Item 2. Properties
Item 2. Properties
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
Classification / Market / Address Sub-Market Rentable Square Feet % Occupied % Leased (1)
Annualized Rent (in thousands) Annualized Rent Per Occupied Square Foot
Consolidated Office Portfolio
Oakland, CA
1 Kaiser Plaza Lake Merritt 537,811 84.5 % 84.5 % $ 22,936 $ 50.47
San Francisco, CA
1130 Howard Street South of Market 21,194 61.1 % 61.1 % 1,215 93.87
Los Angeles, CA
11620 Wilshire Boulevard West Los Angeles 196,225 71.8 % 77.2 % 7,102 50.41
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)
West Los Angeles 7,980 100.0 % 100.0 % 538 67.42
8960 & 8966 Washington Boulevard (3)
West Los Angeles 24,448 100.0 % 100.0 % 1,442 58.98
1037 N Sycamore Avenue Hollywood 5,031 100.0 % 100.0 % 281 55.85
Austin, TX
3601 S Congress Avenue (4)
South 228,198 86.4 % 86.4 % 9,630 48.84
1021 E 7th Street East 11,180 100.0 % 100.0 % 634 56.71
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
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
Oakland, CA
2 Kaiser Plaza (7)
Lake Merritt N/A N/A N/A N/A N/A
Los Angeles, CA
3101 S. Western Avenue (8)
Jefferson Park N/A N/A N/A N/A N/A
3022 S. Western Avenue (8)
Jefferson Park N/A N/A N/A N/A N/A
3109 S. 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 and Development Portfolio 1,319,652 81.7 % 84.5 % $ 59,018 $ 54.75
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(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. 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.
(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
Revenue Per
% Available
Property Market Rooms Occupied (1)
Room
Sheraton Grand Hotel (2)
Sacramento, CA 503 73.0 % $ 126.19
Total Hotel (1 Property) 503 73.0 % $ 126.19
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 81.0 % 81.0 % $ 538
Total Ancillary Property (1 Property) 9,453 81.0 % 81.0 % $ 538
(1) Represents trailing 12-month occupancy as of December 31, 2022, 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, 2022.
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Office Portfolio—Top 5 Tenants by Annualized Rental Revenue as of December 31, 2022
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)
$ 17,610 29.8 % 366,777 27.8 %
MUFG Union Bank, N.A. 9460 Wilshire Boulevard AA- / Aa2 / AA- 2029 3,927 6.7 % 27,569 2.1 %
F45 Training Holdings, Inc. 3601 S Congress Avenue - / - / - 2030 2,427 4.1 % 44,171 3.3 %
3 Arts Entertainment, Inc. 9460 Wilshire Boulevard - / - / - 2026 2,396 4.1 % 27,112 2.1 %
Westwood One, Inc. Lindblade Media Center - / - / - 2025 1,979 3.4 % 32,428 2.5 %
Total for Top Five Tenants 28,339 48.1 % 498,057 37.8 %
All Other Tenants 30,679 51.9 % 579,913 43.9 %
Vacant — — % 241,682 18.3 %
Total Office Portfolio $ 59,018 100.0 % 1,319,652 100.0 %
Note: 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
Annualized % of Rentable
Rent Annualized Square % of Rentable
Industry (in thousands) Rent Feet Square Feet
Health Care and Social Assistance $ 23,711 40.1 % 469,924 35.7 %
Professional, Scientific, and Technical Services 8,791 14.8 % 142,532 10.8 %
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 %
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 %
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 %
Other 3,027 5.3 % 69,102 5.2 %
Vacant — — % 241,682 18.3 %
Total Office $ 59,018 100.0 % 1,319,652 100.0 %
Note: Represents 100% of the consolidated and unconsolidated office portfolios, regardless of our ownership percentage.
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Office Portfolio—Lease Expiration as of December 31, 2022
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
2023 (1)
120,565 11.2 % 6,427 10.9 % 53.31
2024 98,306 9.1 % 4,859 8.2 % 49.43
2025 440,772 40.9 % 21,923 37.1 % 49.74
2026 97,285 9.0 % 5,834 9.9 % 59.97
2027 133,533 12.4 % 7,085 12.1 % 53.06
2028 25,699 2.4 % 1,903 3.2 % 74.05
2029 38,935 3.6 % 4,612 7.8 % 118.45
2030 77,938 7.2 % 4,216 7.1 % 54.09
2031 19,092 1.8 % 804 1.4 % 42.11
Thereafter 25,845 2.4 % 1,355 2.3 % 52.43
Total Occupied 1,077,970 100.0 % $ 59,018 100.0 % $ 54.75
Vacant 241,682
Total Office 1,319,652
Note: 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.
Property Indebtedness as of December 31, 2022
Outstanding Balance Due
Principal At Maturity
Balance Interest Maturity Date
Property (in thousands) Rate Date (in thousands)
1 Kaiser Plaza $ 97,100 4.14% 7/1/2026 $ 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.