Financial Analysis

Commitments and Contingencies Development and Construction Commitments As of June 30, 2026, we had commitments ranging from approximately $500.0 million to $520.0 million, excluding our ground lease commitments, for contracts and executed leases directly related to our operating, stabilized development, and future development properties. Environmental Matters We had the following accrued environmental remediation liabilities in connection with certain of our future development projects: June 30, 2026 December 31, 2025 (in thousands) Environmental liabilities $ 72,234 $ 70,030 Legal Matters We and our properties are subject to routine litigation incidental to our business. As of June 30, 2026, we are not a defendant in, and our properties are not subject to, any legal proceedings that we believe, if determined adversely to us, would have a material adverse effect upon our financial condition, results of operations or cash flows.

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Share-Based Compensation Share-Based Compensation Cost Recorded During the Period The total compensation cost for all share-based compensation programs was $4.0 million and $5.7 million for the three months ended June 30, 2026 and 2025, respectively, and $9.8 million and $10.8 million for the six months ended June 30, 2026 and 2025, respectively. Of the total share-based compensation costs, $0.9 million and $1.1 million were capitalized as part of real estate assets for the three months ended June 30, 2026 and 2025, respectively, and $1.8 million and $2.3 million were capitalized as part of real estate assets for the six months ended June 30, 2026 and 2025, respectively.

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Fair Value Measurements and Disclosures Assets Measured at Fair Value on a Recurring Basis The only assets we record at fair value on a recurring basis in our consolidated financial statements are the marketable securities related to our Deferred Compensation Plan. The following table sets forth the fair value of our Deferred Compensation Plan: Fair Value (Level 1) (1) June 30, 2026 December 31, 2025 Description (in thousands) Deferred Compensation Plan assets (2) $ 34,990 $ 30,807 ________________________ (1) Based on quoted prices in active markets for identical securities. (2) The Deferred Compensation Plan assets are held in a limited rabbi trust. Financial Instruments Disclosed at Fair Value The following table sets forth the carrying value and the fair value of our other financial instruments: June 30, 2026 December 31, 2025 Carrying Value Fair Value Carrying Value Fair Value Liabilities (in thousands) Secured debt, net $ 590,095 $ 580,534 $ 592,685 $ 587,244 Unsecured debt, net $ 3,947,034 $ 3,743,098 $ 3,996,774 $ 3,834,485 Fair value is calculated using Level 2 inputs, which are based on model-derived valuations in which significant inputs and value drivers are observable in active markets.

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Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU is effective for annual periods beginning after December 15, 2026. The Company is currently evaluating whether the guidance will have a material impact on our consolidated financial statements or notes to our consolidated financial statements. In May 2026, the FASB issued ASU 2026-02,Environmental Credits and Environmental Credit Obligations (Topic 818). The ASU establishes accounting and disclosure requirements for environmental credits and environmental credit obligations, including guidance on recognition, measurement, presentation, and disclosure. The amendments are effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that adoption of this guidance will have on its consolidated financial statements and related disclosures. …

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Segments Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Maker (CODM). The CODM decides how resources are allocated and assesses performance on a recurring basis, at least quarterly. Our CODM is our Chief Executive Officer (CEO), who evaluates the operating performance and financial results of our consolidated portfolio based on Net Income through monthly operations meetings. We conduct our business on a consolidated basis in one operating segment and therefore have one reportable segment. Asset information by segment is not reported because the Company does not use this measure to assess performance. Our reportable segment derives its revenues primarily from rental revenue and related property income through the leasing of commercial real estate space to tenants. We recognize revenue from base rent (fixed lease payments), additional rent (variable lease payments, which consist of amounts due from tenants for common area maintenance, real estate taxes, percentage rent, and other recoverable costs), parking, and other lease-related revenue. Significant segment expenses include property expenses, real estate taxes, general and administrative expenses, depreciation and amortization, and interest expense. Management reviews these expenses in assessing operating …

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Stockholders Equity of the Company At-The-Market Stock Offering Program Under our at-the-market (ATM) stock offering program (the 2024 ATM Program), which commenced in March 2024, we may offer and sell shares of the Companys common stock having an aggregate gross sales price of up to $500.0 million from time to time in at-the-market offerings. In connection with the 2024 ATM Program, the Company may also, at its discretion, enter into forward equity sale agreements. The use of forward equity sale agreements allows the Company to fix a share price on the sale of shares of our common stock at the time an agreement is executed but defer settling the forward equity sale agreements and receiving the proceeds from the sale of shares until a later date. The Company did not have any outstanding forward equity sale agreements to be settled at June 30, 2026. Since commencement of the 2024 ATM Program, we have not completed any sales of common stock. Share Repurchase Program Under our current share repurchase program, which commenced in February 2024 (the Share Repurchase Program), we are authorized to repurchase shares of the Companys common stock having an aggregate gross purchase price of up to $500.0 million. Under the Share Repurchase Program, repurchases may be made from time to time using a variety of methods, which may include open market purchases and privately negotiated transactions. The specific timing, price, and size of purchases will depend on prevailing stock prices, gen …

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Subsequent Events On July 20, 2026, the Operating Partnership repaid the outstanding $200.0 million of 4.350% Private Placement Senior Notes Series B due October 2026, at par.

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