Organization, Ownership, and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Our stabilized portfolio of operating properties was comprised of the following at March 31, 2026:


	Number of Buildings	Rentable Square Feet	Number of Tenants	Percentage Occupied (1)
Stabilized Office and Life Science Properties (2)	123	17,124,393	437	77.6	%

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(1)Represents economic occupancy for space where we have achieved revenue recognition for the associated lease agreements.

(2)Includes ancillary retail space.


	Number of Properties	Number of Units	2026 Average Occupancy
Stabilized Residential Property	1	608	95.0	%

Schedule of Consolidated Property Partnership Ownership Percentage

Consolidated Property Partnership

Property Address

Ownership Interest (1) (2)

100 First Street Member, LLC (“100 First LLC”)

100 1st Street, San Francisco, CA 94105

56%

303 Second Street Member, LLC (“303 Second LLC”)

303 2nd Street, San Francisco, CA 94107

56%

Redwood City Partners, LLC (“Redwood LLC”)

900 Jefferson Avenue, Redwood City, CA 94063

93%

900 Middlefield Road, Redwood City, CA 94063

1900 Broadway Partners, LLC (“1900 Broadway LLC”) (3)

1900 Broadway, Redwood City, CA 94063

97%

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(1)For 100 First Street LLC, 303 Second LLC, and Redwood LLC, reflects the Company’s ownership percentage at time of agreement. For Redwood LLC, actual percentage may vary depending on cash flows or promote structure. For 1900 Broadway LLC, reflects expected ownership percentage upon completion of construction.

(2)The remaining interests in all four property partnerships were owned by unrelated third parties.

(3)Represents a new consolidated subsidiary created on February 20, 2026. Refer to Note 7 “Noncontrolling Interests on the Operating Partnership’s Consolidated Financial Statements” for additional information.

Schedule of Variable Interest Entities

The following table summarizes the total assets, liabilities, and noncontrolling interests included on our consolidated balance sheets attributable to these VIEs:


	March 31, 2026		December 31, 2025
	($ in thousands)
Number of VIEs	3		2
Total assets (1)	$	444,575	$	380,940
Total liabilities	$	23,614	$	18,304
Total noncontrolling interests	$	167,733	$	160,299

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(1)Includes $381.1 million and $319.4 million related to real estate assets held for investment, net, as of March 31, 2026 and December 31, 2025, respectively.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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