What changed in this filing

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Item 2. Properties

2025-03-07 compared with 2024-03-29 · 51 added, 45 removed, 168 unchanged (36% of the section changed)

As of December 31, 2024, 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.

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

As of December 31, 2024, our 12 office properties, totaling approximately 1.3 million rentable square feet, were 70.6% occupied, and our one hotel with an ancillary parking garage, which has a total of 505 rooms, had RevPAR of $135.90 for the year ended December 31, 2024, and our four multifamily properties were 81.7% occupied.

Additionally, as of December 31, 2024, we had nine development sites (three of which were being used as parking lots).

24 unchanged sentences

Los Angeles, CA

4750 Wilshire Boulevard - 20% (6)

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

1910 Sunset Boulevard - 44% (6)

7 unchanged sentences

Los Angeles, CA

4750 Wilshire Boulevard (Backlot) (9)

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

1015 Mansfield - 29% (8)

9 unchanged sentences

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.

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

4 unchanged sentences

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.

(8) 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)

(9) Giving effect to abatements, net annualized rent per occupied square foot for the total portfolio was $59.93.

Multifamily Portfolio Detail by Classification, Address, Market, and Submarket as of December 31, 2024

Classification / Market / Address Sub-Market Units % Occupied Annualized Rent (in thousands) Monthly Rent Per Occupied Unit (1) (10)

Consolidated Multifamily Portfolio

Channel House

Jack London District

333 71.8 % $ 9,192 $ 3,205

288 85.4 % $ 7,980 $ 2,703

Channel House Jack London District 333 89.5 % $ 9,373 $ 2,621

1150 Clay Downtown 288 85.1 % $ 7,172 $ 2,439

Total Consolidated Multifamily Portfolio 621 87.4 % $ 16,545 $ 2,539

621 78.1 % $ 17,172 $ 2,951

Unconsolidated Multifamily Portfolio

1 unchanged sentence

1902 Park Avenue - 25.5% (2)

Echo Park 75 88.0 % $ 1,482 $ 1,871

701 S Hudson - 20% (3)

68 22.1 % $ 451 $ 2,507

Total Unconsolidated Multifamily Portfolio 143 56.6 % $ 1,933 $ 1,988

75 89.3 % $ 1,407 $ 1,749

Total Multifamily Portfolio 764 81.7 % $ 18,478 $ 2,468

696 79.3 % $ 18,579 $ 2,805

Total Multifamily Portfolio - CMCT Share of Annualized Rent $ 17,013

7 unchanged sentences

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

4750 Wilshire Boulevard (Backlot) (6)

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

1915 Park Avenue - 44% (7)

Echo Park N/A N/A N/A N/A

F3 Land Site (8)

Jack London District

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

Jack London District N/A N/A N/A N/A

466 Water Street Land Site (9)

Jack London District

Jack London District N/A N/A N/A N/A

Total Multifamily and Development Portfolio 764 81.7 % $ 18,478 $ 2,468

696 79.3 % $ 18,579 $ 2,805

(1) Represents gross monthly base rent under leases commenced as of December 31, 2024, divided by occupied units.

2 unchanged sentences

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

(3) 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 JV”).

By September 2024, the 4750 Wilshire JV had substantially completed its conversion of two of the three floors of 4750 Wilshire Boulevard from office-use into 68 for-lease multifamily units (the “4750 Wilshire Project”), with the first floor of 4750 Wilshire continuing to function as 30,335 square feet of office space.

Following the substantial completion of the 4750 Wilshire Project, the Company has reclassified its investment in the 4750 Wilshire JV as a multifamily investment.

The 4750 Wilshire JV refers to the multifamily portion of the building as “701 S Hudson”.

(4) 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.

There is no planned start date for such development.

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

There is no planned start date for such redevelopment.

(6) 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.

(7) The Company owns approximately 44% of the property through a joint venture partnership (the “1910 Sunset JV”).

The 1910 Sunset JV has begun construction to build 36 multifamily units on the 1915 Park Avenue land parcel adjacent to the office building (the “1915 Park Project”).

The 1915 Park Project is expected to be completed by the third quarter of 2025 and to cost approximately $14.7 million (excluding the land acquisition cost), the Company’s share of which is expected to be $6.5 million.

(8) Currently being utilized as a parking lot.

1 unchanged sentence

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

(10) Net of rent concessions granted in the specified period, monthly rent per occupied unit for the total portfolio was $2,319.

Hotel Portfolio Summary as of December 31, 2024

14 unchanged sentences

(2) The Sheraton Grand Hotel is part of the Sheraton franchise and is managed by Sheraton Operating Corporation, a subsidiary of Marriott International, Inc.

The renovation of the Sheraton Grand Hotel’s guest rooms and corridors is substantially completed (the “Rooms Renovation Project”) with a total cost of approximately $20.9 million.

The Company is currently working on designs for the renovation of Sheraton Grand Hotel’s lobbies and common areas (the “Lobby Renovation Project”).

The Company has not approved a budget for the Lobby Renovation Project but intends to complete the project in 2025.

(3) Based on leases commenced as of December 31, 2024.

12 unchanged sentences

3601 S Congress Avenue - / - / - 2030 2,418 4.4 % 44,171 3.4 %

Westwood One, Inc.

Lindblade Media Center - / - / - 2025 2,030 3.2 % 32,428 2.4 %

O'Gara Coach Company, L.L.C.

9460 Wilshire Boulevard - / - / - 2043 2,370 4.3 % 18,157 1.4 %

Total for Top Five Tenants 24,686 44.6 % 353,701 27.2 %

3 unchanged sentences

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, 2024

4 unchanged sentences

Professional, Scientific, and Technical Services 9,311 16.8 % 151,465 11.7 %

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

Finance and Insurance 6,439 11.6 % 65,599 5.1 %

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

Arts, Entertainment, and Recreation 6,280 11.3 % 88,457 6.8 %

Other Services (except Public Administration) 3,986 7.2 % 51,885 4.0 %

Real Estate and Rental and Leasing 2,098 3.8 % 41,667 3.2 %

Information 1,944 3.5 % 34,313 2.6 %

Public Administration 1,741 3.1 % 35,046 2.7 %

Retail Trade 1,728 3.1 % 38,184 2.9 %

Information 1,849 2.9 % 34,313 2.6 %

Other 2,709 5.0 % 66,278 5.0 %

16 unchanged sentences

Thereafter (6)

26,137 2.9 % 2,948 5.3 % 112.79

Total Occupied 916,848 100.0 % $ 55,452 100.0 % $ 60.48

3 unchanged sentences

(1) Includes 4,371 square feet of month-to-month leases as of December 31, 2024.

(2) Includes 6,524 square feet (approximately 0.7% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2027.

(3) Includes 3,572 square feet (approximately 0.4% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2029.

(4) Includes 2,313 square feet (approximately 0.3% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2030 .

(5) Includes 25,845 square feet (approximately 2.8% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2032.

(6) Includes 7,980 square feet (approximately 0.9% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2035.

Property Indebtedness as of December 31, 2024

8 unchanged sentences

67,000 6.25% 6/7/2025 67,000

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

4750 Wilshire Boulevard (3)

Sheraton Grand Hotel

84,346 SOFR + 4.35% 1/1/2027 84,346

9460 Wilshire Boulevard, 11620 Wilshire Boulevard, 11600 Wilshire Boulevard

105,000 7.41% 1/11/2030 105,000

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

1915 Park Avenue (2)

658 SOFR + 3.00% 12/21/2026 658

4750 Wilshire Boulevard (3)

36,864 SOFR + 3.11% 4/1/2026 36,864

Total $ 501,893 $ 501,893

(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.

(2) CMCT owns 44.2% of these properties through its investment the 1910 Sunset JV.

The outstanding principal balance shown here represents 100% of the 1910 Sunset JV’s balance.

(3) CMCT owns 20.0% of the property through its investment in the 4750 Wilshire JV.

The outstanding principal balance shown here represents 100% of the 4750 Wilshire JV’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