| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 28, 2026 | 9/12 | 3 high, 4 medium, 1 low flags | 3 | 1 | Call sheet → |
| Q1'26 | April 28, 2026 | 5/12 | 3 high, 4 medium, 1 low flags | 4 | 1 | Call sheet → |
| Q4'25 | February 10, 2026 | 5/12 | 3 high, 2 medium, 1 low flags | 3 | 1 | Call sheet → |
| Q3'25 | October 28, 2025 | 4/12 | 4 high, 3 medium, 1 low flags | 1 | 1 | Call sheet → |
| Q2'25 | July 29, 2025 | 7/12 | 2 high, 4 medium, 1 low flags | 3 | 0 | Call sheet → |
| Q1'25 | May 6, 2025 | 6/12 | 1 high, 2 medium, 3 low flags | 1 | 1 | Call sheet → |
| Q4'24 | February 11, 2025 | 5/12 | 4 high, 3 medium flags | 2 | 2 | Call sheet → |
| Q3'24 | October 29, 2024 | 8/12 | 2 high, 3 medium, 2 low flags | 3 | 1 | Call sheet → |
| Q2'24 | August 1, 2024 | 5/12 | 2 high, 4 medium, 2 low flags | 2 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Missed | Continue momentum at 201 3rd Street No new major signings mentioned despite being 80%+ leased, momentum appears stalled |
| Q2'26 | Partially delivered | Convert KOP2 pipeline to signed leases Signed Olema for 38k sqft but 'elongated' timelines suggest slower conversion |
| Q2'26 | Delivered | Maintain strong and flexible capital structure Refinanced facilities with better terms, repaid $200M notes early |
| Q2'26 | Pending | Work constructively with San Francisco on Flower Mart revised plan Process ongoing but taking longer than expected per their own admission |
| Q2'26 | Exceeded | West 8th Seattle momentum to continue Delivered with 76k sqft YTD including GM and SoFi, validating repositioning |
| Q2'26 | Delivered | Execute additional disposition opportunities as market evolves Sold $202M LA residential in Q2, total YTD dispositions at $348M |
| Q2'26 | Pending | Achieve cash same-property NOI growth of 25-125 bps Raised midpoint by 150bps after 23andMe settlement, on track at +1.5% in Q2 |
| Q2'26 | Pending | Stop Flower Mart expense capitalization in Q4 2026 Maintained timeline but pushed from 'late Q4' to 'year-end', subtle extension |
| Q1'26 | Delivered | Continue spec suite development program All five spec suites at 201 Third leased before completion |
| Q1'26 | Delivered | Maintain balanced approach to capital allocation Executed $73M buyback while selling assets and paying down debt |
| Q1'26 | Pending | Average occupancy guidance of 76-78% for 2026 Raised to midpoint of 77% but dependent on signed leases commencing |
| Q1'26 | Exceeded | $300M of operating dispositions in 2026 Already at $350M year-to-date in April |
| Q1'26 | Missed | Flower Mart capitalization cessation end of June 2026 Pushed to late Q4 2026, adding 6 months of capitalization |
| Q1'26 | Exceeded | 100,000 sqft of leasing at KOP2 in 2025 Delivered 316,000 sqft, though at degraded yields 100bps below underwriting |
| Q4'25 | Missed | Address 2026 lease expirations proactively Retention only 40%, substantial move-outs now expected |
| Q4'25 | Pending | Maintain strong balance sheet No mention of leverage metrics or debt reduction despite disposition proceeds |
| Q4'25 | Delivered | Continue portfolio rationalization Sold KSS and Sunset Media Center as promised |
| Q4'25 | Exceeded | $150M+ in land sales Hit $165M under contract, but close dates pushed to 2026-2028 |
| Q4'25 | Pending | Flower Mart capitalization through June 2026 Already extended from original timeline, now seems optimistic given 2028 zoning comment |
| Q4'25 | Exceeded | 100,000 sq ft of KOP 2 leasing by year-end Delivered 316k sq ft, but at deteriorated economics |
| Q3'25 | Delivered | Continued evaluation of acquisition opportunities Bought Maple Plaza for $205M in Beverly Hills, though no forward metrics disclosed |
| Q3'25 | Pending | 2025 FFO guidance of $4.05-$4.15 Raised to $4.18-$4.24 but includes one-time items; underlying momentum unclear |
| Q3'25 | Pending | Positive net absorption in Q4 Downgraded from 'optimistic' to 'modest improvement' suggesting risk to this target |
| Q3'25 | Pending | $150M from land monetization $79M under contract but closing depends on entitlements in mid-2026, not near-term cash |
| Q3'25 | Missed | Flower Mart capitalization to cease at end of 2025 Extended to June 2026, a 6-month slip with vague explanation about city negotiations |
| Q3'25 | Pending | 100,000 SF of KOP 2 leases in Q3/Q4 84k SF done in Q3, only need 16k in Q4 to hit target, suggesting pipeline weakness |
| Q2'25 | Pending | Evaluate capital markets for bond maturity refinancing 2025 maturity still needs addressing |
| Q2'25 | Pending | Modest decline in Q3 occupancy Reaffirmed due to redevelopment projects entering pool |
| Q2'25 | Delivered | Provide Flower Mart updates 'as appropriate' Announced cessation of capitalization by year-end, major update |
| Q2'25 | Delivered | Q2 occupancy decline from Dermtech downsize Occupancy fell to 80.8% as guided |
| Q2'25 | Pending | Realize $150M from land monetization Now at $79M contracted, ahead of schedule but elongated closing timelines |
| Q2'25 | Delivered | Advance KOP discussions with several potential tenants on space plans Advanced to 100K sf in negotiations, though only 6% of project |
| Q1'25 | Pending | Q4 2024: 'Working to create optionality for Flower Mart' Confirmed still working but now admitting earnings impact coming |
| Q1'25 | Missed | Q4 2024: 'Will provide timely updates on KOP lease-up status' Still no specific square footage or tenant names despite 'advancing discussions' |
| Q1'25 | Pending | Q4 2024: 'Evaluating operating property dispositions' Still just 'evaluating', no transactions announced |
| Q1'25 | Pending | Q4 2024: 'Land sales expected to generate in excess of $150 million' First $38M signed but closing in 2026, timeline extending |
| Q1'25 | Pending | Q4 2024: 'Maintain superior financial and operational flexibility' Still claiming flexibility but stopped capitalizing will test this |
| Q1'25 | Delivered | Q4 2024: 'KOP Phase 2 will receive TCO in January 2025' Completed in January as promised despite slight municipal delays |
| Q4'24 | Delivered | Focus on maintaining flexible balance sheet $1.7B liquidity maintained, debt maturity handled |
| Q4'24 | Missed | G&A reduction initiatives G&A increasing to $83-85M in 2025 despite 'cost savings initiatives' |
| Q4'24 | Delivered | Improved tour activity at KOP Phase 2 Claims broader range of tenants touring but no leases signed |
| Q4'24 | Pending | Land sales to generate $150M+ Still in 'advanced discussions' with no timeline clarity |
| Q4'24 | Pending | Proactively addressing 2026 expirations Signed 274k SF but it's with subtenant, not renewal. Still 1.9M SF at risk |
| Q4'24 | Missed | KOP Phase 2 delivery in Q4 2024 Delayed to January 2025 due to 'slight delays in municipal approvals' |
| Q3'24 | Missed | No acquisitions or dispositions forecast for 2024 Did acquire Junction at Del Mar in Q3, breaking their own guidance |
| Q3'24 | Pending | Delivery of KOP Phase 2 in Q4 2024 On track for November delivery per management |
| Q3'24 | Pending | Continue to work towards monetization of several parcels Still in process, timeline pushed to end of 2025 at earliest |
| Q3'24 | Delivered | Would be ready to execute when seeing appropriate acquisition values Acquired Junction at Del Mar for $35M, though very small deal |
| Q3'24 | Delivered | KOP Phase 2 touring activity pickup would continue Confirmed continued touring, though now admitting 'elongated process' |
| Q3'24 | Delivered | Evaluating highest and best use of various sites in future development pipeline Concluded several sites should not be office/life science, actively working on sales |
| Q2'24 | Pending | Focus on maximizing value from land bank Now actively marketing several parcels but no executed transactions yet |
| Q2'24 | Delivered | Organizational changes to ensure appropriate resource levels Executed CFO hire, leasing additions, and GC promotion as promised |
| Q2'24 | Pending | Continue to see recovery in fundamentals Mixed signals: touring up but occupancy down, July leasing strong but includes downsizing |
| Q2'24 | Missed | Be opportunistic on acquisitions when pricing appropriate No acquisitions despite claiming to evaluate more deals; suggests pricing still too high |
| Q2'24 | Delivered | Maintain robust liquidity and financial flexibility $1.9B total liquidity maintained though cash declining |
| Q2'24 | Pending | KOP Phase 2 spec suites delivering Q4 2024 to capture immediate-need demand On track for October delivery of 80,000 SF but still 0% pre-leased |
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