Item 2. Properties
Item 2. Properties
As of December 31, 2021, our real estate portfolio consisted of 14 assets, all of which were fee-simple properties. As of December 31, 2021, our 11 office properties, totaling approximately 1.3 million rentable square feet, were 77.7% occupied, our one development site being used as a parking lot and our one hotel with an ancillary parking garage, which has a total of 503 rooms, had RevPAR of $73.23 for the year ended December 31, 2021.
Office Portfolio Detail by Classification, Address, Market, and Submarket as of December 31, 2021
Classification / Market / Address Sub-Market Rentable Square Feet % Occupied % Leased (1)
Annualized Rent (in thousands) Annualized Rent Per Occupied Square Foot
Stabilized Portfolio
Oakland, CA
1 Kaiser Plaza Lake Merritt 537,811 86.5 % 86.5 % $ 22,210 $ 47.75
San Francisco, CA
1130 Howard Street South of Market 21,194 100.0 % 100.0 % 1,819 85.83
Los Angeles, CA
11620 Wilshire Boulevard West Los Angeles 196,227 80.3 % 80.3 % 7,813 49.61
11600 Wilshire Boulevard West Los Angeles 57,737 86.3 % 88.2 % 2,741 55.02
8944 Lindblade Street (3)
West Los Angeles 7,980 100.0 % 100.0 % 525 65.79
8960 & 8966 Washington Boulevard (3)
West Los Angeles 24,448 100.0 % 100.0 % 1,405 57.47
1037 N Sycamore Avenue Hollywood 4,900 — % — % — —
Austin, TX
3601 S Congress Avenue (4)
South 227,853 86.9 % 96.6 % 8,735 44.13
1021 E 7th Street East 11,180 100.0 % 100.0 % 563 50.36
Total Stabilized Portfolio 1,089,330 85.9 % 88.0 % 45,811 48.98
Value Add Properties
Los Angeles, CA
4750 Wilshire Boulevard Mid-Wilshire 140,332 21.6 % 21.6 % 1,500 49.45
9460 Wilshire Boulevard Beverly Hills 97,745 67.2 % 72.6 % 6,900 105.06
Total Value Add Properties 238,077 40.3 % 42.5 % 8,400 87.55
Development Pipeline Properties
Oakland, CA
2 Kaiser Plaza (2)
Lake Merritt N/A N/A N/A N/A N/A
Total Development Pipeline Properties N/A N/A N/A N/A N/A
Total Office Portfolio 1,327,407 77.7 % 79.9 % $ 54,211 $ 52.57
(1) Based on leases signed as of December 31, 2021.
(2) 2 Kaiser Plaza Parking Lot is a 44,642 square foot parcel of land currently being used as a surface parking lot. We are entitled to develop an office building with a maximum of 800,000 rentable square feet. Alternatively, we are also evaluating a multifamily development, which can be constructed by right.
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(3) The three buildings making up 8960 & 8966 Washington Boulevard and 8944 Lindblade Street were formerly known as Lindblade Media Center.
(4) 3601 S Congress Avenue consists of twelve buildings.
Hotel Portfolio Summary as of December 31, 2021
Revenue Per
% Available
Property Market Rooms Occupied (1)
Room
Sheraton Grand Hotel (2)
Sacramento, CA 503 53.6 % $ 73.23
Total Hotel (1 Property) 503 53.6 % $ 73.23
Other Ancillary Property within Hotel Portfolio
Rentable Annualized
Square % % Rent (Parking
Feet Occupied Leased and Retail)
Property Market (Retail) (Retail) (Retail) (3)
(in thousands)
Sheraton Grand Hotel Parking Garage & Retail Sacramento, CA 9,453 100.0 % 100.0 % $ 625
Total Ancillary Property (1 Property) 9,453 100.0 % 100.0 % $ 625
(1) Represents trailing 12-month occupancy as of December 31, 2021, calculated as the number of occupied rooms divided by the number of available rooms.
(2) The Sheraton Grand Hotel is part of the Sheraton franchise and is managed by Sheraton Operating Corporation, a subsidiary of Marriott International, Inc.
(3) Based on leases commenced as of December 31, 2021.
Office Portfolio—Top 5 Tenants by Annualized Rental Revenue as of December 31, 2021
Credit
Rating % of
(S&P / Annualized % of Rentable Rentable
Moody’s / Lease Rent Annualized Square Square
Tenant Property Fitch) Expiration (in thousands) Rent Feet Feet
Kaiser Foundation Health Plan, Inc. 1 Kaiser Plaza AA- / - / AA- 2025 - 2027 (1)
$ 16,729 30.9 % 366,777 27.6 %
MUFG Union Bank, N.A. 9460 Wilshire Boulevard A / Aa3 / A 2029 3,755 6.9 % 27,569 2.1 %
F45 Training Holdings, Inc. 3601 S Congress Avenue - / - / - 2030 2,279 4.2 % 44,171 3.3 %
3 Arts Entertainment, Inc. 9460 Wilshire Boulevard - / - / - 2026 2,274 4.2 % 27,112 2.0 %
Westwood One, Inc. Lindblade Media Center - / - / - 2025 1,930 3.6 % 32,428 2.4 %
Total for Top Five Tenants 26,967 49.8 % 498,057 37.4 %
All Other Tenants 27,244 50.2 % 533,186 40.3 %
Vacant — — % 296,164 22.3 %
Total Office Portfolio $ 54,211 100.0 % 1,327,407 100.0 %
(1) From and after February 28, 2023 with respect to the rentable square feet expiring in 2025, and February 28, 2025 with respect to rentable square feet expiring in 2027, the tenant has the right to terminate all or any portions of its lease with us, effective as of any date specified by the tenant in a written notice given to us at least 15 months prior to the termination, in each case in exchange for a termination penalty. The amount of such termination penalties is dependent on a variety of factors, including but not limited
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to the date of the termination notice, the amount of the square feet to be terminated and the location within the building of the space to be terminated.
Office Portfolio—Diversification by Industry as of December 31, 2021
Annualized % of Rentable
Rent Annualized Square % of Rentable
Industry (in thousands) Rent Feet Square Feet
Health Care and Social Assistance $ 22,341 41.3 % 465,747 35.0 %
Professional, Scientific, and Technical Services 9,566 17.6 % 173,462 13.1 %
Arts, Entertainment, and Recreation 5,430 10.0 % 89,902 6.8 %
Finance and Insurance 4,720 8.7 % 45,974 3.5 %
Real Estate and Rental and Leasing 4,386 8.1 % 90,312 6.8 %
Retail Trade 1,617 3.0 % 36,943 2.8 %
Public Administration 1,355 2.5 % 28,689 2.2 %
Information 936 1.7 % 13,589 1.0 %
Manufacturing 801 1.5 % 24,849 1.9 %
Administrative and Support and Waste Management and Remediation Services 616 1.1 % 10,927 0.8 %
Other 2,443 4.5 % 50,849 3.8 %
Vacant — — % 296,164 22.3 %
Total Office $ 54,211 100.0 % 1,327,407 100.0 %
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Office Portfolio—Lease Expiration as of December 31, 2021
Square Feet % of Square Annualized % of Annualized Annualized Rent
Year of Lease of Expiring Feet Rent Rent Per Occupied
Expiration Leases Expiring (in thousands) Expiring Square Foot
2022 (1)
150,961 14.7 % $ 7,202 13.3 % $ 47.71
2023 108,279 10.5 % 5,640 10.4 % 52.09
2024 58,011 5.6 % 3,058 5.6 % 52.71
2025 407,665 39.6 % 19,492 36.0 % 47.81
2026 72,612 7.0 % 4,501 8.3 % 61.99
2027 113,532 11.0 % 5,629 10.4 % 49.58
2028 15,335 1.5 % 994 1.8 % 64.82
2029 30,342 2.9 % 3,916 7.2 % 129.06
2030 74,506 7.2 % 3,779 7.0 % 50.72
2031 — — % — — % —
Total Occupied 1,031,243 100.0 % $ 54,211 100.0 % $ 52.57
Vacant 296,164
Total Office 1,327,407
(1) Includes 5,785 square feet of month-to-month leases as of December 31, 2021.
Property Indebtedness as of December 31, 2021
Outstanding Balance Due
Principal At Maturity
Balance Interest Maturity Date Prepayment/
Property (in thousands) Rate Date (in thousands) Defeasance
1 Kaiser Plaza $ 97,100 4.14% 7/1/2026 $ 97,100 (1)
Total/Weighted Average $ 97,100 4.14% $ 97,100
(1) Loan is generally not prepayable prior to April 1, 2026.