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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

Pay Versus Performance

The following table provides specified executive compensation and financial performance measures for our four most recently completed fiscal years.

 

 

Summary 
Compensation

 

Compensation

 

Average
Summary 
Compensation

 

Average 
Compensation 
Actually Paid

 

Value of Initial Fixed $100
Investment Based On:

 

Net Income 
(Loss)

 

CSM: Funds
From
Operations
(FFO)4:

Year

 

Table Total to 
PEO

 

Actually Paid 
(“CAP”) to PEO1

 

Table Total for 
Non-PEO NEOs2

 

to Non-PEO
NEOs1, 2

 

Company 
TSR

 

Peer Group 
TSR3

 

(in 
thousands)

 

Company
TSR

(a)

 

(b)

 

(c)

 

(d)

 

(e)

 

(f)

 

(g)

 

(h)

 

(i)

2024

 

$4,929,748

 

$8,367,720

 

$1,530,008

 

$2,467,939

 

$56.87

 

$76.95

 

($196,487)

 

$0.85

2023

 

$6,012,885

 

$5,748,961

 

$1,824,609

 

$1,712,103

 

$48.55

 

$63.34

 

($197,403)

 

$1.15

2022

 

$6,355,107

 

$817,805

 

$1,897,202

 

$288,428

 

$47.73

 

$62.07

 

$53,992

 

$1.38

2021

 

$6,089,044

 

$7,917,000

 

$1,797,719

 

$2,302,582

 

$96.72

 

$99.51

 

$12,366

 

$1.37

 

Notes:

1.
To calculate CAP to our Principal Executive Officer (“PEO”), Gerard H. Sweeney, the following amounts were deducted from and added to Summary Compensation Table (“SCT”) total compensation.

PEO SCT Total to CAP Reconciliation:

 

Year

 

SCT Total

 

Deductions
from
SCT Total
(i)

 

Additions
to
SCT Total
(ii)

 

CAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

$4,929,748

 

-$2,615,235

 

+$6,053,207

 

$8,367,720

 

(i)
Represents the grant date fair value of equity-based awards granted, as shown in the Share Awards column of the Summary Compensation Table.
(ii)
Reflects the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown. The equity component of CAP for fiscal year 2024 is further detailed in the supplemental table below.

PEO Equity Component of CAP:

 

Year

 

Fair Value
of Equity
Awards Granted
in the Year and
Outstanding
and Unvested
as of Year End

 

Year over Year
Change in Fair
Value of Equity
Awards Granted
in Prior
Years and
Outstanding
and Unvested
as of Year End

 

Fair Value as of
Vesting Date of
Equity Awards
Granted and
Vested
in the Year

 

Year over Year
Change in Fair
Value of Equity
Awards Granted
in Prior Years
that Vested
in the Year

 

Fair Value at
the End of
the Prior
Year of
Equity Awards
that were
Forfeited in
the Year

 

Value of
Dividends
or other
Earnings
Paid on Equity
Awards not
Otherwise
Reflected
in Fair Value
or Total
Compensation

 

Total Equity
Award
Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

$2,905,403

 

$957,289

 

$1,850,950

 

-$105,062

 

$0

 

$339,565

 

$5,948,145

 

2.
The non-PEO named executive officers (“Non-PEO NEOs”) reflected in columns (d) and (e) consist of the following individuals for each of the years shown: Thomas E. Wirth, H. Jeffrey DeVuono, George D. Johnstone and William D. Redd. To calculate CAP to our Non-PEO NEOs, the following amounts were deducted from and added to SCT total compensation.

Average Non-PEO NEOs SCT Total to CAP Reconciliation:

 

Year

 

SCT Total

 

Deductions
from
SCT Total

 

Additions
to
SCT Total

 

CAP

 

 

 

(i)

 

(ii)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

$1,530,008

 

-$713,004

 

+$1,650,936

 

$2,467,939

 

(i)
Represents the grant date fair value of equity-based awards granted each year, as shown in the Share Awards column of the Summary Compensation Table.
(ii)
Reflects the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown. The equity component of CAP for fiscal year 2024 is further detailed in the supplemental table below.

Average Non-PEO NEOs Equity Component of CAP:

 

Year

 

Fair Value
of Equity
Awards Granted
in the Year
and Outstanding
and Unvested as
of Year End

 

Year over Year
Change in Fair
Value of Equity
Awards Granted
in Prior Years
and Outstanding
and Unvested as
of Year End

 

Fair Value as of
Vesting Date of
Equity Awards
Granted and
Vested
in the Year

 

Year over Year
Change in Fair
Value of Equity
Awards Granted
in Prior Years
that Vested
in the Year

 

Fair Value at the
End of the Prior
Year of Equity
 Awards that
were Forfeited in
the Year

 

Value of
Dividends
or other Earnings
Paid on Equity
Awards not
Otherwise
Reflected
in Fair Value or
Total
Compensation

 

Total Equity
Award
Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

$794,355

 

$257,788

 

$506,061

 

-$26,709

 

$0

 

$92,732

 

$1,624,227

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.
The Peer Group TSR set forth in this table utilizes the FTSE NAREIT Equity Office Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2024.
4.
We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (NAREIT). See footnote 1 to the table in the portion of the CD&A entitled “2024 Annual Incentive Performance Goals and Outcomes” for an explanation of how we calculate FFO.
       
Company Selected Measure Name FFO        
Named Executive Officers, Footnote The non-PEO named executive officers (“Non-PEO NEOs”) reflected in columns (d) and (e) consist of the following individuals for each of the years shown: Thomas E. Wirth, H. Jeffrey DeVuono, George D. Johnstone and William D. Redd.        
Peer Group Issuers, Footnote
3.
The Peer Group TSR set forth in this table utilizes the FTSE NAREIT Equity Office Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2024.
       
PEO Total Compensation Amount $ 4,929,748 $ 6,012,885 $ 6,355,107 $ 6,089,044  
PEO Actually Paid Compensation Amount $ 8,367,720 5,748,961 817,805 7,917,000  
Adjustment To PEO Compensation, Footnote

PEO SCT Total to CAP Reconciliation:

 

Year

 

SCT Total

 

Deductions
from
SCT Total
(i)

 

Additions
to
SCT Total
(ii)

 

CAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

$4,929,748

 

-$2,615,235

 

+$6,053,207

 

$8,367,720

 

(i)
Represents the grant date fair value of equity-based awards granted, as shown in the Share Awards column of the Summary Compensation Table.
(ii)
Reflects the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown. The equity component of CAP for fiscal year 2024 is further detailed in the supplemental table below.

PEO Equity Component of CAP:

 

Year

 

Fair Value
of Equity
Awards Granted
in the Year and
Outstanding
and Unvested
as of Year End

 

Year over Year
Change in Fair
Value of Equity
Awards Granted
in Prior
Years and
Outstanding
and Unvested
as of Year End

 

Fair Value as of
Vesting Date of
Equity Awards
Granted and
Vested
in the Year

 

Year over Year
Change in Fair
Value of Equity
Awards Granted
in Prior Years
that Vested
in the Year

 

Fair Value at
the End of
the Prior
Year of
Equity Awards
that were
Forfeited in
the Year

 

Value of
Dividends
or other
Earnings
Paid on Equity
Awards not
Otherwise
Reflected
in Fair Value
or Total
Compensation

 

Total Equity
Award
Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

$2,905,403

 

$957,289

 

$1,850,950

 

-$105,062

 

$0

 

$339,565

 

$5,948,145
       
Non-PEO NEO Average Total Compensation Amount $ 1,530,008 1,824,609 1,897,202 1,797,719  
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,467,939 1,712,103 288,428 2,302,582  
Adjustment to Non-PEO NEO Compensation Footnote

Average Non-PEO NEOs SCT Total to CAP Reconciliation:

 

Year

 

SCT Total

 

Deductions
from
SCT Total

 

Additions
to
SCT Total

 

CAP

 

 

 

(i)

 

(ii)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

$1,530,008

 

-$713,004

 

+$1,650,936

 

$2,467,939

 

(i)
Represents the grant date fair value of equity-based awards granted each year, as shown in the Share Awards column of the Summary Compensation Table.
(ii)
Reflects the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown. The equity component of CAP for fiscal year 2024 is further detailed in the supplemental table below.

Average Non-PEO NEOs Equity Component of CAP:

 

Year

 

Fair Value
of Equity
Awards Granted
in the Year
and Outstanding
and Unvested as
of Year End

 

Year over Year
Change in Fair
Value of Equity
Awards Granted
in Prior Years
and Outstanding
and Unvested as
of Year End

 

Fair Value as of
Vesting Date of
Equity Awards
Granted and
Vested
in the Year

 

Year over Year
Change in Fair
Value of Equity
Awards Granted
in Prior Years
that Vested
in the Year

 

Fair Value at the
End of the Prior
Year of Equity
 Awards that
were Forfeited in
the Year

 

Value of
Dividends
or other Earnings
Paid on Equity
Awards not
Otherwise
Reflected
in Fair Value or
Total
Compensation

 

Total Equity
Award
Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

$794,355

 

$257,788

 

$506,061

 

-$26,709

 

$0

 

$92,732

 

$1,624,227

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
       
Compensation Actually Paid vs. Total Shareholder Return

Description of Relationship Between Compensation Actually Paid and Company TSR

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our other NEOs, and the Company’s cumulative TSR over the four most recently completed fiscal years.

 

img6744010_119.jpg

        
Compensation Actually Paid vs. Net Income

Description of Relationship Between Compensation Actually Paid and Net Income

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our other NEOs, and our net income during the four most recently completed fiscal years.

 

img6744010_120.jpg

        
Compensation Actually Paid vs. Company Selected Measure

Description of Relationship Between Compensation Actually Paid and Company-Selected Measure

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our other NEOs, and our FFO during the four most recently completed fiscal years.

 

img6744010_121.jpg

        
Total Shareholder Return Vs Peer Group

Description of Relationship Between Company TSR and Peer Group TSR

The following chart compares our cumulative TSR to that of the FTSE NAREIT Equity Office Index over the four most recently completed fiscal years.

 

img6744010_122.jpg

        
Total Shareholder Return Amount $ 56.87 48.55 47.73 96.72  
Peer Group Total Shareholder Return Amount 76.95 63.34 62.07 99.51  
Net Income (Loss) $ (196,487,000) $ (197,403,000) $ 53,992,000 $ 12,366,000  
Company Selected Measure Amount 0.85 1.15 1.38 1.37  
PEO Name Gerard H. Sweeney Gerard H. Sweeney Gerard H. Sweeney Gerard H. Sweeney Gerard H. Sweeney
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (2,615,235)        
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 6,053,207        
Adjustments to Compensation Amount 5,948,145        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,905,403        
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 957,289        
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,850,950        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (105,062)        
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 339,565        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (713,004)        
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,650,936        
Adjustments to Compensation Amount 1,624,227        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 794,355        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 257,788        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 506,061        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (26,709)        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 92,732