Item 2. Properties
Item 2. Properties
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 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).
Office Portfolio Detail by Classification, Address, Market, and Submarket as of December 31, 2024
Classification / Market / Address Sub-Market Rentable Square Feet % Occupied % Leased (1)
Annualized Rent (in thousands) Annualized Rent Per Occupied Square Foot (9)
Consolidated Office Portfolio
Oakland, CA
1 Kaiser Plaza Lake Merritt 537,339 55.9 % 55.9 % $ 16,627 $ 55.34
San Francisco, CA
1130 Howard Street South of Market 21,194 61.1 % 61.1 % 1,205 93.09
Los Angeles, CA
11620 Wilshire Boulevard West Los Angeles 196,928 78.9 % 80.3 % 7,857 50.57
11600 Wilshire Boulevard West Los Angeles 56,881 73.4 % 73.4 % 2,588 62.02
9460 Wilshire Boulevard Beverly Hills 97,655 91.6 % 91.6 % 10,901 121.88
8944 Lindblade Street (2)
West Los Angeles 7,980 100.0 % 100.0 % 578 72.43
8960 & 8966 Washington Boulevard (2)
West Los Angeles 24,448 100.0 % 100.0 % 1,559 63.77
1037 N Sycamore Avenue Hollywood 5,031 100.0 % 100.0 % 336 66.79
Austin, TX
3601 S Congress Avenue (3)
South 231,240 78.1 % 78.1 % 8,709 48.23
1021 E 7th Street (4)
East 11,180 100.0 % 100.0 % 664 59.39
1007 E 7th Street (5)
East 1,352 — % — % — —
Total Consolidated Office Portfolio 1,191,228 69.6 % 69.8 % 51,024 61.54
Unconsolidated Office Portfolio
Los Angeles, CA
1910 Sunset Boulevard - 44% (6)
Echo Park 107,524 81.6 % 84.0 % 4,428 50.48
Total Unconsolidated Office Portfolio 107,524 81.6 % 84.0 % 4,428 50.48
Total Office Portfolio 1,298,752 70.6 % 71.0 % 55,452 60.48
Total Office Portfolio - CMCT Share of Annualized Rent $ 52,979
Development Pipeline Properties
Oakland, CA
2 Kaiser Plaza (7)
Lake Merritt N/A N/A N/A N/A N/A
Los Angeles, CA
1015 Mansfield - 29% (8)
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 1,298,752 70.6 % 71.0 % $ 55,452 $ 60.48
(1) Based on leases signed as of December 31, 2024.
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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) 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.
(8) The Company owns approximately 29% 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.
(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
Oakland, CA
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
Unconsolidated Multifamily Portfolio
Los Angeles, CA
1902 Park Avenue - 25.5% (2)
Echo Park 75 88.0 % $ 1,482 $ 1,871
701 S Hudson - 20% (3)
Mid-Wilshire
68 22.1 % $ 451 $ 2,507
Total Unconsolidated Multifamily Portfolio 143 56.6 % $ 1,933 $ 1,988
Total Multifamily Portfolio 764 81.7 % $ 18,478 $ 2,468
Total Multifamily Portfolio - CMCT Share of Annualized Rent $ 17,013
Development Pipeline Properties
Los Angeles, CA
3101 S. Western Avenue (4)
Jefferson Park N/A N/A N/A N/A
3022 S. Western Avenue (4)
Jefferson Park N/A N/A N/A N/A
3109 S. Western Avenue (5)
Jefferson Park N/A N/A N/A N/A
4750 Wilshire Boulevard (Backlot) (6)
Mid-Wilshire
N/A N/A N/A N/A
1915 Park Avenue - 44% (7)
Echo Park N/A N/A N/A N/A
Oakland, CA
F3 Land Site (8)
Jack London District N/A N/A N/A N/A
466 Water Street Land Site (9)
Jack London District N/A N/A N/A N/A
Total Multifamily and Development Portfolio 764 81.7 % $ 18,478 $ 2,468
(1) Represents gross monthly base rent under leases commenced as of December 31, 2024, divided by occupied units.
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(2) The Company owns 25.5% of the property. The amounts shown in the table represent 100% of the property. 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. 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. The Company is evaluating future development options, including hotel development.
(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
Revenue Per
% Available
Property Market Rooms Occupied (1)
Room
Sheraton Grand Hotel (2)
Sacramento, CA 505 67.2 % $ 135.90
Total Hotel (1 Property) 505 67.2 % $ 135.90
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 68.9 % 68.9 % $ 567
Total Ancillary Property (1 Property) 9,453 68.9 % 68.9 % $ 567
(1) Represents trailing 12-month occupancy as of December 31, 2024, 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. 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.
(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, 2024
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- 2028
$ 12,694 22.9 % 236,692 18.2 %
U.S. Bank, N.A. 9460 Wilshire Boulevard A+ / Aa3 / A+ 2029 4,167 7.5 % 27,569 2.1 %
3 Arts Entertainment, Inc. 9460 Wilshire Boulevard - / - / - 2026 3,037 5.5 % 27,112 2.1 %
F45 Training Holdings, Inc. 3601 S Congress Avenue - / - / - 2030 2,418 4.4 % 44,171 3.4 %
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 %
All Other Tenants 30,766 55.4 % 563,147 43.4 %
Vacant — — % 381,904 29.4 %
Total Office Portfolio $ 55,452 100.0 % 1,298,752 100.0 %
Note: Represents 100% of the consolidated and unconsolidated office portfolios, regardless of our ownership percentage.
Office Portfolio—Diversification by Industry as of December 31, 2024
Annualized % of Rentable
Rent Annualized Square % of Rentable
Industry (in thousands) Rent Feet Square Feet
Health Care and Social Assistance $ 19,216 34.6 % 343,954 26.6 %
Professional, Scientific, and Technical Services 9,311 16.8 % 151,465 11.7 %
Finance and Insurance 6,439 11.6 % 65,599 5.1 %
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 %
Other 2,709 5.0 % 66,278 5.0 %
Vacant — — % 381,904 29.4 %
Total Office $ 55,452 100.0 % 1,298,752 100.0 %
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, 2024
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
2025 (1)
110,325 11.9 % 6,934 12.6 % 62.85
2026 134,844 14.7 % 8,393 15.1 % 62.24
2027 (2)
75,989 8.3 % 4,440 8.0 % 58.43
2028 338,520 36.9 % 18,457 33.3 % 54.52
2029 (3)
61,979 6.8 % 6,148 11.1 % 99.19
2030 (4)
103,485 11.3 % 4,627 8.3 % 44.71
2031 26,409 2.9 % 1,240 2.2 % 46.95
2032 (5)
26,777 2.9 % 1,551 2.8 % 57.92
2034 12,383 1.4 % 714 1.3 % 57.66
Thereafter (6)
26,137 2.9 % 2,948 5.3 % 112.79
Total Occupied 916,848 100.0 % $ 55,452 100.0 % $ 60.48
Vacant 381,904
Total Office 1,298,752
Note: Represents 100% of the consolidated and unconsolidated office portfolios, regardless of our ownership percentage.
(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.
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Property Indebtedness as of December 31, 2024
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
67,000 6.25% 6/7/2025 67,000
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 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.