |  | 119 |  |  | 119 |  |  |  |  |  |  |  |
| Square Feet |  | 16,207,143 |  |  | 16,207,143 |  |  |  |  |  |  |  |  | 16,207,143 |  |  | 16,207,143 |  |  |  |  |  |  |  |
| Average Occupancy |  | 84.6 | % |  | 86.1 | % |  |  |  |  |  |  |  | 84.7 | % |  | 87.8 | % |  |  |  |  |  |  |
| Percent of Stabilized Portfolio (2) |  | 94.6 | % |  |  |  |  |  |  |  |  |  | 94.6 | % |  |  |  |  |  |  |  |  |
| Operating Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Rental income (3) |  | $ | 224,549 |  |  | $ | 223,034 |  |  |  |  | 0.7 | % |  | 0.8 | % |  | $ | 658,746 |  |  | $ | 687,084 |  |  |  |  | (4.1) | % |  | (4.9) | % |
| Tenant reimbursements (3) |  | 49,255 |  |  | 46,293 |  |  |  |  | 6.4 | % |  | 1.6 | % |  | 139,438 |  |  | 132,502 |  |  |  |  | 5.2 | % |  | 1.2 | % |
| Other property income |  | 3,532 |  |  | 2,720 |  |  |  |  | 29.9 | % |  | 0.5 | % |  | 10,862 |  |  | 7,833 |  |  |  |  | 38.7 | % |  | 0.5 | % |
| Total operating revenues |  | 277,336 |  |  | 272,047 |  |  |  |  | 1.9 | % |  | 2.9 | % |  | 809,046 |  |  | 827,419 |  |  |  |  | (2.2) | % |  | (3.2) | % |
| Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Property expenses |  | 61,170 |  |  | 57,503 |  |  |  |  | 6.4 | % |  | (2.0) | % |  | 173,509 |  |  | 163,233 |  |  |  |  | 6.3 | % |  | (1.8) | % |
| Real estate taxes |  | 25,586 |  |  | 26,794 |  |  |  |  | (4.5) | % |  | 0.7 | % |  | 77,324 |  |  | 79,275 |  |  |  |  | (2.5) | % |  | 0.4 | % |
| Ground leases |  | 2,016 |  |  | 1,895 |  |  |  |  | 6.4 | % |  | (0.2) | % |  | 5,996 |  |  | 5,673 |  |  |  |  | 5.7 | % |  | (0.1) | % |
| Total operating expenses |  | 88,772 |  |  | 86,192 |  |  |  |  | 3.0 | % |  | (1.4) | % |  | 256,829 |  |  | 248,181 |  |  |  |  | 3.5 | % |  | (1.5) | % |
| Net Operating Income |  | $ | 188,564 |  |  | $ | 185,855 |  |  |  |  | 1.5 | % |  | 1.5 | % |  | $ | 552,217 |  |  | $ | 579,238 |  |  |  |  | (4.7) | % |  | (4.7) | % |
Same Store Analysis (Cash Basis)
|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  |  | 2024 |  | 2023 |  |  |  | % Change |  | % Contribution |  | 2024 |  | 2023 |  |  |  | % Change |  | % Contribution |
| Total operating revenues (4) |  | $ | 272,342 |  |  | $ | 264,848 |  |  |  |  | 2.8 | % |  | 4.2 | % |  | $ | 798,819 |  |  | $ | 798,972 |  |  |  |  | — | % |  | — | % |
| Total operating expenses |  | 88,697 |  |  | 86,093 |  |  |  |  | 3.0 | % |  | (1.5) | % |  | 256,582 |  |  | 247,881 |  |  |  |  | 3.5 | % |  | (1.6) | % |
| Cash Net Operating Income (5) |  | $ | 183,645 |  |  | $ | 178,755 |  |  |  |  | 2.7 | % |  | 2.7 | % |  | $ | 542,237 |  |  | $ | 551,091 |  |  |  |  | (1.6) | % |  | (1.6) | % |

________________________
(1)Same Store is defined as all properties owned and included in our stabilized portfolio as of January 1, 2023 and still owned and included in the stabilized portfolio as of September 30, 2024. Same Store includes 100% of consolidated property partnerships as well as our three residential properties.
(2)Based on rentable square feet at the end of the period.
(3)Revenue from tenant reimbursements is included in rental income on our consolidated statements of operations.
(4)For same store cash basis, lease termination and restoration fees are recognized in the period they are received, which may not correspond to the timing of GAAP revenue recognition. Tenant prepayments are recognized in the applicable lease billing period.
(5)Please refer to pages 32-34 for Management Statements on non-GAAP supplemental measures. Please refer to page 39 for a reconciliation of GAAP Net Income Available to Common Stockholders to Same Store Net Operating Income and Same Store Cash Net Operating Income. Adjustments to GAAP operating revenues include the net effect of straight-line rents, amortization of deferred revenue related to tenant-funded tenant improvements, amortization of above and below market lease intangibles, and revenue reversals (recoveries) related to tenant creditworthiness.
9

Q3 2024 Supplemental Financial Report |

Stabilized Portfolio Occupancy Overview by Region

|  |  |  |  | Portfolio Breakdown |  | Total Rentable Square Feet (3) |  | Occupied at |  | Leased at (4) |
| STABILIZED PORTFOLIO (1)(2) |  |  |  | YTD NOI % |  | Rentable Square Feet % |  |  | 9/30/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 6/30/2024 |
| Los Angeles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Hollywood / West Hollywood |  |  |  | 8.7 | % |  | 8.1 | % |  | 1,383,563 |  |  | 85.8 | % |  | 84.9 | % |  | 86.1 | % |  | 86.1 | % |
| El Segundo |  |  |  | 3.2 | % |  | 6.4 | % |  | 1,103,595 |  |  | 81.8 | % |  | 74.4 | % |  | 82.5 | % |  | 74.4 | % |
| Long Beach |  |  |  | 2.2 | % |  | 5.6 | % |  | 957,706 |  |  | 81.1 | % |  | 79.3 | % |  | 85.6 | % |  | 83.8 | % |
| West Los Angeles |  |  |  | 2.3 | % |  | 4.2 | % |  | 726,975 |  |  | 59.2 | % |  | 58.8 | % |  | 59.2 | % |  | 58.8 | % |
| Culver City |  |  |  | 0.0 | % |  | 1.0 | % |  | 166,207 |  |  | 18.6 | % |  | 13.4 | % |  | 18.6 | % |  | 18.6 | % |
| Total Los Angeles |  |  |  | 16.4 | % |  | 25.3 | % |  | 4,338,046 |  |  | 76.7 | % |  | 73.9 | % |  | 78.0 | % |  | 75.5 | % |
| San Diego |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Del Mar |  |  |  | 12.2 | % |  | 11.1 | % |  | 1,897,801 |  |  | 96.4 | % |  | 96.8 | % |  | 97.4 | % |  | 97.7 | % |
| I-15 Corridor |  |  |  | 1.5 | % |  | 2.5 | % |  | 427,762 |  |  | 77.3 | % |  | 81.8 | % |  | 83.2 | % |  | 81.8 | % |
| Little Italy / Point Loma |  |  |  | 0.3 | % |  | 1.9 | % |  | 319,879 |  |  | 42.6 | % |  | 42.6 | % |  | 51.9 | % |  | 50.0 | % |
| University Towne Center |  |  |  | 1.8 | % |  | 1.3 | % |  | 231,060 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| Total San Diego |  |  |  | 15.8 | % |  | 16.8 | % |  | 2,876,502 |  |  | 87.9 | % |  | 88.5 | % |  | 90.5 | % |  | 89.9 | % |
| San Francisco Bay Area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| San Francisco CBD |  |  |  | 26.1 | % |  | 19.8 | % |  | 3,400,600 |  |  | 84.8 | % |  | 84.8 | % |  | 85.4 | % |  | 85.5 | % |
| Silicon Valley |  |  |  | 8.8 | % |  | 7.5 | % |  | 1,286,100 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| South San Francisco |  |  |  | 8.7 | % |  | 4.7 | % |  | 806,109 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| Other Peninsula |  |  |  | 4.6 | % |  | 4.0 | % |  | 677,786 |  |  | 94.6 | % |  | 86.6 | % |  | 98.0 | % |  | 98.0 | % |
| Total San Francisco Bay Area |  |  |  | 48.2 | % |  | 36.0 | % |  | 6,170,595 |  |  | 91.1 | % |  | 90.1 | % |  | 91.7 | % |  | 91.8 | % |
| Seattle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lake Union / Denny Regrade |  |  |  | 10.2 | % |  | 12.1 | % |  | 2,077,052 |  |  | 74.2 | % |  | 78.0 | % |  | 75.7 | % |  | 78.7 | % |
| Bellevue |  |  |  | 5.8 | % |  | 5.4 | % |  | 919,295 |  |  | 94.4 | % |  | 94.4 | % |  | 94.9 | % |  | 95.0 | % |
| Total Seattle |  |  |  | 16.0 | % |  | 17.5 | % |  | 2,996,347 |  |  | 80.4 | % |  | 83.1 | % |  | 81.6 | % |  | 83.7 | % |
| Austin |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Austin CBD |  |  |  | 3.6 | % |  | 4.4 | % |  | 758,975 |  |  | 74.2 | % |  | 72.3 | % |  | 80.7 | % |  | 79.9 | % |
| Total Austin |  |  |  | 3.6 | % |  | 4.4 | % |  | 758,975 |  |  | 74.2 | % |  | 72.3 | % |  | 80.7 | % |  | 79.9 | % |
| TOTAL STABILIZED PORTFOLIO |  |  |  | 100.0 | % |  | 100.0 | % |  | 17,140,465 |  |  | 84.3 | % |  | 83.7 | % |  | 85.8 | % |  | 85.4 | % |

Average Occupancy
Quarter-to-Date |  | Year-to-Date
84.1% |  | 84.1%

________________________
(1)Excludes residential properties.
(2)Buildings within a complex of properties are analyzed at the complex level.
(3)Occupied and leased percentage calculations presented throughout this report are based on rentable square feet at the end of the period, inclusive of all remeasurements that occurred during the period.
(4)Leases with a lease term less of than one year are included in the leased percentage upon lease commencement.
10

Q3 2024 Supplemental Financial Report |

Stabilized Portfolio Occupancy Overview by Region, continued

|  |  |  |  | Rentable Square Feet |  | Occupied at |  | Leased at |
|  |  | Submarket |  |  | 9/30/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 6/30/2024 |
| Los Angeles, California |  |  |  |  |  |  |  |  |  |  |  |  |
| 1350 Ivar Avenue |  | Hollywood / West Hollywood |  | 16,448 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 1355 Vine Street |  | Hollywood / West Hollywood |  | 183,129 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 1375 Vine Street |  | Hollywood / West Hollywood |  | 159,236 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 1395 Vine Street |  | Hollywood / West Hollywood |  | 2,575 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 1500 N. El Centro Avenue |  | Hollywood / West Hollywood |  | 113,447 |  |  | 63.6 | % |  | 63.6 | % |  | 63.6 | % |  | 63.6 | % |
| 1525 N. Gower Street |  | Hollywood / West Hollywood |  | 9,610 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 1575 N. Gower Street |  | Hollywood / West Hollywood |  | 264,430 |  |  | 98.3 | % |  | 98.3 | % |  | 98.3 | % |  | 98.3 | % |
| 6115 W. Sunset Boulevard |  | Hollywood / West Hollywood |  | 26,238 |  |  | 23.8 | % |  | 23.8 | % |  | 23.8 | % |  | 23.8 | % |
| 6121 W. Sunset Boulevard |  | Hollywood / West Hollywood |  | 93,418 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 6255 W. Sunset Boulevard |  | Hollywood / West Hollywood |  | 325,772 |  |  | 64.6 | % |  | 63.6 | % |  | 65.2 | % |  | 65.0 | % |
| 8560 W. Sunset Boulevard |  | Hollywood / West Hollywood |  | 76,359 |  |  | 93.6 | % |  | 83.4 | % |  | 93.6 | % |  | 93.6 | % |
| 8570 W. Sunset Boulevard |  | Hollywood / West Hollywood |  | 49,276 |  |  | 94.5 | % |  | 94.5 | % |  | 99.0 | % |  | 99.0 | % |
| 8580 W. Sunset Boulevard |  | Hollywood / West Hollywood |  | 6,875 |  |  | 0.0 | % |  | 0.0 | % |  | 0.0 | % |  | 0.0 | % |
| 8590 W. Sunset Boulevard |  | Hollywood / West Hollywood |  | 56,750 |  |  | 97.4 | % |  | 97.4 | % |  | 99.7 | % |  | 99.7 | % |
| 2240 E. Imperial Highway |  | El Segundo |  | 122,870 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 2250 E. Imperial Highway |  | El Segundo |  | 298,728 |  |  | 80.0 | % |  | 46.2 | % |  | 80.0 | % |  | 46.2 | % |
| 2260 E. Imperial Highway |  | El Segundo |  | 298,728 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 909 N. Pacific Coast Highway |  | El Segundo |  | 244,880 |  |  | 71.3 | % |  | 79.3 | % |  | 72.2 | % |  | 79.3 | % |
| 999 N. Pacific Coast Highway |  | El Segundo |  | 138,389 |  |  | 48.7 | % |  | 48.4 | % |  | 52.5 | % |  | 48.4 | % |
| 3750 Kilroy Airport Way |  | Long Beach |  | 10,718 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 3760 Kilroy Airport Way |  | Long Beach |  | 166,761 |  |  | 80.4 | % |  | 78.3 | % |  | 80.4 | % |  | 80.4 | % |
| 3780 Kilroy Airport Way |  | Long Beach |  | 221,452 |  |  | 95.7 | % |  | 89.4 | % |  | 98.1 | % |  | 94.1 | % |
| 3800 Kilroy Airport Way |  | Long Beach |  | 192,476 |  |  | 89.3 | % |  | 89.3 | % |  | 93.5 | % |  | 89.3 | % |
| 3840 Kilroy Airport Way |  | Long Beach |  | 138,441 |  |  | 77.6 | % |  | 77.6 | % |  | 77.6 | % |  | 77.6 | % |
| 3880 Kilroy Airport Way |  | Long Beach |  | 96,923 |  |  | 51.9 | % |  | 51.9 | % |  | 51.9 | % |  | 51.9 | % |
| 3900 Kilroy Airport Way |  | Long Beach |  | 130,935 |  |  | 69.3 | % |  | 69.3 | % |  | 91.4 | % |  | 91.4 | % |
| 12100 W. Olympic Boulevard |  | West Los Angeles |  | 155,679 |  |  | 74.1 | % |  | 74.1 | % |  | 74.1 | % |  | 74.1 | % |
| 12200 W. Olympic Boulevard |  | West Los Angeles |  | 154,544 |  |  | 32.0 | % |  | 32.0 | % |  | 32.0 | % |  | 32.0 | % |
| 12233 W. Olympic Boulevard |  | West Los Angeles |  | 156,746 |  |  | 50.2 | % |  | 48.4 | % |  | 50.2 | % |  | 48.4 | % |
| 12312 W. Olympic Boulevard |  | West Los Angeles |  | 76,644 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 2100/2110 Colorado Avenue |  | West Los Angeles |  | 104,853 |  |  | 55.4 | % |  | 55.4 | % |  | 55.4 | % |  | 55.4 | % |
| 501 Santa Monica Boulevard |  | West Los Angeles |  | 78,509 |  |  | 66.5 | % |  | 66.5 | % |  | 66.5 | % |  | 66.5 | % |
| 3101-3243 La Cienega Boulevard |  | Culver City |  | 166,207 |  |  | 18.6 | % |  | 13.4 | % |  | 18.6 | % |  | 18.6 | % |
| Total Los Angeles |  |  |  | 4,338,046 |  |  | 76.7 | % |  | 73.9 | % |  | 78.0 | % |  | 75.5 | % |

11

Q3 2024 Supplemental Financial Report |

Stabilized Portfolio Occupancy Overview by Region, continued

|  |  |  |  | Rentable Square Feet |  | Occupied at |  | Leased at |
|  |  | Submarket |  |  | 9/30/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 6/30/2024 |
| San Diego, California |  |  |  |  |  |  |  |  |  |  |  |  |
| 12225 El Camino Real |  | Del Mar |  | 58,401 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 12235 El Camino Real |  | Del Mar |  | 53,751 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 12340 El Camino Real |  | Del Mar |  | 109,307 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 12390 El Camino Real |  | Del Mar |  | 73,238 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 12770 El Camino Real |  | Del Mar |  | 75,035 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 12780 El Camino Real |  | Del Mar |  | 140,591 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 12790 El Camino Real |  | Del Mar |  | 87,944 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 12830 El Camino Real |  | Del Mar |  | 196,444 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 12860 El Camino Real |  | Del Mar |  | 92,042 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 12348 High Bluff Drive |  | Del Mar |  | 39,192 |  |  | 51.5 | % |  | 51.5 | % |  | 51.5 | % |  | 51.5 | % |
| 12400 High Bluff Drive |  | Del Mar |  | 216,518 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 12707 High Bluff Drive * |  | Del Mar |  | 59,245 |  |  | 93.5 | % |  | N/A |  | 93.5 | % |  | N/A |
| 12777 High Bluff Drive * |  | Del Mar |  | 44,486 |  |  | 100.0 | % |  | N/A |  | 100.0 | % |  | N/A |
| 3579 Valley Centre Drive |  | Del Mar |  | 54,960 |  |  | 87.0 | % |  | 94.7 | % |  | 94.7 | % |  | 94.7 | % |
| 3611 Valley Centre Drive |  | Del Mar |  | 132,425 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 3661 Valley Centre Drive |  | Del Mar |  | 131,662 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 3721 Valley Centre Drive |  | Del Mar |  | 117,777 |  |  | 78.9 | % |  | 78.4 | % |  | 90.3 | % |  | 90.0 | % |
| 3811 Valley Centre Drive |  | Del Mar |  | 118,912 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 3745 Paseo Place |  | Del Mar |  | 95,871 |  |  | 86.3 | % |  | 89.6 | % |  | 87.9 | % |  | 91.2 | % |
| 13480 Evening Creek Drive North |  | I-15 Corridor |  | 143,401 |  |  | 56.7 | % |  | 57.1 | % |  | 56.7 | % |  | 57.1 | % |
| 13500 Evening Creek Drive North |  | I-15 Corridor |  | 137,660 |  |  | 100.0 | % |  | 92.9 | % |  | 100.0 | % |  | 92.9 | % |
| 13520 Evening Creek Drive North |  | I-15 Corridor |  | 146,701 |  |  | 76.3 | % |  | 95.2 | % |  | 93.4 | % |  | 95.2 | % |
| 2100 Kettner Boulevard |  | Little Italy / Point Loma |  | 212,423 |  |  | 22.6 | % |  | 22.6 | % |  | 33.5 | % |  | 30.6 | % |
| 2305 Historic Decatur Road |  | Little Italy / Point Loma |  | 107,456 |  |  | 82.1 | % |  | 82.1 | % |  | 88.3 | % |  | 88.3 | % |
| 9455 Towne Centre Drive |  | University Towne Center |  | 160,444 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 9514 Towne Centre Drive * |  | University Towne Center |  | 70,616 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| Total San Diego |  |  |  | 2,876,502 |  |  | 87.9 | % |  | 88.5 | % |  | 90.5 | % |  | 89.9 | % |

________________________
* Excluded from our Same Store portfolio.
12

Q3 2024 Supplemental Financial Report |

Stabilized Portfolio Occupancy Overview by Region, continued

|  |  |  |  | Rentable Square Feet |  | Occupied at |  | Leased at |
|  |  | Submarket |  |  | 9/30/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 6/30/2024 |
| San Francisco Bay Area, California |  |  |  |  |  |  |  |  |  |  |  |  |
| 100 Hooper Street |  | San Francisco CBD |  | 417,914 |  |  | 95.5 | % |  | 95.5 | % |  | 100.0 | % |  | 100.0 | % |
| 100 First Street |  | San Francisco CBD |  | 480,457 |  |  | 93.6 | % |  | 93.4 | % |  | 93.6 | % |  | 94.2 | % |
| 303 Second Street |  | San Francisco CBD |  | 784,658 |  |  | 73.5 | % |  | 73.2 | % |  | 73.5 | % |  | 73.5 | % |
| 201 Third Street |  | San Francisco CBD |  | 346,538 |  |  | 68.2 | % |  | 68.2 | % |  | 68.2 | % |  | 68.2 | % |
| 360 Third Street |  | San Francisco CBD |  | 436,357 |  |  | 66.6 | % |  | 66.6 | % |  | 66.6 | % |  | 66.6 | % |
| 250 Brannan Street |  | San Francisco CBD |  | 100,850 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 301 Brannan Street |  | San Francisco CBD |  | 82,834 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 333 Brannan Street |  | San Francisco CBD |  | 185,602 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 345 Brannan Street |  | San Francisco CBD |  | 110,050 |  |  | 99.7 | % |  | 99.7 | % |  | 99.7 | % |  | 99.7 | % |
| 350 Mission Street |  | San Francisco CBD |  | 455,340 |  |  | 99.7 | % |  | 99.7 | % |  | 99.7 | % |  | 99.7 | % |
| 1290-1300 Terra Bella Avenue |  | Silicon Valley |  | 114,175 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 680 E. Middlefield Road |  | Silicon Valley |  | 171,676 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 690 E. Middlefield Road |  | Silicon Valley |  | 171,215 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 1701 Page Mill Road |  | Silicon Valley |  | 128,688 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 3150 Porter Drive |  | Silicon Valley |  | 36,886 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 505 Mathilda Avenue |  | Silicon Valley |  | 212,322 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 555 Mathilda Avenue |  | Silicon Valley |  | 212,322 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 599 Mathilda Avenue |  | Silicon Valley |  | 76,031 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 605 Mathilda Avenue |  | Silicon Valley |  | 162,785 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 345 Oyster Point Boulevard |  | South San Francisco |  | 40,410 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 347 Oyster Point Boulevard |  | South San Francisco |  | 39,780 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 349 Oyster Point Boulevard |  | South San Francisco |  | 65,340 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 350 Oyster Point Boulevard |  | South San Francisco |  | 234,892 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 352 Oyster Point Boulevard |  | South San Francisco |  | 232,215 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 354 Oyster Point Boulevard |  | South San Francisco |  | 193,472 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 4100 Bohannon Drive |  | Other Peninsula |  | 47,643 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 4200 Bohannon Drive |  | Other Peninsula |  | 43,600 |  |  | 69.4 | % |  | 69.4 | % |  | 69.4 | % |  | 69.4 | % |
| 4300 Bohannon Drive |  | Other Peninsula |  | 63,430 |  |  | 63.5 | % |  | 63.5 | % |  | 100.0 | % |  | 100.0 | % |
| 4500 Bohannon Drive |  | Other Peninsula |  | 63,429 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 4600 Bohannon Drive |  | Other Peninsula |  | 48,413 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 4700 Bohannon Drive |  | Other Peninsula |  | 63,429 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 900 Jefferson Avenue |  | Other Peninsula |  | 228,226 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 900 Middlefield Road |  | Other Peninsula |  | 119,616 |  |  | 100.0 | % |  | 54.6 | % |  | 100.0 | % |  | 100.0 | % |
| Total San Francisco Bay Area |  |  |  | 6,170,595 |  |  | 91.1 | % |  | 90.1 | % |  | 91.7 | % |  | 91.8 | % |

13

Q3 2024 Supplemental Financial Report |

Stabilized Portfolio Occupancy Overview by Region, continued

|  |  |  |  | Rentable Square Feet |  | Occupied at |  | Leased at |
|  |  | Submarket |  |  | 9/30/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 6/30/2024 |
| Seattle, Washington |  |  |  |  |  |  |  |  |  |  |  |  |
| 333 Dexter Avenue North |  | Lake Union / Denny Regrade |  | 618,766 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 701 N. 34th Street |  | Lake Union / Denny Regrade |  | 141,860 |  |  | 44.8 | % |  | 95.1 | % |  | 64.5 | % |  | 100.0 | % |
| 801 N. 34th Street |  | Lake Union / Denny Regrade |  | 173,615 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 837 N. 34th Street |  | Lake Union / Denny Regrade |  | 112,487 |  |  | 85.6 | % |  | 94.0 | % |  | 85.6 | % |  | 100.0 | % |
| 320 Westlake Avenue North |  | Lake Union / Denny Regrade |  | 184,644 |  |  | 94.3 | % |  | 94.3 | % |  | 96.1 | % |  | 94.3 | % |
| 321 Terry Avenue North |  | Lake Union / Denny Regrade |  | 135,755 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 401 Terry Avenue North |  | Lake Union / Denny Regrade |  | 174,530 |  |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |
| 2001 8th Avenue |  | Lake Union / Denny Regrade |  | 535,395 |  |  | 19.5 | % |  | 19.3 | % |  | 19.5 | % |  | 19.3 | % |
| 601 108th Avenue NE |  | Bellevue |  | 490,738 |  |  | 98.7 | % |  | 99.0 | % |  | 98.7 | % |  | 99.0 | % |
| 10900 NE 4th Street |  | Bellevue |  | 428,557 |  |  | 89.5 | % |  | 89.1 | % |  | 90.5 | % |  | 90.5 | % |
| Total Seattle |  |  |  | 2,996,347 |  |  | 80.4 | % |  | 83.1 | % |  | 81.6 | % |  | 83.7 | % |
| Austin, Texas |  |  |  |  |  |  |  |  |  |  |  |  |
| 200 W. 6th Street * |  | Austin CBD |  | 758,975 |  |  | 74.2 | % |  | 72.3 | % |  | 80.7 | % |  | 79.9 | % |
| Total Austin |  |  |  | 758,975 |  |  | 74.2 | % |  | 72.3 | % |  | 80.7 | % |  | 79.9 | % |
| TOTAL STABILIZED PORTFOLIO |  | 17,140,465 |  |  | 84.3 | % |  | 83.7 | % |  | 85.8 | % |  | 85.4 | % |

________________________
* Excluded from our Same Store portfolio.

|  |  |  |  |  |  | Average Residential Occupancy |
|  |  |  |  |  |  | Quarter-to-Date |  | Year-to-Date |
| RESIDENTIAL PROPERTIES |  | Submarket |  | Total No. of Units |  | 9/30/2024 |  | 6/30/2024 |  | 9/30/2024 |
| Los Angeles, California |  |  |  |  |  |  |  |  |  |  |
| 1550 N. El Centro Avenue |  | Hollywood |  | 200 |  | 90.2% |  | 91.0% |  | 90.6% |
| 6390 De Longpre Avenue |  | Hollywood |  | 193 |  | 89.9% |  | 91.3% |  | 91.2% |
| San Diego, California |  |  |  |  |  |  |  |  |  |  |
| 3200 Paseo Village Way |  | Del Mar |  | 608 |  | 93.2% |  | 93.8% |  | 93.7% |
| TOTAL RESIDENTIAL PROPERTIES |  |  |  | 1,001 |  | 92.0% |  | 92.8% |  | 92.6% |

14

Q3 2024 Supplemental Financial Report |

Information on Leases Commenced (1)

| Quarter to Date | # of Leases |  | Square Feet |  | Weighted Average Lease Term (Mo.) |  | TI/LC Per Sq.Ft. (2) |  | TI/LC Per Sq.Ft. /Year (2) |  | Changes in GAAP Rents (3) |  | Changes in Cash Rents (3) |
|  | New |  | Renewal |  | New |  | Renewal |  | Total |  |  |  |  |  |
| 2nd Gen Leasing (4) | 14 |  |  | 11 |  |  | 109,470 |  |  | 151,592 |  |  | 261,062 |  |  | 80 |  |  | $ | 108.03 |  |  | $ | 16.21 |  |  | 48.3 | % |  | 22.4 | % |
| 1st Gen / Major Repositioning / In-Process Development & Redevelopment Leasing (4) | 1 |  |  | — |  |  | 14,633 |  |  | — |  |  | 14,633 |  |  | 153 |  |  | $ | 187.30 |  |  | $ | 14.69 |  |  |  |  |  |
| TOTAL | 15 |  |  | 11 |  |  | 124,103 |  |  | 151,592 |  |  | 275,695 |  |  |  |  |  |  |  |  |  |  |  |

| Year to Date | # of Leases |  | Square Feet |  | Weighted Average Lease Term (Mo.) |  | TI/LC Per Sq.Ft. (2) |  | TI/LC Per Sq.Ft. /Year (2) |  | Changes in GAAP Rents (3) |  | Changes in Cash Rents (3) |
|  | New |  | Renewal |  | New |  | Renewal |  | Total |  |  |  |  |  |
| 2nd Gen Leasing (4) | 39 |  |  | 34 |  |  | 307,933 |  |  | 334,626 |  |  | 642,559 |  |  | 62 |  |  | $ | 63.00 |  |  | $ | 12.19 |  |  | 21.8 | % |  | 6.3 | % |
| 1st Gen / Major Repositioning / In-Process Development & Redevelopment Leasing (4) | 6 |  |  | — |  |  | 85,499 |  |  | — |  |  | 85,499 |  |  | 154 |  |  | $ | 170.29 |  |  | $ | 13.27 |  |  |  |  |  |
| TOTAL: | 45 |  |  | 34 |  |  | 393,432 |  |  | 334,626 |  |  | 728,058 |  |  |  |  |  |  |  |  |  |  |  |

________________________
(1)Includes 100% of consolidated property partnerships. Excludes leases with a lease term of less than one year. During the three and nine months ended September 30, 2024, 310,763 and 365,019 square feet of leases commenced with a lease term less than one year, respectively. Further excludes a 109,790 square foot short-term lease signed with the successor entity of DermTech. During the second quarter, DermTech rejected its lease and the Company executed the short-term lease to facilitate DermTech’s interim operations.
(2)Includes tenant improvement costs and third-party leasing commissions. Amounts exclude tenant-funded tenant improvements and indirect leasing costs.
(3)Calculated as the change between the expiring GAAP rent and the new GAAP rent and the expiring cash rent and the new cash rent for the same space. Space that was vacant when the property was acquired is excluded from our change in rents calculations to provide a more meaningful market comparison.
(4)Refer to pages 36-38 “Definitions Included in Supplemental.”
15

Q3 2024 Supplemental Financial Report |

Information on Leases Executed (1)

| Quarter to Date (2) | # of Leases |  | Square Feet |  | Weighted Average Lease Term (Mo.) |  | TI/LC Per Sq.Ft. (3) |  | TI/LC Per Sq.Ft. /Year (3) |  | Changes in GAAP Rents (4) |  | Changes in Cash Rents (4) |  | Retention Rates |
|  | New |  | Renewal |  | New |  | Renewal |  | Total |  |  |  |  |  |  |
| 2nd Gen Leasing (5) | 10 |  |  | 11 |  |  | 63,630 |  |  | 151,592 |  |  | 215,222 |  |  | 66 |  |  | $ | 72.64 |  |  | $ | 13.21 |  |  | 26.0 | % |  | 7.1 | % |  | 33.3 | % |
| 1st Gen / Major Repositioning / In-Process Development & Redevelopment Leasing (5) | 3 |  |  | — |  |  | 11,550 |  |  | — |  |  | 11,550 |  |  | 98 |  |  | $ | 147.40 |  |  | $ | 18.05 |  |  |  |  |  |  |  |
| TOTAL | 13 |  |  | 11 |  |  | 75,180 |  |  | 151,592 |  |  | 226,772 |  |  |  |  |  |  |  |  |  |  |  |  |  |

| Year to Date (6) | # of Leases |  | Square Feet |  | Weighted Average Lease Term (Mo.) |  | TI/LC Per Sq.Ft. (3) |  | TI/LC Per Sq.Ft. /Year (3) |  | Changes in GAAP Rents (4) |  | Changes in Cash Rents (4) |  | Retention Rates |
|  | New |  | Renewal |  | New |  | Renewal |  | Total |  |  |  |  |  |  |
| 2nd Gen Leasing (5) | 47 |  |  | 34 |  |  | 343,617 |  |  | 334,626 |  |  | 678,243 |  |  | 62 |  |  | $ | 52.26 |  |  | $ | 10.11 |  |  | 12.8 | % |  | (0.6) | % |  | 29.8 | % |
| 1st Gen / Major Repositioning / In-Process Development & Redevelopment Leasing (5) | 9 |  |  | — |  |  | 51,638 |  |  | — |  |  | 51,638 |  |  | 91 |  |  | $ | 113.81 |  |  | $ | 15.01 |  |  |  |  |  |  |  |
| TOTAL: | 56 |  |  | 34 |  |  | 395,255 |  |  | 334,626 |  |  | 729,881 |  |  |  |  |  |  |  |  |  |  |  |  |  |

________________________
(1)Includes 100% of consolidated property partnerships. Excludes leases with a lease term of less than one year. During the three and nine months ended September 30, 2024, we signed 208,751 and 340,463 square feet of leases with a lease term less than one year, respectively. Further excludes a 109,790 square foot short-term lease signed with the successor entity of DermTech. During the second quarter, DermTech rejected its lease and the Company executed the short-term lease to facilitate DermTech’s interim operations.
(2)During the three months ended September 30, 2024, 12 new leases totaling 73,646 square feet were signed but not commenced as of September 30, 2024.
(3)Includes tenant improvement costs and third-party leasing commissions. Amounts exclude tenant-funded tenant improvements and indirect leasing costs.
(4)Calculated as the change between the expiring GAAP rent and the new GAAP rent and the expiring cash rent and the new cash rent for the same space. Space that was vacant when the property was acquired is excluded from our change in rents calculations to provide a more meaningful market comparison.
(5)Refer to pages 36-38 “Definitions Included in Supplemental.”
(6)During the nine months ended September 30, 2024, 28 new leases totaling 242,983 square feet were signed but not commenced as of September 30, 2024.
16

Q3 2024 Supplemental Financial Report |

Stabilized Portfolio Capital Expenditures
($ in thousands)

|  | Q3 2024 |  | Q2 2024 |  | Q1 2024 |  | Q4 2023 |  | Q3 2023 |
| 2nd Gen Capital Expenditures: (1) (2) |  |  |  |  |  |  |  |  |  |
| Capital Improvements | $ | 11,734 |  |  | $ | 10,029 |  |  | $ | 4,962 |  |  | $ | 12,872 |  |  | $ | 6,361 |  |
| Tenant Improvements & Leasing Commissions | 13,928 |  |  | 12,040 |  |  | 6,801 |  |  | 18,539 |  |  | 14,158 |  |
| Total | $ | 25,662 |  |  | $ | 22,069 |  |  | $ | 11,763 |  |  | $ | 31,411 |  |  | $ | 20,519 |  |
| Average Capital Expenditures to Average NOI Ratio - Trailing Five Quarters | 11.7 | % |  |  |  |  |  |  |  |  |
|  | Q3 2024 |  | Q2 2024 |  | Q1 2024 |  | Q4 2023 |  | Q3 2023 |
| Major Repositioning Capital Expenditures: (1) (3) |  |  |  |  |  |  |  |  |  |
| Capital Improvements | $ | 4,301 |  |  | $ | 9,940 |  |  | $ | 7,130 |  |  | $ | 1,411 |  |  | $ | 2,092 |  |
| Tenant Improvements & Leasing Commissions | — |  |  | — |  |  | 89 |  |  | (329) |  |  | — |  |
| Total | $ | 4,301 |  |  | $ | 9,940 |  |  | $ | 7,219 |  |  | $ | 1,082 |  |  | $ | 2,092 |  |
|  | Q3 2024 |  | Q2 2024 |  | Q1 2024 |  | Q4 2023 |  | Q3 2023 |
| 1st Gen Capital Expenditures: (1) (4) |  |  |  |  |  |  |  |  |  |
| Tenant Improvements & Leasing Commissions | $ | 1,431 |  |  | $ | 3,773 |  |  | $ | 10,063 |  |  | N/A |  | N/A |
| Total | $ | 1,431 |  |  | $ | 3,773 |  |  | $ | 10,063 |  |  | N/A |  | N/A |

________________________
(1)Refer to pages 36-38 “Definitions Included in Supplemental.”
(2)Includes 100% of capital expenditures of consolidated property partnerships.
(3)Prior to Q1 2024, this category was titled “1st Generation (Nonrecurring) Capital Expenditures.” This category represents significant non-recurring capital expenditures for repositioning space that is expected to result in additional revenue generated when the space is re-leased.
(4)New category of capital expenditures beginning in Q1 2024.
17

Q3 2024 Supplemental Financial Report |

Stabilized Portfolio Lease Expiration Summary (1)(2)
($ in thousands, except for annualized rent per sq. ft.)

# of Expiring Leases |  | 11 | 76 | 69 | 76 | 58 | 46 | 49 | 45 | 17 | 11 | 28
% of Total Leased Sq. Ft. |  | 2.0 | % | 5.4 | % | 13.6 | % | 7.8 | % | 8.3 | % | 8.6 | % | 11.7 | % | 16.1 | % | 8.1 | % | 7.4 | % | 11.0 | %
Annualized Base Rent (“ABR”) |  | $17,069 | $33,134 | $91,231 | $44,373 | $71,505 | $65,556 | $96,860 | $145,076 | $74,380 | $60,034 | $98,909
% of Total ABR (3) |  | 2.1 | % | 4.2 | % | 11.4 | % | 5.6 | % | 9.0 | % | 8.2 | % | 12.1 | % | 18.2 | % | 9.3 | % | 7.5 | % | 12.4 | %
Annualized Rent per Sq. Ft. |  | $60.10 | $44.04 | $48.14 | $40.91 | $61.75 | $54.73 | $59.47 | $64.69 | $66.10 | $58.00 | $64.47

________________________
(1)For leases that have been renewed early with existing tenants, the expiration date and annualized base rent information presented takes into consideration the renewed lease terms. Excludes leases not commenced as of September 30, 2024, space leased under month-to-month leases, storage leases, vacant space, leases with a lease term of less than one year, and future lease renewal options not executed as of September 30, 2024.
(2)Adjusting for leasing transactions executed as of September 30, 2024 but not yet commenced, the 2024, 2025, and 2026 expirations would be reduced by 7,623, 64,142, and 156,785 square feet, respectively.
(3)Includes 100% of annualized base rent of consolidated property partnerships.
18

Q3 2024 Supplemental Financial Report |

Stabilized Portfolio Lease Expiration Schedule by Region
($ in thousands, except for annualized rent per sq. ft.)

| Year |  | Region |  | # of Expiring Leases |  | Total Square Feet |  | % of Total Leased Sq. Ft. |  | Annualized Base Rent (1) |  | % of Total Annualized Base Rent |  | Annualized Rent per Sq. Ft. |
| 2024 |  | Los Angeles |  | 8 |  |  | 56,761 |  |  | 0.4 | % |  | $ | 3,455 |  |  | 0.4 | % |  | $ | 60.87 |  |
|  | San Diego |  | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |
|  | San Francisco Bay Area |  | 2 |  |  | 223,522 |  |  | 1.6 | % |  | 13,456 |  |  | 1.7 | % |  | 60.20 |  |
|  | Seattle |  | 1 |  |  | 3,727 |  |  | — | % |  | 158 |  |  | — | % |  | 42.39 |  |
|  | Austin |  | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |
|  | Total |  | 11 |  |  | 284,010 |  |  | 2.0 | % |  | $ | 17,069 |  |  | 2.1 | % |  | $ | 60.10 |  |
| 2025 |  | Los Angeles |  | 38 |  |  | 220,026 |  |  | 1.6 | % |  | $ | 9,199 |  |  | 1.2 | % |  | $ | 41.81 |  |
|  | San Diego |  | 19 |  |  | 219,912 |  |  | 1.6 | % |  | 9,042 |  |  | 1.1 | % |  | 41.12 |  |
|  | San Francisco Bay Area |  | 8 |  |  | 120,729 |  |  | 0.9 | % |  | 8,604 |  |  | 1.1 | % |  | 71.27 |  |
|  | Seattle |  | 11 |  |  | 191,665 |  |  | 1.3 | % |  | 6,289 |  |  | 0.8 | % |  | 32.81 |  |
|  | Austin |  | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |
|  | Total |  | 76 |  |  | 752,332 |  |  | 5.4 | % |  | $ | 33,134 |  |  | 4.2 | % |  | $ | 44.04 |  |
| 2026 |  | Los Angeles |  | 27 |  |  | 489,626 |  |  | 3.5 | % |  | $ | 20,245 |  |  | 2.5 | % |  | $ | 41.35 |  |
|  | San Diego |  | 11 |  |  | 160,938 |  |  | 1.2 | % |  | 8,880 |  |  | 1.1 | % |  | 55.18 |  |
|  | San Francisco Bay Area |  | 18 |  |  | 945,807 |  |  | 6.8 | % |  | 49,543 |  |  | 6.2 | % |  | 52.38 |  |
|  | Seattle |  | 13 |  |  | 298,687 |  |  | 2.1 | % |  | 12,563 |  |  | 1.6 | % |  | 42.06 |  |
|  | Austin |  | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |
|  | Total |  | 69 |  |  | 1,895,058 |  |  | 13.6 | % |  | $ | 91,231 |  |  | 11.4 | % |  | $ | 48.14 |  |
| 2027 |  | Los Angeles |  | 41 |  |  | 743,785 |  |  | 5.4 | % |  | $ | 27,767 |  |  | 3.6 | % |  | $ | 37.33 |  |
|  | San Diego |  | 20 |  |  | 167,423 |  |  | 1.2 | % |  | 8,026 |  |  | 1.0 | % |  | 47.94 |  |
|  | San Francisco Bay Area |  | 5 |  |  | 84,355 |  |  | 0.6 | % |  | 5,179 |  |  | 0.6 | % |  | 61.40 |  |
|  | Seattle |  | 10 |  |  | 89,198 |  |  | 0.6 | % |  | 3,401 |  |  | 0.4 | % |  | 38.13 |  |
|  | Austin |  | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |
|  | Total |  | 76 |  |  | 1,084,761 |  |  | 7.8 | % |  | $ | 44,373 |  |  | 5.6 | % |  | $ | 40.91 |  |
| 2028 |  | Los Angeles |  | 25 |  |  | 139,009 |  |  | 1.0 | % |  | $ | 7,568 |  |  | 0.9 | % |  | $ | 54.44 |  |
|  | San Diego |  | 13 |  |  | 220,424 |  |  | 1.6 | % |  | 12,550 |  |  | 1.6 | % |  | 56.94 |  |
|  | San Francisco Bay Area |  | 11 |  |  | 730,462 |  |  | 5.2 | % |  | 49,244 |  |  | 6.2 | % |  | 67.41 |  |
|  | Seattle |  | 9 |  |  | 68,147 |  |  | 0.5 | % |  | 2,143 |  |  | 0.3 | % |  | 31.45 |  |
|  | Austin |  | — |  |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |
|  | Total |  | 58 |  |  | 1,158,042 |  |  | 8.3 | % |  | $ | 71,505 |  |  | 9.0 | % |  | $ | 61.75 |  |
| 2029 and Beyond |  | Los Angeles |  | 49 |  |  | 1,419,998 |  |  | 10.2 | % |  | $ | 81,371 |  |  | 10.2 | % |  | $ | 57.30 |  |
|  | San Diego |  | 66 |  |  | 1,638,331 |  |  | 11.8 | % |  | 99,257 |  |  | 12.4 | % |  | 60.58 |  |
|  | San Francisco Bay Area |  | 41 |  |  | 3,450,764 |  |  | 24.8 | % |  | 257,088 |  |  | 32.2 | % |  | 74.50 |  |
|  | Seattle |  | 28 |  |  | 1,697,982 |  |  | 12.2 | % |  | 78,027 |  |  | 9.8 | % |  | 45.95 |  |
|  | Austin |  | 12 |  |  | 556,324 |  |  | 3.9 | % |  | 25,072 |  |  | 3.1 | % |  | 45.07 |  |
|  | Total |  | 196 |  |  | 8,763,399 |  |  | 62.9 | % |  | $ | 540,815 |  |  | 67.7 | % |  | $ | 61.71 |  |

________________________
(1)Includes 100% of annualized base rent of consolidated property partnerships.
19

Q3 2024 Supplemental Financial Report |

Top 20 Tenants
($ in thousands)

|  | Tenant Name (1) |  | Region |  | Annualized Base Rental Revenue (2) |  | Rentable Square Feet |  | Percentage of Total Annualized Base Rental Revenue |  | Percentage of Total Rentable Square Feet |  | Year(s) of Significant Lease Expiration(s) (3) |  | Weighted Average Remaining Lease Term (Years) |
| 1 | Global technology company |  | Seattle / San Diego |  | $ | 44,851 |  |  | 849,826 |  |  | 5.6 | % |  | 5.0 | % |  | 2032 - 2033 / 2037 |  | 8.8 |
| 2 | Cruise LLC |  | San Francisco Bay Area |  | 35,449 |  |  | 374,618 |  |  | 4.4 | % |  | 2.2 | % |  | 2031 |  | 7.2 |
| 3 | Stripe, Inc. |  | San Francisco Bay Area |  | 33,110 |  |  | 425,687 |  |  | 4.2 | % |  | 2.5 | % |  | 2034 |  | 9.8 |
| 4 | LinkedIn Corporation / Microsoft Corporation (4) |  | San Francisco Bay Area |  | 29,752 |  |  | 663,460 |  |  | 3.7 | % |  | 3.9 | % |  | 2024 / 2026 |  | 1.7 |
| 5 | Adobe Systems, Inc. |  | San Francisco Bay Area / Seattle |  | 27,897 |  |  | 522,879 |  |  | 3.5 | % |  | 3.1 | % |  | 2027 / 2031 |  | 6.6 |
| 6 | Salesforce, Inc. |  | San Francisco Bay Area / Seattle |  | 24,706 |  |  | 472,988 |  |  | 3.1 | % |  | 2.8 | % |  | 2029 - 2030 / 2032 |  | 5.6 |
| 7 | Okta, Inc. |  | San Francisco Bay Area |  | 24,206 |  |  | 293,001 |  |  | 3.0 | % |  | 1.7 | % |  | 2028 |  | 4.1 |
| 8 | DoorDash, Inc. |  | San Francisco Bay Area |  | 23,842 |  |  | 236,759 |  |  | 3.0 | % |  | 1.4 | % |  | 2032 |  | 7.3 |
| 9 | Netflix, Inc. |  | Los Angeles |  | 21,854 |  |  | 361,388 |  |  | 2.7 | % |  | 2.1 | % |  | 2032 |  | 7.8 |
| 10 | Cytokinetics, Inc. |  | San Francisco Bay Area |  | 18,167 |  |  | 234,892 |  |  | 2.3 | % |  | 1.4 | % |  | 2033 |  | 9.1 |
| 11 | Box, Inc. |  | San Francisco Bay Area |  | 16,853 |  |  | 287,680 |  |  | 2.1 | % |  | 1.7 | % |  | 2028 |  | 3.8 |
| 12 | Neurocrine Biosciences, Inc. |  | San Diego |  | 16,365 |  |  | 299,064 |  |  | 2.1 | % |  | 1.7 | % |  | 2025 / 2029 / 2031 |  | 6.0 |
| 13 | DIRECTV, LLC |  | Los Angeles |  | 16,085 |  |  | 532,956 |  |  | 2.0 | % |  | 3.1 | % |  | 2026 - 2027 |  | 2.9 |
| 14 | Synopsys, Inc. |  | San Francisco Bay Area |  | 15,492 |  |  | 342,891 |  |  | 1.9 | % |  | 2.0 | % |  | 2030 |  | 5.9 |
| 15 | Amazon.com |  | Seattle |  | 13,926 |  |  | 340,705 |  |  | 1.7 | % |  | 2.0 | % |  | 2025 / 2030 |  | 4.7 |
| 16 | Viacom International, Inc. |  | Los Angeles |  | 13,718 |  |  | 220,330 |  |  | 1.7 | % |  | 1.3 | % |  | 2028 |  | 4.3 |
| 17 | Riot Games, Inc. (5) |  | Los Angeles |  | 13,571 |  |  | 203,722 |  |  | 1.7 | % |  | 1.2 | % |  | 2024 / 2026 / 2031 |  | 3.5 |
| 18 | Indeed, Inc. |  | Austin |  | 13,430 |  |  | 330,394 |  |  | 1.7 | % |  | 1.9 | % |  | 2034 |  | 10.3 |
| 19 | Sony Interactive Entertainment, LLC |  | San Francisco Bay Area |  | 13,059 |  |  | 127,760 |  |  | 1.6 | % |  | 0.7 | % |  | 2030 |  | 5.5 |
| 20 | Tandem Diabetes Care, Inc. |  | San Diego |  | 12,409 |  |  | 143,850 |  |  | 1.6 | % |  | 0.8 | % |  | 2035 |  | 10.6 |
|  | Total Top 20 Tenants |  |  |  | $ | 428,742 |  |  | 7,264,850 |  |  | 53.6 | % |  | 42.5 | % |  |  |  | 6.2 |

________________________
(1)Includes subsidiaries of the tenant listed.
(2)The information presented is based upon annualized base rental revenues as of September 30, 2024 and includes 100% of annualized base rental revenues of consolidated property partnerships.
(3)We define significant lease expirations as those with space expiring greater than 25,000 rentable square feet.
(4)The 2024 lease expiration represents 76,031 rentable square feet expiring on October 31, 2024.
(5)The 2024 lease expiration represents 40,236 rentable square feet expiring on November 30, 2024.
20

Q3 2024 Supplemental Financial Report |

Tenant Industry Diversification (1)

Annualized Base Rent (2) | Square Feet (3)

________________________
(1)Based on the North American Industry Classification System as of September 30, 2024.
(2)Includes 100% of annualized base rent of consolidated property partnerships.
(3)Based on occupied square footage as of September 30, 2024.
21

Q3 2024 Supplemental Financial Report |

2024 Operating Property Acquisitions
($ in millions)

| COMPLETED OPERATING PROPERTY ACQUISITIONS |  | Submarket |  | Month of Acquisition |  | Number of Buildings |  | Rentable Square Feet |  | Purchase Price (1) |
| 1st Quarter |  |  |  |  |  |  |  |  |  |  |
| None |  |  |  |  |  |  |  |  |  |  |
| 2nd Quarter |  |  |  |  |  |  |  |  |  |  |
| None |  |  |  |  |  |  |  |  |  |  |
| 3rd Quarter |  |  |  |  |  |  |  |  |  |  |
| 12707 & 12777 High Bluff Drive (Junction at Del Mar) |  | Del Mar |  | September |  | 2 |  | 103,731 |  |  | $ | 35.0 |  |
| TOTAL |  |  |  |  |  | 2 |  | 103,731 |  |  | $ | 35.0 |  |

_______________________
(1)Excludes acquisition-related costs.
22

Q3 2024 Supplemental Financial Report |

Consolidated Ventures (Noncontrolling Property Partnerships)

| Property |  | Venture Partner |  | Submarket |  | Rentable Square Feet |  | KRC Ownership % |
| 100 First Street, San Francisco, CA |  | Norges Bank Real Estate Management |  | San Francisco |  | 480,457 |  | 56% |
| 303 Second Street, San Francisco, CA |  | Norges Bank Real Estate Management |  | San Francisco |  | 784,658 |  | 56% |
| 900 Jefferson Avenue and 900 Middlefield Road, Redwood City, CA (1) |  | Local developer |  | Redwood City |  | 347,842 |  | 93% |

|  |  | Quarter-to-Date |  | Year-to-Date |
| Total operating revenues |  | $ | 30,173 |  |  | $ | 90,707 |  |
| Total operating expenses |  | 9,198 |  |  | 26,291 |  |
| Net Operating Income - Consolidated Ventures (2)(3) |  | $ | 20,975 |  |  | $ | 64,416 |  |
| Adjustments: |  |  |  |  |
| Amortization of deferred revenue related to tenant-funded tenant improvements |  | (433) |  |  | (1,800) |  |
| Net effect of straight-line rents |  | 1,035 |  |  | 536 |  |
| Lease related adjustments and other |  | (821) |  |  | 475 |  |
| Other (3) |  | — |  |  | 57 |  |
| Cash Net Operating Income - Consolidated Ventures (4) |  | $ | 20,756 |  |  | $ | 63,684 |  |
| Company's Share of Cash Net Operating Income - Consolidated Ventures (4) |  | $ | 13,388 |  |  | $ | 42,073 |  |

____________________
(1)Reflects the KRC ownership percentage at time of agreement. Actual percentage may vary depending on cash flows or promote structure.
(2)For breakout of Net Operating Income by partnership, refer to page 39, Reconciliation of Net Income Available to Common Stockholders to Same Store Net Operating Income.
(3)Includes revenue reversals (recoveries) related to tenant creditworthiness and other.
(4)Please refer to pages 32-34 for Management Statements on non-GAAP supplemental measures.
23

03
Development
–In-Process Development & Redevelopment
–Future Development Pipeline

Q3 2024 Supplemental Financial Report |

In-Process Development & Redevelopment
($ in millions)

|  |  | Location |  | Construction Start Date |  | Estimated Stabilization Date (2) |  | Estimated Rentable Square Feet |  | Total Estimated Investment |  | Total Cash Costs Incurred as of 9/30/2024 (3)(4) |  | % Leased |  | Total Project % Occupied |
| TENANT IMPROVEMENT (1) |  |  |  |  |  |  |  |  |
| Office / Life Science |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| San Francisco Bay Area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 4400 Bohannon Drive (5) |  | Other Peninsula |  | 4Q 2022 |  | 3Q 2025 |  | 48,000 |  |  | $ | 55 |  |  | $ | 41 |  |  | —% |  | —% |
| San Diego |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 4690 Executive Drive (5) |  | University Towne Center |  | 1Q 2022 |  | 3Q 2025 |  | 52,000 |  |  | 25 |  |  | 22 |  |  | —% |  | —% |
| TOTAL: |  |  |  |  |  |  |  | 100,000 |  |  | $ | 80 |  |  | $ | 63 |  |  | —% |  | —% |

| UNDER CONSTRUCTION |  | Location |  | Construction Start Date |  | Estimated Stabilization Date (2) |  | Estimated Rentable Square Feet |  | Total Estimated Investment |  | Total Cash Costs Incurred as of 9/30/2024 (3) |  | % Leased |  |  |
| Office / Life Science |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| San Francisco Bay Area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Kilroy Oyster Point - Phase 2 |  | South San Francisco |  | 2Q 2021 |  | 4Q 2025 |  | 875,000 |  |  | $ | 1,000 |  |  | $ | 758 |  |  | —% |  |  |
| TOTAL: |  |  |  |  |  |  |  | 875,000 |  |  | $ | 1,000 |  |  | $ | 758 |  |  | —% |  |  |

________________________
(1)Represents projects that have reached cold shell condition and are ready for tenant improvements, which may require additional major base building construction before being placed in service.
(2)For office and retail, represents the earlier of anticipated 95% occupancy date or one year from substantial completion of base building components. For multi-phase projects, interest and carry cost capitalization may cease and recommence driven by various factors, including tenant improvement construction and other tenant related timing or project scope. For projects being redeveloped, redevelopment will occur in phases based on existing lease expiration dates and timing of the tenant improvement build-out.
(3)Represents costs incurred as of September 30, 2024, excluding accrued liabilities recorded in accordance with GAAP.
(4)For redevelopment properties, includes the existing depreciated basis for the buildings to be redeveloped.
(5)Redevelopment property.
25

Q3 2024 Supplemental Financial Report |

Future Development Pipeline
($ in millions)

| FUTURE DEVELOPMENT PIPELINE |  | Location |  | Approx. Developable Square Feet / Resi Units (1) |  | Total Cash Costs Incurred as of 9/30/2024 (2) |
| Los Angeles |  |  |  |  |  |  |  |  |
| 1633 26th Street |  | West Los Angeles |  | 190,000 |  | $ | 15 |  |
| San Diego |  |  |  |  |  |  |  |  |
| Santa Fe Summit South / North |  | 56 Corridor |  | 600,000 - 650,000 |  | 116 |  |
| 2045 Pacific Highway |  | Little Italy |  | 275,000 |  | 57 |  |
| Kilroy East Village |  | East Village |  | 1,100 units |  | 68 |  |
| San Francisco Bay Area |  |  |  |  |  |  |  |  |
| Kilroy Oyster Point - Phases 3 and 4 |  | South San Francisco |  | 875,000 - 1,000,000 |  | 232 |  |
| Flower Mart |  | SOMA |  | 2,300,000 |  | 605 |  |
| Seattle |  |  |  |  |  |  |  |  |
| SIX0 |  | Denny Regrade |  | 925,000 and 650 units |  | 189 |  |
| Austin |  |  |  |  |  |  |  |  |
| Stadium Tower |  | Stadium District / Domain |  | 493,000 |  | 74 |  |
| TOTAL: |  |  |  |  |  |  |  | $ | 1,356 |  |

________________________
(1)Represents developable office/life science square feet and/or residential units. The developable square feet, residential units, and scope of projects could change materially from estimated data provided due to one or more of the following: any significant changes in the economy, market conditions, our markets, tenant requirements and demands, construction costs, new supply, regulatory and entitlement processes, or project design.
(2)Represents costs incurred as of September 30, 2024, excluding accrued liabilities recorded in accordance with GAAP.
26

04
Debt and
Capitalization Data
–Capital Structure
–Debt Analysis

Q3 2024 Supplemental Financial Report |

Capital Structure
As of September 30, 2024 ($ in thousands)

|  |  | Shares/Units |  | Aggregate Principal Amount (1) or $ Value Equivalent |  | % of Total Market Capitalization |  | Stated Rate (2) |  | Maturity Date |  |  |
| Unsecured Debt |
| Revolving Credit Facility |  |  |  | $ | — |  |  | — | % |  | 5.96 | % |  | 7/31/2028 (3) |  |  |
| Term Loan Facility |  |  |  | 200,000 |  |  | 2.1 | % |  | 6.16 | % |  | 10/3/2027 (4) |  |  |
| Private Placement Senior Notes Series A due 2026 |  |  |  | 50,000 |  |  | 0.5 | % |  | 4.30 | % |  | 7/18/2026 |  |  |
| Private Placement Senior Notes Series B due 2026 |  |  |  | 200,000 |  |  | 2.1 | % |  | 4.35 | % |  | 10/18/2026 |  |  |
| Private Placement Senior Notes Series A due 2027 |  |  |  | 175,000 |  |  | 1.8 | % |  | 3.35 | % |  | 2/17/2027 |  |  |
| Private Placement Senior Notes Series B due 2029 |  |  |  | 75,000 |  |  | 0.8 | % |  | 3.45 | % |  | 2/17/2029 |  |  |
| Private Placement Senior Notes due 2031 |  |  |  | 350,000 |  |  | 3.6 | % |  | 4.27 | % |  | 1/31/2031 |  |  |
| Senior Notes due 2024 |  |  |  | 403,712 |  |  | 4.2 | % |  | 3.45 | % |  | 12/15/2024 |  |  |
| Senior Notes due 2025 |  |  |  | 400,000 |  |  | 4.1 | % |  | 4.38 | % |  | 10/1/2025 |  |  |
| Senior Notes due 2028 (5) |  |  |  | 400,000 |  |  | 4.1 | % |  | 4.75 | % |  | 12/15/2028 |  |  |
| Senior Notes due 2029 |  |  |  | 400,000 |  |  | 4.1 | % |  | 4.25 | % |  | 8/15/2029 |  |  |
| Senior Notes due 2030 |  |  |  | 500,000 |  |  | 5.2 | % |  | 3.05 | % |  | 2/15/2030 |  |  |
| Senior Notes due 2032 (5) |  |  |  | 425,000 |  |  | 4.5 | % |  | 2.50 | % |  | 11/15/2032 |  |  |
| Senior Notes due 2033 (5) |  |  |  | 450,000 |  |  | 4.7 | % |  | 2.65 | % |  | 11/15/2033 |  |  |
| Senior Notes due 2036 |  |  |  | 400,000 |  |  | 4.1 | % |  | 6.25 | % |  | 1/15/2036 |  |  |
|  |  |  |  | $ | 4,428,712 |  |  | 45.9 | % |  | 3.99 | % |  |  |  |  |
| Secured Debt (6) |
| 12100,12200, and 12312 W. Olympic Blvd., Los Angeles |  |  |  | $ | 153,610 |  |  | 1.6 | % |  | 3.57 | % |  | 12/1/2026 |  |  |
| 320 Westlake Ave. N. and 321 Terry Ave. N., Seattle |  |  |  | 79,601 |  |  | 0.8 | % |  | 4.48 | % |  | 7/1/2027 |  |  |
| One Paseo Mixed-Use Campus, San Diego |  |  |  | 375,000 |  |  | 3.9 | % |  | 5.90 | % |  | 8/10/2034 |  |  |
|  |  |  |  | $ | 608,211 |  |  | 6.3 | % |  | 5.13 | % |  |  |  |  |
| Total Debt |  |  |  | $ | 5,036,923 |  |  | 52.2 | % |  | 4.13 | % |  |  |  |  |
| Equity and Noncontrolling Interest in the Operating Partnership (7) |
| Common limited partnership units outstanding (8) |  | 1,150,574 |  | $ | 44,527 |  |  | 0.5 | % |  |  |  |  |  |  |
| Shares of common stock outstanding |  | 118,046,674 |  | 4,568,406 |  |  | 47.3 | % |  |  |  |  |  |  |
| Total Equity and Noncontrolling Interest in the Operating Partnership |  |  |  | $ | 4,612,933 |  |  | 47.8 | % |  |  |  |  |  |  |
| Total Market Capitalization |  |  |  | $ | 9,649,856 |  |  | 100.0 | % |  |  |  |  |  |  |

________________________
(1)Represents the gross aggregate principal amount due at maturity before the effect of unamortized deferred financing costs and premiums and discounts.
(2)Our unsecured revolving credit facility and unsecured term loan facility's interest rates were calculated using the Secured Overnight Financing Rate (“SOFR”) plus a SOFR adjustment of 0.10% and a margin of 0.900% and 0.950%, respectively, based on our credit rating as of September 30, 2024. All other stated rates are fixed interest rates.
(3)Does not assume the exercise of the Company's two six-month extension options.
(4)The maturity date of the unsecured term loan assumes the exercise of the two twelve-month extensions, at the Company’s election.
(5)Green bond.
(6)The mortgage notes are secured by the properties listed.
(7)Value based on closing share price of $38.70 as of September 30, 2024.
(8)Includes common units of the Operating Partnership not owned by the Company; does not include noncontrolling interests in consolidated property partnerships.
28

Q3 2024 Supplemental Financial Report |

Debt Analysis
As of September 30, 2024 ($ in thousands)

Total Debt | $405,235 | $406,246 | $401,317 | $449,125 | $400,000 | $475,000 | $500,000 | $350,000 | $425,000 | $450,000 | $375,000 | — | $400,000
Weighted Average Stated Rate | 3.45% | 4.37% | 4.06% | 4.79% | 4.75% | 4.12% | 3.05% | 4.27% | 2.50% | 2.65% | 5.90% | —% | 6.25%
% of Total | 8% | 8% | 8% | 9% | 8% | 9% | 10% | 7% | 8% | 9% | 7% | —% | 8%

________________________
(1)The maturity date of the unsecured term loan assumes the exercise of the two twelve-month extensions, at the Company's election.
(2)As of September 30, 2024, there was no outstanding balance on our unsecured revolving credit facility maturing on July 31, 2028, before two six-month extensions, at the Company's election.
29

Q3 2024 Supplemental Financial Report |

Debt Analysis, continued
As of September 30, 2024 ($ in thousands)

| NET DEBT TO COMPANY'S SHARE OF EBITDA, AS ADJUSTED RATIOS (1) |
|  |  | 9/30/2024 |  | 6/30/2024 |  | 3/31/2024 |  | 12/31/2023 |  | 9/30/2023 |
| Total principal amount of debt |  | $ | 5,036,923 |  |  | $ | 5,158,432 |  |  | $ | 5,159,926 |  |  | $ | 4,961,406 |  |  | $ | 4,969,869 |  |
| Cash and cash equivalents |  | (625,395) |  |  | (835,893) |  |  | (855,007) |  |  | (510,163) |  |  | (618,794) |  |
| Certificates of deposit |  | — |  |  | — |  |  | (78,256) |  |  | (256,581) |  |  | (252,830) |  |
| Net debt |  | $ | 4,411,528 |  |  | $ | 4,322,539 |  |  | $ | 4,226,663 |  |  | $ | 4,194,662 |  |  | $ | 4,098,245 |  |
| Trailing 12-months Company's share of EBITDA, as adjusted (2) |  | $ | 686,336 |  |  | $ | 673,269 |  |  | $ | 672,267 |  |  | $ | 671,343 |  |  | $ | 673,324 |  |
| Trailing 12-months Company's share of EBITDA, as adjusted less interest income (2) |  | $ | 642,678 |  |  | $ | 632,284 |  |  | $ | 637,945 |  |  | $ | 648,751 |  |  | $ | 656,196 |  |
| Net debt to Company's share of EBITDA, as adjusted Ratio |  | 6.4x |  | 6.4x |  | 6.3x |  | 6.2x |  | 6.1x |
| Net debt to Company's share of EBITDA, as adjusted less interest income Ratio |  | 6.9x |  | 6.8x |  | 6.6x |  | 6.5x |  | 6.2x |

| KEY DEBT COVENANTS (3) |
|  |  | Covenant |  | Actual Performance as of September 30, 2024 |
| Unsecured Credit and Term Loan Facilities and Private Placement Notes: |  |  |  |  |
| Total debt to total asset value |  | less than 60% |  | 33% |
| Fixed charge coverage ratio |  | greater than 1.5x |  | 3.2x |
| Unsecured debt ratio |  | greater than 1.67x |  | 3.08x |
| Unencumbered asset pool debt service coverage |  | greater than 1.75x |  | 3.58x |
| Unsecured Senior Notes due 2024, 2025, 2028, 2029, 2030, 2032, 2033, and 2036: |  |  |  |  |
| Total debt to total asset value |  | less than 60% |  | 37% |
| Interest coverage |  | greater than 1.5x |  | 5.1x |
| Secured debt to total asset value |  | less than 40% |  | 4% |
| Unencumbered asset pool value to unsecured debt |  | greater than 150% |  | 282% |

________________________
(1)Please refer to pages 32-34 for Management Statements on non-GAAP supplemental measures.
(2)Calculated as the sum of the Company's share of EBITDA, as adjusted for the trailing four quarters. Please refer to page 41 for a reconciliation of GAAP Net Income Available to Common Stockholders to the Company's Share of EBITDA, as adjusted and the Company's Share of EBITDA, as adjusted less interest income.
(3)All covenant ratio titles utilize terms and are calculated as defined in the respective debt and credit agreements.
30

05
Non-GAAP Supplemental
Measures

Q3 2024 Supplemental Financial Report |

Management Statements on Non-GAAP Supplemental Measures
Included in this section are management’s statements regarding certain non-GAAP financial measures provided in this supplemental financial report and, with respect to Funds From Operations available to common stockholders and common unitholders (“FFO”), in the Company’s earnings release on October 28, 2024 and the reasons why management believes that these measures provide useful information to investors about the Company’s financial condition and results of operations.
Net Operating Income:
Management believes that Net Operating Income (“NOI”) is a useful supplemental measure of the Company’s operating performance. The Company defines NOI as follows: consolidated operating revenues (rental income and other property income) less consolidated property and related expenses (property expenses, real estate taxes and ground leases). Other real estate investment trusts (“REITs”) may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other REITs.
Because NOI excludes leasing costs, general and administrative expenses, interest expense, depreciation and amortization, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the consolidated revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. The Company uses NOI to evaluate its operating performance on a portfolio basis since NOI allows the Company to evaluate the impact that factors such as occupancy levels, lease structure, rental rates, and tenant base have on the Company’s results, margins and returns. In addition, management believes that NOI provides useful information to the investment community about the Company’s financial and operating performance when compared to other REITs since NOI is generally recognized as a standard measure of performance in the real estate industry.
However, NOI should not be viewed as an alternative measure of the Company’s financial performance since it does not reflect general and administrative expenses, leasing costs, interest expense, depreciation and amortization costs, other nonproperty income and losses and the level of capital expenditures necessary to maintain the operating performance of the Company’s properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact the Company’s results from operations.
Same Store Net Operating Income:
Management believes that Same Store NOI is a useful supplemental measure of the Company’s operating performance. Same Store NOI represents the consolidated NOI for all of the properties that were owned and included in the Company's stabilized portfolio for two comparable reporting periods. Because Same Store NOI excludes the change in NOI from developed, redeveloped, acquired and disposed of and held for sale properties, it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. Other REITs may use different methodologies for calculating Same Store NOI, and accordingly, the Company’s Same Store NOI may not be comparable to other REITs.
However, Same Store NOI should not be viewed as an alternative measure of the Company’s financial performance since it does not reflect the operations of the Company’s entire portfolio, nor does it reflect the impact of general and administrative expenses, leasing costs, interest expense, depreciation and amortization costs, other nonproperty income and losses and the level of capital expenditures necessary to maintain the operating performance of the Company’s properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact the Company’s results from operations.
32

Q3 2024 Supplemental Financial Report |

Management Statements on Non-GAAP Supplemental Measures, continued
Same Store Cash Net Operating Income:
Management believes that Same Store Cash NOI is a useful supplemental measure of the Company’s operating performance. Same Store Cash NOI represents the consolidated NOI for all of the properties that were owned and included in the Company’s stabilized portfolio for two comparable reporting periods, adjusted for the net effect of straight-line rents, amortization of deferred revenue related to tenant-funded tenant improvements, amortization of above and below market lease intangibles, and the provision for bad debts. Because Same Store Cash NOI excludes the change in NOI from developed, redeveloped, acquired and disposed of and held for sale properties, it highlights operating trends on a cash basis such as occupancy levels, rental rates and operating costs on properties. Other REITs may use different methodologies for calculating Same Store Cash NOI, and accordingly, our Same Store Cash NOI may not be comparable to other REITs.
However, Same Store Cash NOI should not be viewed as an alternative measure of the Company’s financial performance since it does not reflect the operations of the Company's entire portfolio, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company's properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact the Company's results from operations.
EBITDA, as adjusted, Company's Share of EBITDA, as adjusted, and Company's Share of EBITDA, as adjusted less interest income:
Management believes that consolidated earnings before interest expense, depreciation and amortization, gain/loss on early extinguishment of debt, gains and losses on depreciable real estate, net income attributable to noncontrolling interests, preferred dividends and distributions, original issuance costs of redeemed preferred stock and preferred units, and impairment losses (“EBITDA, as adjusted”) is a useful supplemental measure of the Company’s operating performance. When considered with other GAAP measures and FFO, management believes EBITDA, as adjusted, gives the investment community a more complete understanding of the Company’s consolidated operating results, including the impact of general and administrative expenses and acquisition-related expenses, before the impact of investing and financing transactions and facilitates comparisons with competitors. Management also believes it is appropriate to present EBITDA, as adjusted, as it is used in several of the Company’s financial covenants for both its secured and unsecured debt. However, EBITDA, as adjusted, should not be viewed as an alternative measure of the Company’s operating performance since it excludes financing costs as well as depreciation and amortization costs which are significant economic costs that could materially impact the Company’s results of operations and liquidity. Other REITs may use different methodologies for calculating EBITDA, as adjusted, and, accordingly, the Company’s EBITDA, as adjusted, may not be comparable to other REITs. The Company’s calculation of EBITDA, as adjusted, is the same as EBITDAre, as defined by Nareit, as the Company does not have any unconsolidated joint ventures. The Company’s Share of EBITDA, as adjusted, is EBITDA, as adjusted less amounts attributable to noncontrolling interests in consolidated property partnerships. The Company’s Share of EBITDA, as adjusted less interest income also deducts interest income.
Net Debt to Company's Share of EBITDA, as adjusted Ratio and Net Debt to Company's Share of EBITDA, as adjusted less interest income Ratio:
Management believes that the ratios of our principal balance of debt, less cash and cash equivalents and certificates of deposit, divided by the Company’s share of EBITDA, as adjusted, as well as the Company's share of EBITDA, as adjusted less interest income are useful supplemental measures of the level of borrowed capital being used to increase the potential return of our real estate investments and proxies for a measure we believe is used by many lenders and rating agencies to evaluate our ability to repay and service our debt obligations. We believe the ratios are beneficial disclosure to investors as supplemental means of evaluating our ability to meet obligations senior to those of our equity holders. Other REITs may use different methodologies for calculating these ratios and, accordingly, the Company’s Net Debt to Company’s Share of EBITDA, as adjusted Ratio and Net Debt to Company's Share of EBITDA, as adjusted less interest income Ratio may not be comparable to other REITs.
33

Q3 2024 Supplemental Financial Report |

Management Statements on Non-GAAP Supplemental Measures, continued
Funds From Operations:
The Company calculates Funds From Operations available to common stockholders and common unitholders (“FFO”) in accordance with the 2018 Restated White Paper on FFO approved by the Board of Governors of Nareit. The White Paper defines FFO as net income or loss (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO. Our calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. We also add back net income attributable to noncontrolling common units of the Operating Partnership because we report FFO attributable to common stockholders and common unitholders.
Management believes that FFO is a useful supplemental measure of the Company’s operating performance. The exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of the Company’s activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, the Company’s FFO may not be comparable to all other REITs.
Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets, management believes that FFO along with the required GAAP presentations provides a more complete measurement of the Company’s performance relative to its competitors and a more appropriate basis on which to make decisions involving operating, financing, and investing activities than the required GAAP presentations alone would provide.
However, FFO should not be viewed as an alternative measure of the Company’s operating performance since it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties, which are significant economic costs and could materially impact the Company’s results from operations.
Funds Available for Distribution:
Management believes that Funds Available for Distribution available to common stockholders and common unitholders (“FAD”) is a useful supplemental measure of the Company’s liquidity. The Company computes FAD by adjusting FFO for recurring tenant improvements, leasing commissions, and capital expenditures, amortization of deferred revenue related to tenant-funded tenant improvements, the net effect of straight-line rents, amortization of net above (below) market rents for acquisition properties, non-cash amortization of deferred financing costs and net debt discounts and premiums, non-cash amortization of share-based compensation awards and adjustments for executive retirement obligations, lease related adjustments, and amounts attributable to noncontrolling interests in consolidated property partnerships. FAD provides an additional perspective on the Company’s ability to fund cash needs and make distributions to stockholders by adjusting FFO for the impact of certain cash and non-cash items, as well as adjusting FFO for recurring capital expenditures and leasing costs. Management also believes that FAD provides useful information to the investment community about the Company’s financial position as compared to other REITs since FAD is a liquidity measure used by other REITs. However, other REITs may use different methodologies for calculating FAD and, accordingly, the Company’s FAD may not be comparable to other REITs.
34

06
Definitions and Reconciliations

Q3 2024 Supplemental Financial Report |

Definitions Included in Supplemental
Annualized Base Rent:
Includes the impact of straight-lining rent escalations and the amortization of free rent periods and excludes the impact of the following: amortization of deferred revenue related to tenant-funded tenant improvements, amortization of above/below market rents, amortization for lease incentives due under existing leases, and expense reimbursement revenue. Additionally, the underlying leases contain various expense structures including full service gross, modified gross and triple net. Amounts represent percentage of total portfolio annualized contractual base rental revenue.
Capital Expenditures:
Expenditures for capital improvements, tenant improvements costs (excluding tenant-funded tenant improvements), and leasing commissions.
Change in GAAP / Cash Rents (Leases Commenced):
Calculated as the change between GAAP / cash rents for new/renewed leases and the expiring GAAP / cash rents for the same space. May include leases for which re-leasing timing was impacted by the COVID-19 pandemic and restrictions intended to prevent its spread. Excludes leases for which the space was vacant when the property was acquired by the Company.
Change in GAAP / Cash Rents (Leases Executed):
Calculated as the change between GAAP / cash rents for signed leases and the expiring GAAP / cash rents for the same space. May include leases for which re-leasing timing was impacted by the COVID-19 pandemic and restrictions intended to prevent its spread. Excludes leases for which the space was vacant when the property was acquired by the Company.
Estimated Stabilization Date (Development):
Management’s estimation of the earlier of stabilized occupancy (95%) or one year from the date of the cessation of major base building construction activities for office and retail properties and upon substantial completion for residential properties.
FAD Payout Ratio:
Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted stock unitholders) divided by FAD.
First Generation ("1st Gen"):
Space not yet leased at recently completed development and redevelopment properties that have been added to the stabilized portfolio. Capital expenditures for first generation space do not include expenditures for in-process development and redevelopment projects and these costs are not subtracted in our calculation of FAD.
Fixed Charge Coverage Ratio - EBITDA, as adjusted:
Calculated as EBITDA, as adjusted, divided by gross interest expense (excluding amortization of deferred debt costs and debt discounts/premiums) and current year accrued preferred dividends.
Fixed Charge Coverage Ratio - Net Income:
Calculated as net income, divided by gross interest expense (excluding amortization of deferred debt costs and debt discounts/premiums) and current year accrued preferred dividends.
36

Q3 2024 Supplemental Financial Report |

Definitions Included in Supplemental, continued
FFO Payout Ratio:
Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted stock unitholders) divided by FFO attributable to common stockholders and unitholders.
GAAP Effective Rate:
The rate at which interest expense is recorded for financial reporting purposes, which reflects the amortization of any discounts/premiums, excluding debt issuance costs.
Gross Lease Types:
Represents leases where the landlord is obligated to pay the tenant's proportionate share of certain operating expenses.
Interest Coverage Ratio:
Calculated as EBITDA, as adjusted, divided by gross interest expense (excluding amortization of deferred debt costs and debt discounts/premiums).
Major Repositioning:
Space for which we are incurring significant non-recurring capital expenditures to reposition and is expected to result in additional revenue generated when re-leased. Capital expenditures for this space are not subtracted in our calculation of FAD.
Net Effect of Straight-Line Rents:
Represents the straight-line rent income recognized during the period offset by cash received during the period that was applied to deferred rents receivable balances for terminated leases and the provision for bad debts recorded for deferred rent receivable balances.
Net Income Payout Ratio:
Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted stock unitholders) divided by net income.
Net Leases Types:
Represents leases where the tenant is obligated to pay their proportionate share of certain operating expenses.
Net Operating Income Margins:
Calculated as net operating income divided by total revenues.
Redevelopment Properties:
Properties for which we expect to spend significant development and construction costs pursuant to a formal plan to change its use.
Rentable Square Feet:
Reflects the latest Building Owners and Managers Association (“BOMA”) measurement. All occupied and leased percentages presented throughout this report are calculated based on rentable square feet at the end of the period(s) presented.
37

Q3 2024 Supplemental Financial Report |

Definitions Included in Supplemental, continued
Retention Rates (Leases Executed):
Calculated as the percentage of space renewed by existing tenants at lease expiration or termination.
Same Store Portfolio:
Our Same Store Portfolio includes all of our properties owned and included in our stabilized portfolio for two comparable reporting periods, i.e., owned and included in our stabilized portfolio as of January 1, 2023 and still owned and included in the stabilized portfolio as of September 30, 2024. It includes our residential portfolio, which consists of our 200-unit residential tower and 193-unit Jardine project in Hollywood, California and 608 residential units at our One Paseo mixed-use project in Del Mar, California. It does not include undeveloped land, development and redevelopment properties currently committed for construction, under construction, or in the tenant improvement phase, completed residential developments not yet stabilized, and properties held-for-sale. We define redevelopment properties as those projects for which we expect to spend significant development and construction costs on existing or acquired buildings pursuant to a formal plan, the intended result of which is a higher economic return on the property.

| Same Store Portfolio Rollforward |  |  |  |  |
|  |  | Number of Buildings |  | Square Feet |
| Same Store Portfolio as of December 31, 2023 |  | 115 |  | 15,063,419 |  |
| Stabilized Development and Redevelopment Properties Added |  | 4 |  |  | 1,151,118 |  |
| Remeasurements |  | — |  |  | (7,394) |  |
| Same Store Portfolio as of September 30, 2024 |  | 119 |  | 16,207,143 |
| Stabilized Development and Redevelopment Properties Excluded from Same Store |  | 2 |  | 829,591 |
| Stabilized Acquisition Properties |  | 2 |  | 103,731 |  |
| Stabilized Portfolio as of September 30, 2024 |  | 123 |  | 17,140,465 |

Second Generation ("2nd Gen"):
Space at properties in the stabilized portfolio for which capital expenditures are generally recurring in nature or relate to space previously occupied.
Stated Interest Rate:
The rate at which interest expense is recorded per the respective loan documents, excluding the impact of the amortization of any debt discounts/premiums.
Tenant Improvement Phase:
Represents projects that have reached cold shell condition and are ready for tenant improvements, which may require additional major base building construction before being placed in service.
38

Q3 2024 Supplemental Financial Report |

Reconciliation of Net Income Available to Common Stockholders to Same Store Net Operating Income
(unaudited, $ in thousands)

|  |  | Three Months Ended (1) |  |  | Nine Months Ended (2) |
|  |  | 9/30/2024 |  | 6/30/2024 |  | 3/31/2024 |  | 12/31/2023 |  | 9/30/2023 |  |  | 9/30/2024 |  | 9/30/2023 |
| Net Income Available to Common Stockholders |  | $ | 52,378 |  |  | $ | 49,211 |  |  | $ | 49,920 |  |  | $ | 47,284 |  |  | $ | 52,762 |  |  |  | $ | 151,509 |  |  | $ | 164,957 |  |
| Net income attributable to noncontrolling common units of the Operating Partnership |  | 509 |  |  | 458 |  |  | 502 |  |  | 471 |  |  | 515 |  |  |  | 1,469 |  |  | 1,612 |  |
| Net income attributable to noncontrolling interests in consolidated property partnerships |  | 4,786 |  |  | 4,878 |  |  | 5,278 |  |  | 5,291 |  |  | 5,460 |  |  |  | 14,942 |  |  | 18,673 |  |
| Net Income |  | 57,673 |  |  | 54,547 |  |  | 55,700 |  |  | 53,046 |  |  | 58,737 |  |  |  | 167,920 |  |  | 185,242 |  |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| General and administrative expenses |  | 18,066 |  |  | 18,951 |  |  | 17,579 |  |  | 22,078 |  |  | 24,761 |  |  |  | 54,596 |  |  | 71,356 |  |
| Leasing costs |  | 2,353 |  |  | 2,119 |  |  | 2,279 |  |  | 1,956 |  |  | 1,852 |  |  |  | 6,751 |  |  | 4,550 |  |
| Depreciation and amortization |  | 91,879 |  |  | 87,151 |  |  | 88,031 |  |  | 86,016 |  |  | 85,224 |  |  |  | 267,061 |  |  | 269,262 |  |
| Interest income |  | (9,688) |  |  | (10,084) |  |  | (13,190) |  |  | (10,696) |  |  | (7,015) |  |  |  | (32,962) |  |  | (11,896) |  |
| Interest expense |  | 36,408 |  |  | 36,763 |  |  | 38,871 |  |  | 32,325 |  |  | 29,837 |  |  |  | 112,042 |  |  | 81,891 |  |
| Net Operating Income, as defined (3) |  | 196,691 |  |  | 189,447 |  |  | 189,270 |  |  | 184,725 |  |  | 193,396 |  |  |  | 575,408 |  |  | 600,405 |  |
| Wholly-Owned Properties |  | 175,716 |  |  | 168,215 |  |  | 167,061 |  |  | 162,348 |  |  | 170,492 |  |  |  | 510,992 |  |  | 526,594 |  |
| Consolidated property partnerships: (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 100 First Street (5) |  | 6,113 |  |  | 6,073 |  |  | 5,958 |  |  | 6,561 |  |  | 6,782 |  |  |  | 18,144 |  |  | 18,859 |  |
| 303 Second Street (5) |  | 10,143 |  |  | 10,467 |  |  | 10,794 |  |  | 10,099 |  |  | 10,243 |  |  |  | 31,404 |  |  | 37,185 |  |
| Crossing/900 (6) |  | 4,719 |  |  | 4,692 |  |  | 5,457 |  |  | 5,717 |  |  | 5,879 |  |  |  | 14,868 |  |  | 17,767 |  |
| Net Operating Income, as defined (3) |  | 196,691 |  |  | 189,447 |  |  | 189,270 |  |  | 184,725 |  |  | 193,396 |  |  |  | 575,408 |  |  | 600,405 |  |
| Non-Same Store Net Operating Income (7) |  | (8,127) |  |  | (8,486) |  |  | (6,578) |  |  | (20,892) |  |  | (21,052) |  |  |  | (23,191) |  |  | (21,167) |  |
| Same Store Net Operating Income |  | 188,564 |  |  | 180,961 |  |  | 182,692 |  |  | 163,833 |  |  | 172,344 |  |  |  | 552,217 |  |  | 579,238 |  |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Amortization of deferred revenue related to tenant-funded tenant improvements |  | (3,881) |  |  | (4,035) |  |  | (6,190) |  |  | (5,215) |  |  | (4,384) |  |  |  | (14,106) |  |  | (14,108) |  |
| Net effect of straight-line rents |  | 4,193 |  |  | 2,084 |  |  | 5,443 |  |  | 8,140 |  |  | 617 |  |  |  | 11,720 |  |  | (11,456) |  |
| Amortization of net below market rents |  | (334) |  |  | (335) |  |  | (353) |  |  | (422) |  |  | (483) |  |  |  | (1,022) |  |  | (3,845) |  |
| Lease related adjustments (8) |  | (5,266) |  |  | (467) |  |  | (135) |  |  | 2,296 |  |  | (805) |  |  |  | (5,868) |  |  | (653) |  |
| Other (9) |  | 369 |  |  | 133 |  |  | (1,206) |  |  | 1,084 |  |  | 432 |  |  |  | (704) |  |  | 1,915 |  |
| Same Store Cash Net Operating Income |  | $ | 183,645 |  |  | $ | 178,341 |  |  | $ | 180,251 |  |  | $ | 169,716 |  |  | $ | 167,721 |  |  |  | $ | 542,237 |  |  | $ | 551,091 |  |

________________________
(1)For all quarterly periods in 2024, the Same Store Portfolio was comprised of 119 properties. For all quarterly periods in 2023, the Same Store Portfolio was comprised of 115 properties.
(2)Based upon the Same Store Portfolio as of September 30, 2024, which was comprised of 119 properties.
(3)Please refer to page 32-34 for Management Statements on non-GAAP supplemental measures.
(4)Reflects Net Operating Income for all periods presented.
(5)For all periods presented, an unrelated third party entity owned approximately 44% common equity interests in two properties located at 100 First Street and 303 Second Street in San Francisco, CA.
(6)For all periods presented, an unrelated third party entity owned an approximate 7% common equity interest in two properties located at 900 Jefferson Avenue and 900 Middlefield Road in Redwood City, CA.
(7)Includes the results of one office development building added to the stabilized portfolio during the third quarter of 2023, one office development building added to the stabilized portfolio during the fourth quarter of 2023, and our in-process and future development projects.
(8)Includes non-cash adjustments attributable to lease-related matters including GAAP revenue recognition timing differences.
(9)Includes revenue reversals (recoveries) related to tenant creditworthiness and other.
39

Q3 2024 Supplemental Financial Report |

Reconciliation of Net Income Available to Common Stockholders to Same Store Net Operating Income, continued
(unaudited, $ in thousands)

|  |  | Three Months Ended (1) |  |  |  |  |  |
|  |  | 6/30/2023 |  | 3/31/2023 |  | 12/31/2022 |  | 9/30/2022 |  |  |  |  |  |  |  |  |  |
| Net Income Available to Common Stockholders |  | $ | 55,587 |  |  | $ | 56,608 |  |  | $ | 52,625 |  |  | $ | 79,757 |  |  |  |  |  |  |  |  |  |  |
| Net income attributable to noncontrolling common units of the Operating Partnership |  | 537 |  |  | 560 |  |  | 588 |  |  | 664 |  |  |  |  |  |  |  |  |  |  |
| Net income attributable to noncontrolling interests in consolidated property partnerships |  | 5,151 |  |  | 8,062 |  |  | 6,262 |  |  | 6,239 |  |  |  |  |  |  |  |  |  |  |
| Net Income |  | 61,275 |  |  | 65,230 |  |  | 59,475 |  |  | 86,660 |  |  |  |  |  |  |  |  |  |  |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| General and administrative expenses |  | 22,659 |  |  | 23,936 |  |  | 25,217 |  |  | 23,524 |  |  |  |  |  |  |  |  |  |  |
| Leasing costs |  | 1,326 |  |  | 1,372 |  |  | 1,404 |  |  | 1,015 |  |  |  |  |  |  |  |  |  |  |
| Depreciation and amortization |  | 90,362 |  |  | 93,676 |  |  | 91,396 |  |  | 81,140 |  |  |  |  |  |  |  |  |  |  |
| Interest income |  | (3,421) |  |  | (1,460) |  |  | (1,264) |  |  | (295) |  |  |  |  |  |  |  |  |  |  |
| Interest expense |  | 26,383 |  |  | 25,671 |  |  | 23,550 |  |  | 19,982 |  |  |  |  |  |  |  |  |  |  |
| Gain on sale of depreciable operating property |  | — |  |  | — |  |  | — |  |  | (17,329) |  |  |  |  |  |  |  |  |  |  |
| Net Operating Income, as defined (2) |  | 198,584 |  |  | 208,425 |  |  | 199,778 |  |  | 194,697 |  |  |  |  |  |  |  |  |  |  |
| Wholly-Owned Properties |  | 176,582 |  |  | 179,500 |  |  | 174,983 |  |  | 170,166 |  |  |  |  |  |  |  |  |  |  |
| Consolidated property partnerships: (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 100 First Street (4) |  | 6,075 |  |  | 6,011 |  |  | 6,116 |  |  | 5,791 |  |  |  |  |  |  |  |  |  |  |
| 303 Second Street (4) |  | 9,706 |  |  | 17,247 |  |  | 12,702 |  |  | 12,941 |  |  |  |  |  |  |  |  |  |  |
| Crossing/900 (5) |  | 6,221 |  |  | 5,667 |  |  | 5,977 |  |  | 5,799 |  |  |  |  |  |  |  |  |  |  |
| Net Operating Income, as defined (2) |  | 198,584 |  |  | 208,425 |  |  | 199,778 |  |  | 194,697 |  |  |  |  |  |  |  |  |  |  |
| Non-Same Store Net Operating Income (6) |  | (6,760) |  |  | (6,866) |  |  | (16,435) |  |  | (13,335) |  |  |  |  |  |  |  |  |  |  |
| Same Store Net Operating Income |  | 191,824 |  |  | 201,559 |  |  | 183,343 |  |  | 181,362 |  |  |  |  |  |  |  |  |  |  |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Amortization of deferred revenue related to tenant-funded tenant improvements |  | (4,645) |  |  | (4,893) |  |  | (4,607) |  |  | (4,646) |  |  |  |  |  |  |  |  |  |  |
| Net effect of straight-line rents |  | (5,269) |  |  | (5,359) |  |  | (3,689) |  |  | (6,992) |  |  |  |  |  |  |  |  |  |  |
| Amortization of net below market rents |  | (1,057) |  |  | (2,305) |  |  | (2,287) |  |  | (2,520) |  |  |  |  |  |  |  |  |  |  |
| Lease related adjustments (7) |  | (3,820) |  |  | 4,819 |  |  | (2,010) |  |  | (194) |  |  |  |  |  |  |  |  |  |  |
| Other (8) |  | 1,002 |  |  | 480 |  |  | 1,008 |  |  | 400 |  |  |  |  |  |  |  |  |  |  |
| Same Store Cash Net Operating Income |  | $ | 178,035 |  |  | $ | 194,301 |  |  | $ | 171,758 |  |  | $ | 167,410 |  |  |  |  |  |  |  |  |  |  |

________________________
(1)Same Store Portfolio as of the most recent comparative period. For all quarterly periods in 2023, the Same Store Portfolio was comprised of 119 properties. For all quarterly periods in 2022, the Same Store Portfolio was comprised of 115 properties.
(2)Please refer to page 32-34 for a Management Statements on non-GAAP supplemental measures.
(3)Reflects Net Operating Income for all periods presented.
(4)For all periods presented, an unrelated third party entity owned approximately 44% common equity interests in two properties located at 100 First Street and 303 Second Street in San Francisco, CA.
(5)For all periods presented, an unrelated third party entity owned an approximate 7% common equity interest in two properties located at 900 Jefferson Avenue and 900 Middlefield Road in Redwood City.
(6)Includes the results of one office development building added to the stabilized portfolio during the third quarter of 2023, one office development building added to the stabilized portfolio during the fourth quarter of 2023, and our in-process and future development projects.
(7)Includes non-cash adjustments attributable to lease-related matters including GAAP revenue recognition timing differences.
(8)Includes revenue reversals (recoveries) related to tenant creditworthiness and other.
40

Q3 2024 Supplemental Financial Report |

Reconciliation of Net Income Available to Common Stockholders to Company's Share of EBITDA, as adjusted
(unaudited, $ in thousands)

|  |  | Three Months Ended |
|  |  | 9/30/2024 |  | 6/30/2024 |  | 3/31/2024 |  | 12/31/2023 |  | 9/30/2023 |
| Net Income Available to Common Stockholders |  | $ | 52,378 |  |  | $ | 49,211 |  |  | $ | 49,920 |  |  | $ | 47,284 |  |  | $ | 52,762 |  |
| Interest expense |  | 36,408 |  |  | 36,763 |  |  | 38,871 |  |  | 32,325 |  |  | 29,837 |  |
| Depreciation and amortization |  | 91,879 |  |  | 87,151 |  |  | 88,031 |  |  | 86,016 |  |  | 85,224 |  |
| Net income attributable to noncontrolling common units of the Operating Partnership |  | 509 |  |  | 458 |  |  | 502 |  |  | 471 |  |  | 515 |  |
| Net income attributable to noncontrolling interests in consolidated property partnerships |  | 4,786 |  |  | 4,878 |  |  | 5,278 |  |  | 5,291 |  |  | 5,460 |  |
| EBITDA, as adjusted (1) |  | 185,960 |  |  | 178,461 |  |  | 182,602 |  |  | 171,387 |  |  | 173,798 |  |
| EBITDA, as adjusted (1), attributable to noncontrolling interests in consolidated property partnerships |  | (7,485) |  |  | (7,601) |  |  | (8,660) |  |  | (8,328) |  |  | (8,390) |  |
| Company's share of EBITDA, as adjusted (1) |  | 178,475 |  |  | 170,860 |  |  | 173,942 |  |  | 163,059 |  |  | 165,408 |  |
| Interest income |  | (9,688) |  |  | (10,084) |  |  | (13,190) |  |  | (10,696) |  |  | (7,015) |  |
| Company's share of EBITDA, as adjusted less interest income (1) |  | $ | 168,787 |  |  | $ | 160,776 |  |  | $ | 160,752 |  |  | $ | 152,363 |  |  | $ | 158,393 |  |

________________________
(1)Please refer to pages 32-34 for Management Statements on non-GAAP supplemental measures.
41

Q3 2024 Supplemental Financial Report |

Reconciliation of GAAP Net Cash Provided by Operating Activities to Funds Available for Distribution
(unaudited, $ in thousands)

|  |  | Three Months Ended |  |  | Nine Months Ended September 30, |
|  |  | 9/30/2024 |  | 6/30/2024 |  | 3/31/2024 |  | 12/31/2023 |  | 9/30/2023 |  |  | 2024 |  | 2023 |
| GAAP Net Cash Provided by Operating Activities |  | $ | 176,350 |  |  | $ | 88,693 |  |  | $ | 167,869 |  |  | $ | 110,223 |  |  | $ | 208,816 |  |  |  | $ | 432,912 |  |  | $ | 492,366 |  |
| Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Recurring tenant improvements, leasing commissions and capital expenditures |  | (25,662) |  |  | (22,069) |  |  | (11,763) |  |  | (31,411) |  |  | (20,519) |  |  |  | (59,494) |  |  | (56,135) |  |
| Depreciation of non-real estate furniture, fixtures and equipment |  | (1,636) |  |  | (1,562) |  |  | (1,571) |  |  | (1,614) |  |  | (1,706) |  |  |  | (4,769) |  |  | (5,600) |  |
| Net changes in operating assets and liabilities (1) |  | (46,785) |  |  | 55,471 |  |  | (21,554) |  |  | 39,064 |  |  | (58,450) |  |  |  | (12,868) |  |  | (37,248) |  |
| Noncontrolling interests in consolidated property partnerships’ share of FFO and FAD |  | (5,262) |  |  | (5,634) |  |  | (7,553) |  |  | (6,705) |  |  | (6,246) |  |  |  | (18,449) |  |  | (22,852) |  |
| Cash adjustments related to investing and financing activities |  | (185) |  |  | (65) |  |  | (100) |  |  | (29) |  |  | (3,197) |  |  |  | (350) |  |  | 246 |  |
| Funds Available for Distribution (2) |  | $ | 96,820 |  |  | $ | 114,834 |  |  | $ | 125,328 |  |  | $ | 109,528 |  |  | $ | 118,698 |  |  |  | $ | 336,982 |  |  | $ | 370,777 |  |

_______________________
(1)Primarily includes changes in the following assets and liabilities: marketable securities, current receivables, prepaid expenses and other assets, accounts payable, accrued expenses and other liabilities, and rents received in advance and tenant security deposits.
(2)Please refer to page 32-34 for Management Statements on non-GAAP supplemental measures.
42