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Subsequent Events (Tables)
 3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
Schedule of Nonvested Performance-Based Units Activity
The following table shows the dollar-denominated value of the Performance Units awarded to each Executive; the number of Performance Units actually granted will be determined by dividing the dollar-denominated value by the per share grant-date fair value, at maximum, of the applicable portion.
Name
Performance Units
Victor J. Coleman
$2,000,000
Mark T. Lammas
$875,000
Harout K. Diramerian
$312,500
Arthur X. Suazo$250,000
Steven Jaffe$250,000
Kay L. Tidwell$250,000

The operational performance metrics that apply to the Performance Units, and their respective weightings, are as follows:

Operational Goal
Percentage of Performance Units
Leasing Volume
40 %
Annual Net Debt to Annual Gross Asset Value30 %
G&A to Consolidated Gross Assets
30 %

With respect to each operational performance metric, the applicable portion of the Performance Units is eligible to vest based on the achievement of performance goals at the “Threshold”, “Target” and “Maximum” levels, as follows:

Operational Performance Vesting Percentage
“Below Threshold”
0 %
“Threshold Level”
25 %
“Target Level”
50 %
“Maximum Level”
100 %
The number of Performance Units that become eligible to vest based on the achievement of operational performance metrics may be adjusted downwards based on the achievement of our total shareholder return compared to the total shareholder return of the FTSE NAREIT Equity Office Index over the three-year performance period commencing January 1, 2023 and ending December 31, 2025, by applying the applicable vesting percentage as set forth in the following table.

Relative TSR Performance Vesting Percentage
“Threshold Level”
60 %
“Target Level”
80 %
“Maximum Level”
100 %