v3.25.4
Organization and Ownership (Tables)
12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Real Estate Properties
Our stabilized portfolio of operating properties was comprised of the following properties at December 31, 2025:

Number of
Buildings
Rentable
Square Feet (unaudited)
Number of
Tenants
Percentage 
Occupied
(unaudited) (1)
Stabilized Office Properties (2)
121 16,292,164 438 81.6 %
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(1)Represents economic occupancy for space where we have achieved revenue recognition for the associated lease agreements.
(2)Includes stabilized life science and retail space.
Number of
Properties
Number of
Units
2025 Average Occupancy
(unaudited)
Stabilized Residential Properties31,001 94.1 %

As of December 31, 2025, the following projects were excluded from our stabilized portfolio:
Number of
Properties / Projects
Actual / Estimated Rentable
Square Feet (unaudited) (1)
Properties held for sale (2)
1427,764
In-process development project - tenant improvement
1871,738
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(1)For the property classified as held for sale, represents actual rentable square feet and consists of three buildings. For the in-process development project in the tenant improvement phase, represents estimated rentable square feet upon completion.
(2)See Note 4 “Dispositions and Held For Sale” for additional information.
Schedule of Consolidated Property Partnership Ownership Percentage
Consolidated Property PartnershipProperty Address
Ownership Interest (1) (2)
100 First Street Member, LLC100 1st Street, San Francisco, CA 9410556%
303 Second Street Member, LLC303 2nd Street, San Francisco, CA 9410756%
Redwood City Partners, LLC900 Jefferson Avenue, Redwood City, CA 9406393%
900 Middlefield Road, Redwood City, CA 94063
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(1)Reflects the Company’s ownership percentage at time of agreement. Actual percentage may vary depending on cash flows or promote structure.
(2)The remaining interests in all three property partnerships were owned by unrelated third parties.