Item 2. Properties
Item 2. Properties
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
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 537,339 83.2 % 83.2 % $ 23,068 $ 51.59
San Francisco, CA
1130 Howard Street South of Market 21,194 61.1 % 61.1 % 1,235 95.41
Los Angeles, CA
11620 Wilshire Boulevard West Los Angeles 196,928 78.8 % 79.9 % 7,854 50.61
11600 Wilshire Boulevard West Los Angeles 56,881 88.1 % 88.1 % 3,058 61.02
9460 Wilshire Boulevard Beverly Hills 97,655 93.7 % 93.7 % 10,093 110.33
8944 Lindblade Street (2)
West Los Angeles 7,980 100.0 % 100.0 % 550 68.92
8960 & 8966 Washington Boulevard (2)
West Los Angeles 24,448 100.0 % 100.0 % 1,480 60.54
1037 N Sycamore Avenue Hollywood 5,031 100.0 % 100.0 % 293 58.24
Austin, TX
3601 S Congress Avenue (3)
South 228,545 80.6 % 82.0 % 9,196 49.92
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
Unconsolidated Office Portfolio
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)
Echo Park 107,524 83.4 % 86.1 % 4,407 49.13
Total Unconsolidated Office Portfolio 137,859 87.1 % 89.2 % 6,026 50.19
Total Office Portfolio 1,326,392 83.8 % 84.4 % 63,524 57.17
Total Office Portfolio - CMCT Share of Annualized Rent 59,768
Development Pipeline Properties
Oakland, CA
2 Kaiser Plaza (8)
Lake Merritt N/A N/A N/A N/A N/A
Los Angeles, CA
4750 Wilshire Boulevard (Backlot) (9)
Mid-Wilshire N/A N/A N/A N/A N/A
1015 Mansfield - 29% (10)
Hollywood
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 1,326,392 83.8 % 84.4 % $ 63,524 $ 57.17
(1) Based on leases signed as of December 31, 2023.
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(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 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. CMCT owns approximately 44% of the property. The amounts shown in the table represent 100% of the property.
(8) 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.
(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
Oakland, CA
Channel House
Jack London District
333 71.8 % $ 9,192 $ 3,205
1150 Clay
Downtown
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)
Echo Park
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
17,876
Development Pipeline Properties
Los Angeles, CA
3101 S. Western Avenue (3)
Jefferson Park N/A N/A N/A N/A
3022 S. Western Avenue (3)
Jefferson Park N/A N/A N/A N/A
3109 S. Western Avenue (4)
Jefferson Park N/A N/A N/A N/A
1915 Park Avenue - 44% (5)
Echo Park
N/A
N/A N/A
N/A
Oakland, CA
F3 Land Site (6)
Jack London District
N/A N/A N/A N/A
466 Water Street Land Site (7)
Jack London District
N/A
N/A N/A
N/A
Total Multifamily and Development Portfolio
696 79.3 % $ 18,579 $ 2,805
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(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
Revenue Per
% Available
Property Market Rooms Occupied (1)
Room
Sheraton Grand Hotel (2)
Sacramento, CA 503 75.1 % $ 145.80
Total Hotel (1 Property) 503 75.1 % $ 145.80
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 (4)
Sacramento, CA 9,453 69.3 % 69.3 % $ 567
Total Ancillary Property (1 Property) 9,453 69.3 % 69.3 % $ 567
(1) Represents trailing 12-month occupancy as of December 31, 2023, 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, 2023.
(4) The Company is evaluating the property for potential future development options including multifamily development over the existing parking garage.
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Office Portfolio—Top 5 Tenants by Annualized Rental Revenue as of December 31, 2023
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- 2024, 2025, 2027 (1)
$ 18,250 28.7 % 366,777 27.7 %
U.S. Bank, N.A. 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. Lindblade Media Center - / - / - 2025 2,030 3.2 % 32,428 2.4 %
Total for Top Five Tenants 29,647 46.6 % 498,057 37.5 %
All Other Tenants 33,877 53.4 % 613,034 46.3 %
Vacant — — % 215,301 16.2 %
Total Office Portfolio $ 63,524 100.0 % 1,326,392 100.0 %
Note: Represents 100% of the consolidated and unconsolidated office portfolios, regardless of our ownership percentage.
(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
Annualized % of Rentable
Rent Annualized Square % of Rentable
Industry (in thousands) Rent Feet Square Feet
Health Care and Social Assistance $ 25,288 39.8 % 484,497 36.6 %
Professional, Scientific, and Technical Services 9,673 15.2 % 158,296 11.9 %
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 %
Retail Trade 1,930 3.0 % 42,555 3.2 %
Information 1,849 2.9 % 34,313 2.6 %
Other 2,705 4.3 % 60,873 4.5 %
Vacant — — % 215,301 16.2 %
Total Office $ 63,524 100.0 % 1,326,392 100.0 %
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, 2023
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
2024 (1)
206,236 18.6 % 10,330 16.3 % 50.09
2025 330,042 29.7 % 17,774 28.0 % 53.85
2026 126,183 11.4 % 7,874 12.4 % 62.40
2027 164,257 14.8 % 8,860 13.9 % 53.94
2028 55,837 5.0 % 3,165 5.0 % 56.68
2029 53,985 4.9 % 5,624 8.9 % 104.18
2030 91,757 8.3 % 4,721 7.4 % 51.45
2031 26,409 2.4 % 1,177 1.9 % 44.57
2032 25,845 2.3 % 1,427 2.2 % 55.21
Thereafter 30,540 2.6 % 2,572 4.0 % 84.22
Total Occupied 1,111,091 100.0 % $ 63,524 100.0 % $ 57.17
Vacant 215,301
Total Office 1,326,392
Note: Represents 100% of the consolidated and unconsolidated office portfolios, regardless of our ownership percentage.
(1) Includes 8,286 square feet of month-to-month leases as of December 31, 2023.
Property Indebtedness as of December 31, 2023
Outstanding Balance Due
Principal At Maturity
Balance Interest Maturity Date
Property (in thousands) Rate Date (in thousands)
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
1150 Clay
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 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.