Investment in Real Estate

9 Months Ended

Sep. 30, 2025

The following table summarizes the Company’s investment in real estate, at cost as of:


	September 30, 2025		December 31, 2024
Land	$	1,196,555	$	1,235,974
Building and improvements	5,997,660		6,101,787
Tenant improvements	706,428		728,186
Furniture and fixtures	5,219		5,895
Property under development	57,537		161,444
INVESTMENT IN REAL ESTATE, AT COST	$	7,963,399	$	8,233,286

Acquisitions of Real Estate

The Company had no acquisitions of real estate during the nine months ended September 30, 2025.

Dispositions of Real Estate

The following table summarizes information on dispositions completed during the nine months ended September 30, 2025. These properties were considered non-strategic to the Company’s portfolio:


Property	Segment	Date of Disposition	Square Feet (unaudited)	Sales Price(1) (in millions)		(Loss) Gain on Sale(2) (in millions)
Maxwell	Office	1/22/2025	102,963	$	46.0	$	(2.2)
Foothill Research Center	Office	3/4/2025	195,121	$	23.0	$	12.2
625 Second	Office	5/30/2025	138,354	$	28.0	$	—

__________________

1.Represents gross sales price before certain credits, prorations and closing costs.

2.Included within gain on sale of real estate, net on the Consolidated Statements of Operations.

The Company had no dispositions of real estate during the nine months ended September 30, 2024.

Impairment of Long-Lived Assets

During the nine months ended September 30, 2025, the Company recorded an impairment charge of $18.4 million related to the real estate assets of its 625 Second office property. The impairment charge reflected a shortened expected holding period for the property and a reduction in the carrying value of the property to its estimated fair value based on the contractual sales price, which is considered a Level 2 measurement. The impairment charge is recorded within impairment loss on the Consolidated Statement of Operations. The property was subsequently sold on May 30, 2025.

During the three and nine months ended September 30, 2024, the Company recorded impairment charges totaling $34.4 million related to the real estate assets of its Maxwell, Foothill Research Center and 3176 Porter properties. The impairment charges reflected a shortened expected holding period for the properties and a reduction in the carrying value of the properties to their estimated fair value based on non-binding purchase offers from third party buyers, which is considered a Level 2 measurement. The impairment charges are recorded within impairment loss on the Consolidated Statements of Operations. The properties were subsequently sold.