BROADWAY FINANCIAL CORP DE 10-K

ITEM 2. PROPERTIES We conduct our business through two administrative offices, one in Washington, DC and one in Los Angeles, California. We have three branch offices, one in Washington, DC, one in Los Angeles California, and one in Inglewood, California. Our loan service operation is also conducted from our Inglewood, California branch. There are no mortgages, material liens or encumbrances against any of our owned properties. We believe that all the properties are adequately covered by insurance, and that our facilities are adequate to meet our present needs. As of December 31, 2021, the net book value of our investment in premises, equipment and fixtures, excluding computer equipment, was $10.2 million. Total occupancy expense, inclusive of rental payments and furniture and equipment expense, for the year ended December 31, 2021 was $1.8 million. Total annual rental expense (exclusive of operating charges and real property taxes) was approximately $478 thousand during 2021, primarily due to our former administrative offices at 5055 Wilshire Boulevard, Suite 500, Los Angeles, CA 90036. Location Leased or Owned Original Date Leased or Acquired Date of Lease Expiration City First Bank Corporate Headquarters/Branch Office: 1432 U Street, NW Washington, D.C. 20009 Owned 2003 - Employee Parking Lot: 14 T Street, NW, Washington, D.C. 20009 Owned 2018 - Administrative/Loan Origination Center: 4601 Wilshire Blvd, Suite 150 Los Angeles, CA 90010 Leased 2021 Oct. 2026 170 N. Market Street Inglewood, CA (Branch Office/Loan Service Center) Owned 1996 ‑ 4001 South Figueroa Street Los Angeles, CA Owned 1996 ‑