What changed in this filing

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Item 2. Properties

2024-03-29 compared with 2023-03-31 · 94 added, 28 removed, 119 unchanged (51% of the section changed)

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).

As of December 31, 2023, our real estate portfolio consisted of 27 assets, all of which were fee-simple properties and five of which we own through investments in Unconsolidated Joint Ventures.

Our Unconsolidated Joint Ventures contain two office properties (one of which is being partially converted into multifamily units), one multifamily site currently under development, one multifamily property and one commercial development site.

As of December 31, 2023, our 13 office properties, totaling approximately 1.3 million rentable square feet, were 83.8% occupied, and our one hotel with an ancillary parking garage, which has a total of 503 rooms, had RevPAR of $145.80 for the year ended December 31, 2023, and our three multifamily properties were 79.3% occupied.

Additionally, as of December 31, 2023, we had nine development sites (three of which were being used as parking lots).

Office Portfolio Detail by Classification, Address, Market, and Submarket as of December 31, 2023

9 unchanged sentences

9460 Wilshire Boulevard Beverly Hills 97,655 93.7 % 93.7 % 10,093 110.33

4750 Wilshire Boulevard (2)

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

8944 Lindblade Street (2)

5 unchanged sentences

South 228,545 80.6 % 82.0 % 9,196 49.92

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

1021 E 7th Street (4)

East 11,180 100.0 % 100.0 % 602 53.85

1007 E 7th Street (5)

East 1,352 100.0 % 100.0 % 69 51.04

Total Consolidated Office Portfolio 1,188,533 83.4 % 83.8 % 57,498 58.01

1 unchanged sentence

Los Angeles, CA

4750 Wilshire Boulevard - 20% (6)

Mid-Wilshire 30,335 100.0 % 100.0 % 1,619 53.37

1910 Sunset Boulevard - 44% (7)

7 unchanged sentences

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

4750 Wilshire Boulevard (Backlot) (9)

Mid-Wilshire N/A N/A N/A N/A N/A

1015 Mansfield - 29% (10)

N/A N/A N/A N/A N/A

Total Development Pipeline Properties N/A N/A N/A N/A N/A

1 unchanged sentence

(1) Based on leases signed as of December 31, 2023.

(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.

(2) The three buildings making up 8960 & 8966 Washington Boulevard and 8944 Lindblade Street were formerly known as Lindblade Media Center.

(3) 3601 S Congress Avenue consists of twelve buildings.

The Company is evaluating different development options including multifamily development.

(4) The Company is evaluating different development options including multifamily development.

(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.

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

(6) In connection with the 4750 Wilshire Project (as defined below), 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, 2023.

We sold 80% of our interest in 4750 Wilshire Boulevard to three co-investors (the “4750 Wilshire JV Partners”) in February 2023 with our remaining 20% interest now invested in a newly-formed joint venture with the JV Partners.

The 4750 Wilshire Project is in the process of converting two out of the building’s three floors into 68 for-lease multifamily units.

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

3 unchanged sentences

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.

Alternatively, we are also evaluating a multifamily development.

(9) The Company owns 100% of the 4750 Wilshire Boulevard backlot land parcel.

The site is being evaluated for potential multifamily development and currently is being utilized as a surface parking lot.

(10) The Company owns approximately 29% of the property.

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

The property has a site area of approximately 44,141 square feet and currently contains a parking garage which is being leased to a third party.

The site is being evaluated for different development options, including creative office space or other commercial space.

Classification / Market / Address Sub-Market Units

% Occupied Annualized Rent (in thousands) Monthly Rent Per Occupied Unit (1)

Consolidated Multifamily Portfolio

Channel House

Jack London District

333 71.8 % $ 9,192 $ 3,205

288 85.4 % $ 7,980 $ 2,703

Total Consolidated Multifamily Portfolio

621 78.1 % $ 17,172 $ 2,951

Unconsolidated Multifamily Portfolio

Los Angeles, CA

1902 Park Avenue - 50% (2)

75 89.3 % $ 1,407 $ 1,749

Total Unconsolidated Multifamily Portfolio

75 89.3 % $ 1,407 $ 1,749

Total Multifamily Portfolio

696 79.3 % $ 18,579 $ 2,805

Total Multifamily Portfolio - CMCT Share of Annualized Rent

Development Pipeline Properties

Los Angeles, CA

Western Avenue (3)

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

Western Avenue (3)

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

Western Avenue (4)

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

1915 Park Avenue - 44% (5)

F3 Land Site (6)

Jack London District

N/A N/A N/A N/A

466 Water Street Land Site (7)

Jack London District

Total Multifamily and Development Portfolio

696 79.3 % $ 18,579 $ 2,805

(1) Represents gross monthly base rent under leases commenced as of December 31, 2023, divided by occupied units.

(2) The Company owns 50% of the property.

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

The property is a 75-unit four-story building.

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

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

(5) The Company owns approximately 44% of the property.

The 1910 Sunset JV plans to build 36 multifamily units on the 1915 Park Avenue land parcel adjacent to the 1910 Sunset Boulevard office building, for which the 1910 Sunset JV has received all necessary entitlements.

(6) Currently being utilized as a parking lot.

The Company is evaluating future development options, including hotel development.

(7) The Company is evaluating the property for potential future multifamily development.

Hotel Portfolio Summary as of December 31, 2023

9 unchanged sentences

(in thousands)

Sheraton Grand Hotel Parking Garage & Retail Sacramento, CA 9,453 81.0 % 81.0 % $ 538

Sheraton Grand Hotel Parking Garage & Retail (4)

Sacramento, CA 9,453 69.3 % 69.3 % $ 567

Total Ancillary Property (1 Property) 9,453 69.3 % 69.3 % $ 567

2 unchanged sentences

(3) Based on leases commenced as of December 31, 2023.

(4) The Company is evaluating the property for potential future development options including multifamily development over the existing parking garage.

Office Portfolio—Top 5 Tenants by Annualized Rental Revenue as of December 31, 2023

5 unchanged sentences

$ 18,250 28.7 % 366,777 27.7 %

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 %

9460 Wilshire Boulevard A+ / Aa3 / A+ 2029 4,027 6.3 % 27,569 2.1 %

3 Arts Entertainment, Inc.

9460 Wilshire Boulevard - / - / - 2026 2,848 4.5 % 27,112 2.0 %

F45 Training Holdings, Inc.

3601 S Congress Avenue - / - / - 2030 2,492 3.9 % 44,171 3.3 %

Westwood One, Inc.

5 unchanged sentences

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.

(1) We have commenced lease negotiations with the tenant to sign a long-term lease for 236,692 of the existing 366,777 rentable square feet.

There can be no guarantee that a lease extension will be executed.

Taking into account the early termination right exercised by the tenant in 2023, 130,085 rentable square feet will expire on July 31, 2024, 152,966 rentable square feet will expire on February 28, 2025 and 83,696 rentable square feet will expire on February 28, 2027.

With respect to the 83,696 rentable square feet that will expire in 2027, from and after February 28, 2025, 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 exchange for a termination penalty.

Office Portfolio—Diversification by Industry as of December 31, 2023

4 unchanged sentences

Professional, Scientific, and Technical Services 9,673 15.2 % 158,296 11.9 %

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

Arts, Entertainment, and Recreation 6,132 9.7 % 88,457 6.7 %

Finance and Insurance 5,946 9.4 % 61,736 4.7 %

Real Estate and Rental and Leasing 4,097 6.4 % 78,478 5.9 %

Other Services (except Public Administration) 3,545 5.6 % 51,813 3.9 %

Public Administration 2,359 3.7 % 50,073 3.8 %

1 unchanged sentence

Information 1,849 2.9 % 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 2,705 4.3 % 60,873 4.5 %

27 unchanged sentences

1 Kaiser Plaza (1)

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

Channel House

87,000 SOFR + 3.36% 7/7/2025 87,000

66,600 6.25% 6/7/2024 66,600

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

4750 Wilshire Boulevard (3)

18,353 SOFR + 3.11% 4/1/2026 18,353

1902 Park Avenue (4)

9,580 SOFR + 2.86% 3/1/2026 9,580

Total $ 302,558 $ 302,558

(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.

(2) CMCT owns 44.2% of the property through its investment in an Unconsolidated Joint Venture.

The outstanding principal balance shown here represents 100% of the Unconsolidated Joint Venture’s balance.

(3) CMCT owns 20.0% of the property through its investment in an Unconsolidated Joint Venture.

The outstanding principal balance shown here represents 100% of the Unconsolidated Joint Venture’s balance.

(4) CMCT owns 50.0% of the property through its investment in an Unconsolidated Joint Venture.

The outstanding principal balance shown here represents 100% of the Unconsolidated Joint Venture’s balance.

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