
	June 30, 2026		December 31, 2025		Effective Interest Rate		Maturity Date
SECURED DEBT:



3025 JFK Construction Loan	$	—	$	178,014	SOFR + 3.60%	(b)	July 2026
Avira Secured Term Loan (g)	90,000		—		SOFR + 1.85%	(g)	June 2033
3151 Market C-PACE Loan (a)	57,324		57,324		7.31%		March 2054
Principal balance outstanding	147,324		235,338

Less: deferred financing costs	(3,064)		(1,259)
Total Secured indebtedness	$	144,260	$	234,079

UNSECURED DEBT
$600.0M Unsecured Credit Facility	$	149,000	$	—	SOFR + 1.50%	(c)	June 2027
Term Loan - Swapped to fixed	250,000		250,000		SOFR + 1.70%	(c)(d)	June 2027
$450.0M 3.95% Guaranteed Notes due 2027	450,000		450,000		4.03%		November 2027
$350.0M 8.30% Guaranteed Notes due 2028	350,000		350,000		8.48%	(e)	March 2028
$350.0M 4.55% Guaranteed Notes due 2029	350,000		350,000		4.30%		October 2029
$550.0M 8.88% Guaranteed Notes due 2029	550,000		550,000		8.52%		April 2029
$300.0M 6.13% Guaranteed Notes due 2031	300,000		300,000		6.13%		January 2031
Indenture IA (Preferred Trust I)	27,062		27,062		SOFR + 1.51%	(f)	March 2035
Indenture IB (Preferred Trust I)	25,774		25,774		SOFR + 1.51%	(f)	April 2035
Indenture II (Preferred Trust II)	25,774		25,774		SOFR + 1.51%	(f)	July 2035

Principal balance outstanding	2,477,610		2,328,610
Plus: original issue premium (discount), net	$	6,825	$	7,760
Less: deferred financing costs	(11,689)		(13,587)
Total unsecured indebtedness	$	2,472,746	$	2,322,783
Total Debt Obligations	$	2,617,006	$	2,556,862

(a)In December 2025, we closed on a $50.5 million Commercial Property Assessed Clean Energy ("C-PACE") financing for the development project at 3151 Market Street, which includes $30.0 million in additional future funding for new leasing. The loan bears interest at 7.31%, has an initial maturity date of March 31, 2054 and includes $3.3 million of prepaid interest. The prepaid interest is included within other assets in the Consolidated Balance Sheet.

(c)Spread includes a 10 basis point daily secured overnight financing rate (" SOFR") adjustment. The Unsecured Credit Facility has an original maturity date of June 30, 2026, subject to two six-month extensions. The $250.0 million unsecured term loan has a scheduled maturity date of June 30, 2027.

(e)During the third quarter of 2023, Moody’s downgraded the Company's senior unsecured credit rating from Baa3 to Ba1. As a result of the downgrade, the interest rate on the Company's 7.55% Guaranteed Notes due 2028 (the "2028 Notes") increased 25 basis points in September 2023 due to the coupon adjustment provisions within the 2028 Notes. During the first quarter of 2024, S&P downgraded the Company's senior unsecured credit rating from BBB- to BB+. As a result of the downgrade, the interest rate on the 2028 Notes increased 25 basis points to 8.05% in March 2024 due to the coupon adjustment provisions within the 2028 Notes. During the second quarter of 2024, Moody's downgraded the Company's senior unsecured credit rating from Ba1 to Ba2. As a result of the downgrade, the interest rate on the 2028 Notes increased 25 basis points to 8.30% in April 2024 due to the coupon adjustment provisions within the 2028 Notes. During the first quarter of 2026, S&P downgraded the Company's senior unsecured credit rating from BB+ to BB-. As a result of the downgrade, the interest rate on the 2028 Notes increased 50 basis points to 8.80%, effective September 2026, due to the coupon adjustment provisions within the 2028 Notes.

(f)On January 16, 2024, the Trust Preferred I Indenture IA was swapped to a fixed rate at 5.14% for the period from March 30, 2024 to December 30, 2026 and Trust Preferred I Indenture IB and Trust Preferred II Indenture II were swapped to a fixed rate at 5.24% for the period from January 30, 2024 to January 30, 2027.

(g)On June 24, 2026, the Company closed on a $90 million secured term loan at Avira, the residential component of 3025 JFK, located in Philadelphia, Pennsylvania. The loan has a stated interest rate of SOFR + 1.85% and an initial maturity date of June 2033. Effective June 24, 2026, the loan was swapped to a fixed rate at 5.81% through the maturity date.