What changed in this filing

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Item 2. Properties

2023-03-31 compared with 2022-03-16 · 51 added, 22 removed, 96 unchanged (43% of the section changed)

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.

As of December 31, 2022, our real estate portfolio consisted of 19 assets, all of which were fee-simple properties, including one office property which we own through our investment in an unconsolidated joint venture (the “Unconsolidated Joint Venture”).

As of December 31, 2022, our 13 office properties, totaling approximately 1.3 million rentable square feet, were 81.7% occupied, and our one hotel with an ancillary parking garage, which has a total of 503 rooms, had RevPAR of $126.19 for the year ended December 31, 2022.

Additionally, as of December 31, 2022, we had four development sites (with one being used as a parking lot).

Office Portfolio Detail by Classification, Address, Market, and Submarket as of December 31, 2022

1 unchanged sentence

Annualized Rent (in thousands) Annualized Rent Per Occupied Square Foot

Stabilized Portfolio

Consolidated Office Portfolio

1 Kaiser Plaza Lake Merritt 537,811 84.5 % 84.5 % $ 22,936 $ 50.47

4 unchanged sentences

11600 Wilshire Boulevard West Los Angeles 57,737 85.3 % 85.3 % 2,867 58.19

9460 Wilshire Boulevard Beverly Hills 97,655 69.3 % 91.0 % 7,351 108.58

4750 Wilshire Boulevard (2)

Mid-Wilshire 30,335 100.0 % 100.0 % 1,573 51.85

8944 Lindblade Street (3)

6 unchanged sentences

1021 E 7th Street East 11,180 100.0 % 100.0 % 634 56.71

Total Stabilized Portfolio 1,089,330 85.9 % 88.0 % 45,811 48.98

Value Add Properties

1007 E 7th Street (5)

East 1,352 100.0 % 100.0 % 46 34.02

Total Consolidated Office Portfolio 1,219,146 82.2 % 84.9 % 55,615 55.50

Unconsolidated Office Portfolio

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

1910 Sunset Boulevard - 44% (6)

Echo Park 100,506 74.8 % 80.4 % 3,403 45.26

Total Unconsolidated Office Portfolio 100,506 74.8 % 80.4 % 3,403 45.26

Total Office Portfolio 1,319,652 81.7 % 84.5 % 59,018 54.75

Total Office Portfolio - CMCT Share of Annualized Rent 57,112

Development Pipeline Properties

1 unchanged sentence

Lake Merritt N/A N/A N/A N/A N/A

Los Angeles, CA

Western Avenue (8)

Jefferson Park N/A N/A N/A N/A N/A

Western Avenue (8)

Jefferson Park N/A N/A N/A N/A N/A

Western Avenue (9)

Jefferson Park 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

Total Office and Development Portfolio 1,319,652 81.7 % 84.5 % $ 59,018 $ 54.75

(1) Based on leases signed as of December 31, 2022.

(2) In connection with the 4750 Wilshire Project (as defined later), the Company is no longer classifying approximately 110,000 square feet of vacant space at its property at 4750 Wilshire Boulevard in Los Angeles, California as rentable office square footage as of December 31, 2022.

The vacant space will be redeveloped and converted from office space into for-lease multifamily units.

(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.

(5) The property is located on a land site of approximately 7,450 square feet.

The Company intends to complete pre-development and entitlement work to provide optionality for future development.

(6) CMCT and a CIM-managed separate account purchased the property in February 2022 through a joint venture.

CMCT owns approximately 44% of the property.

The amounts shown in the table represent 100% of the property.

(7) 2 Kaiser Plaza Parking Lot is a 44,642 square foot parcel of land currently being used as a surface parking lot.

1 unchanged sentence

Alternatively, we are also evaluating a multifamily development, which can be constructed by right.

(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.

(8) The Company intends to develop a total of approximately 160 residential units across both properties.

(9) The Company intends to redevelop approximately seven commercial units totaling 5,635 rentable square feet and six parking stalls starting in 2024.

Hotel Portfolio Summary as of December 31, 2022

22 unchanged sentences

MUFG Union Bank, N.A.

9460 Wilshire Boulevard A / Aa3 / A 2029 3,755 6.9 % 27,569 2.1 %

9460 Wilshire Boulevard AA- / Aa2 / AA- 2029 3,927 6.7 % 27,569 2.1 %

F45 Training Holdings, Inc.

8 unchanged sentences

Total Office Portfolio $ 59,018 100.0 % 1,319,652 100.0 %

(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

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.

Represents 100% of the consolidated and unconsolidated office portfolios, regardless of our ownership percentage.

(1) From and after February 28, 2023 with respect to the 283,081 rentable square feet expiring in 2025, and February 28, 2025 with respect to the 83,696 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.

In each case, the amount of such termination penalty is dependent on a variety of factors, including but not limited 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, 2022

4 unchanged sentences

Professional, Scientific, and Technical Services 8,791 14.8 % 142,532 10.8 %

Arts, Entertainment, and Recreation 5,430 10.0 % 89,902 6.8 %

Finance and Insurance 5,649 9.5 % 58,959 4.5 %

Arts, Entertainment, and Recreation 5,584 9.4 % 87,506 6.6 %

Real Estate and Rental and Leasing 3,792 6.4 % 74,439 5.6 %

Retail Trade 1,617 3.0 % 36,943 2.8 %

Public Administration 2,281 3.9 % 50,073 3.8 %

Retail Trade 2,157 3.7 % 46,571 3.5 %

Information 1,757 3.0 % 34,313 2.6 %

Manufacturing 801 1.5 % 24,849 1.9 %

Other Services (except Public Administration) 1,525 2.6 % 31,966 2.4 %

Administrative and Support and Waste Management and Remediation Services 744 1.3 % 12,585 1.0 %

2 unchanged sentences

Total Office $ 59,018 100.0 % 1,319,652 100.0 %

Represents 100% of the consolidated and unconsolidated office portfolios, regardless of our ownership percentage.

Office Portfolio—Lease Expiration as of December 31, 2022

11 unchanged sentences

2031 19,092 1.8 % 804 1.4 % 42.11

2031 — — % — — % —

Thereafter 25,845 2.4 % 1,355 2.3 % 52.43

Total Occupied 1,077,970 100.0 % $ 59,018 100.0 % $ 54.75

1 unchanged sentence

Total Office 1,319,652

Represents 100% of the consolidated and unconsolidated office portfolios, regardless of our ownership percentage.

(1) Includes 16,662 square feet of month-to-month leases as of December 31, 2022.

2 unchanged sentences

Principal At Maturity

Balance Interest Maturity Date Prepayment/

Property (in thousands) Rate Date (in thousands) Defeasance

Balance Interest Maturity Date

Property (in thousands) Rate Date (in thousands)

1 Kaiser Plaza $ 97,100 4.14% 7/1/2026 $ 97,100

Total/Weighted Average $ 97,100 4.14% $ 97,100

1910 Sunset Boulevard (2) 23,925 SOFR + 2.95% 9/13/2025 23,925

Total $ 121,025 $ 121,025

(1) Loan is generally not prepayable prior to April 1, 2026.

(2) CMCT and a CIM-managed separate account purchased the property in February 2022 through a joint venture.

CMCT owns approximately 44% of the property.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties