Pay Versus Performance

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


Year	Summary Compensation Table Total to PEO	Compensation Actually Paid (“CAP”) to PEO 1	Average Summary Compensation Table Total for Non-PEO NEOs 2	Average Compensation Actually Paid to Non-PEO NEOs 1, 2	Value of Initial Fixed $100 Investment Based On:		Net Income (Loss) (in thousands)	CSM: Funds From Operations (FFO) 4 : Company TSR
Year	Summary Compensation Table Total to PEO	Compensation Actually Paid (“CAP”) to PEO 1	Average Summary Compensation Table Total for Non-PEO NEOs 2	Average Compensation Actually Paid to Non-PEO NEOs 1, 2	Company TSR	Peer Group TSR 3	Net Income (Loss) (in thousands)	CSM: Funds From Operations (FFO) 4 : Company TSR
(a)	(b)	(c)	(d)	(e)	(f)	(g)	(h)	(i)
2023	$6,012,885	$5,748,961	$1,824,609	$1,712,103	$48.55	$83.23	$(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
2020	$5,301,445	$4,286,495	$1,515,669	$1,107,600	$80.94	$81.56	$307,326	$1.39

Notes:

1. To calculate CAP to our Principal Executive Officer (“PEO”), Gerard H. Sweeney, for each of the years shown, 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
2023	$6,012,885	-$3,598,577	+$3,334,653	$5,748,961
2022	$6,355,107	-$3,869,132	+$-1,668,170	$817,805
2021	$6,089,044	-$3,375,006	+$5,202,962	$7,917,000
2020	$5,301,445	-$3,187,497	+$2,172,547	$4,286,495

(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 2023 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
2023	$1,917,035	$-38,469	$1,210,562	$35,177	$0	$210,348	$3,334,653
2022	$649,818	$-3,661,218	$1,231,953	$-57,550	$0	$168,826	$-1,668,170
2021	$2,549,325	$1,407,499	$1,124,892	$-24,633	$0	$145,879	$5,202,962
2020	$1,861,670	$-829,158	$1,062,396	$-74,053	$0	$151,693	$2,172,547

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 for each of the years shown, 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)
2023	$1,824,609	-$976,644	+$864,138	$1,712,103
2022	$1,897,202	-$1,033,521	+$-575,254	$288,428
2021	$1,797,719	-$857,999	+$1,362,862	$2,302,582
2020	$1,515,669	-$744,372	+$336,303	$1,107,600

(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 2023 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
2023	$603,256	$-16,229	$227,433	$-6,034	$0	$55,712	$864,138
2022	$218,774	$-999,146	$203,955	$-42,467	$0	$43,630	$-575,254
2021	$817,858	$376,129	$125,821	$7,555	$0	$35,499	$1,362,862
2020	$553,217	$-259,406	$90,069	$-83,576	$0	$35,999	$336,303

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, 2023.

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 “2023 Annual Incentive Performance Goals and Outcomes” for an explanation of how we calculate 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.

PEO Total Compensation Amount

$ 6,012,885

$ 6,355,107

$ 6,089,044

$ 5,301,445

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
2023	$6,012,885	-$3,598,577	+$3,334,653	$5,748,961
2022	$6,355,107	-$3,869,132	+$-1,668,170	$817,805
2021	$6,089,044	-$3,375,006	+$5,202,962	$7,917,000
2020	$5,301,445	-$3,187,497	+$2,172,547	$4,286,495

(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 2023 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
2023	$1,917,035	$-38,469	$1,210,562	$35,177	$0	$210,348	$3,334,653
2022	$649,818	$-3,661,218	$1,231,953	$-57,550	$0	$168,826	$-1,668,170
2021	$2,549,325	$1,407,499	$1,124,892	$-24,633	$0	$145,879	$5,202,962
2020	$1,861,670	$-829,158	$1,062,396	$-74,053	$0	$151,693	$2,172,547

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,712,103

288,428

2,302,582

1,107,600

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 three most recently completed fiscal years.

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 three most recently completed fiscal years.