Item 2. Properties
Item 2. Properties
As of December 31, 2025, 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, three multifamily properties (one of which has been partially converted from office into multifamily units and is now classified as a multifamily property) and one commercial development site. As of December 31, 2025, our 12 office properties, totaling approximately 1.3 million rentable square feet, were 74.8% occupied, and our one hotel with an ancillary parking garage, which has a total of 505 rooms, had RevPAR of $152.70 for the year ended December 31, 2025, and our five multifamily properties were 85.3% occupied. Additionally, as of December 31, 2025, we had eight development sites (two of which were being used as parking lots).
Office Portfolio Detail by Classification, Address, Market, and Submarket as of December 31, 2025
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 537,929 55.2 % 55.2 % $ 16,791 $ 56.50
San Francisco, CA
1130 Howard Street South of Market 21,194 100.0 % 100.0 % 549 25.90
Los Angeles, CA
11620 Wilshire Boulevard West Los Angeles 197,054 90.0 % 90.0 % 8,862 49.95
11600 Wilshire Boulevard West Los Angeles 56,881 79.0 % 79.0 % 2,822 62.80
9460 Wilshire Boulevard Beverly Hills 97,655 94.5 % 94.5 % 11,554 125.21
8944 Lindblade Street (2)
West Los Angeles 7,980 100.0 % 100.0 % 630 78.95
8960 & 8966 Washington Boulevard (2)
West Los Angeles 24,448 — % — % — —
1037 N Sycamore Avenue Hollywood 5,031 100.0 % 100.0 % 351 69.77
Austin, TX
3601 S Congress Avenue (3)
South 233,579 92.4 % 92.4 % 9,888 45.81
1021 E 7th Street (4)
East 11,180 100.0 % 100.0 % 689 61.63
1007 E 7th Street (5)
East 1,352 100.0 % 100.0 % 50 36.98
Total Consolidated Office Portfolio 1,194,283 73.2 % 73.2 % 52,186 59.69
Unconsolidated Office Portfolio
Los Angeles, CA
1910 Sunset Boulevard - 44.2% (6)
Echo Park 107,824 91.8 % 91.8 % 5,030 50.84
Total Unconsolidated Office Portfolio 107,824 91.8 % 91.8 % 5,030 50.84
Total Office Portfolio 1,302,107 74.8 % 74.8 % 57,216 58.78
Total Office Portfolio - CMCT Share of Annualized Rent $ 54,407
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 1,302,107 74.8 % 74.8 % $ 57,216 $ 58.78
(1) Based on leases signed as of December 31, 2025.
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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.
(6) CMCT and a CIM-managed separate account purchased the property in February 2022 through a joint venture (the “1910 Sunset JV”). CMCT owns 44.2% 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 through an Unconsolidated Joint Venture. 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.
(9) Giving effect to abatements, net annualized rent per occupied square foot for the total portfolio was $54.90.
Multifamily Portfolio Detail by Classification, Address, Market, and Submarket as of December 31, 2025
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 % $ 9,145 $ 2,557
1150 Clay Downtown 288 87.2 % $ 7,190 $ 2,387
Total Consolidated Multifamily Portfolio 621 88.4 % $ 16,335 $ 2,480
Unconsolidated Multifamily Portfolio
Los Angeles, CA
1902 Park Avenue - 25.5% (2)
Echo Park 76 93.4 % $ 1,680 $ 1,972
701 S Hudson - 20% (3)
Mid-Wilshire
68 83.8 % $ 2,349 $ 3,434
1915 Park Avenue - 44.2% (4)
Echo Park 36 16.7 % $ 97 $ 1,352
Total Unconsolidated Multifamily Portfolio 180 74.4 % $ 4,126 $ 2,480
Total Multifamily Portfolio 801 85.3 % $ 20,461 $ 2,497
Total Multifamily Portfolio - CMCT Share of Annualized Rent $ 17,276
Development Pipeline Properties
Los Angeles, CA
3101 S. Western Avenue (5)
Jefferson Park N/A N/A N/A N/A
3022 S. Western Avenue (6)
Jefferson Park N/A N/A N/A N/A
3109 S. Western Avenue (6)
Jefferson Park N/A N/A N/A N/A
4750 Wilshire Boulevard (Backlot) (7)
Mid-Wilshire
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 801 85.3 % $ 20,461 $ 2,497
(1) Represents gross monthly base rent under leases commenced as of December 31, 2025, divided by occupied units.
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(2) The Company owns 25.5% of the property through an Unconsolidated Joint Venture. The amounts shown in the table represent 100% of the property.
(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 owns 44.2% of the property through the 1910 Sunset JV. The amounts shown in the table represent 100% of the property. The property is a 36-unit multifamily apartment building which was completed and began leasing during the fourth quarter of 2025.
(5) The Company intends to develop a total of approximately 160 residential units across both properties. There is no planned start date for such development.
(6) 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.
(7) The Company owns 100% of the 4750 Wilshire Boulevard backlot land parcel. The site is being evaluated for potential multifamily development.
(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 $2,127.
Hotel Portfolio Summary as of December 31, 2025
Revenue Per
% Available
Property Market Rooms Occupied (1)
Room
Sheraton Grand Hotel (2)
Sacramento, CA 505 72.5 % $ 152.70
Total Hotel (1 Property) 505 72.5 % $ 152.70
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 8,928 79.8 % 79.8 % $ 1,202
Total Ancillary Property (1 Property) 8,928 79.8 % 79.8 % $ 1,202
(1) Represents trailing 12-month occupancy as of December 31, 2025, 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 $21.2 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, 2025.
(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, 2025
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
$ 13,405 23.4 % 236,692 18.2 %
U.S. Bank, N.A. 9460 Wilshire Boulevard A+ / Aa3 / A+ 2029 4,324 7.6 % 27,569 2.1 %
3 Arts Entertainment, Inc. 9460 Wilshire Boulevard - / - / - 2027 3,161 5.5 % 27,112 2.1 %
O'Gara Coach Company, L.L.C. 9460 Wilshire Boulevard - / - / - 2043 2,512 4.4 % 18,157 1.4 %
F45 Training Holdings, Inc. 3601 S Congress Avenue - / - / - 2030 2,485 4.3 % 44,171 3.4 %
Total for Top Five Tenants 25,887 45.2 % 353,701 27.2 %
All Other Tenants 31,329 54.8 % 619,645 47.6 %
Vacant — — % 328,761 25.2 %
Total Office Portfolio $ 57,216 100.0 % 1,302,107 100.0 %
Note: Represents 100% of the consolidated and unconsolidated office portfolios, regardless of our ownership percentage.
Office Portfolio—Diversification by Industry as of December 31, 2025
Annualized % of Rentable
Rent Annualized Square % of Rentable
Industry (in thousands) Rent Feet Square Feet
Health Care and Social Assistance $ 21,101 36.9 % 362,352 27.9 %
Professional, Scientific, and Technical Services 7,109 12.4 % 135,183 10.5 %
Finance and Insurance 6,522 11.4 % 62,445 4.8 %
Arts, Entertainment, and Recreation 6,512 11.4 % 88,457 6.8 %
Other Services (except Public Administration) 4,201 7.3 % 55,336 4.2 %
Public Administration 2,173 3.8 % 43,524 3.3 %
Real Estate and Rental and Leasing 1,829 3.2 % 41,667 3.2 %
Retail Trade 1,684 2.9 % 38,184 2.9 %
Information 1,668 2.9 % 30,784 2.4 %
Other 4,417 7.8 % 115,414 8.8 %
Vacant — — % 328,761 25.2 %
Total Office $ 57,216 100.0 % 1,302,107 100.0 %
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, 2025
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
2026 (1)
107,814 11.1 % $ 5,606 9.8 % 52.00
2027 (2)
133,710 13.7 % 8,814 15.4 % 65.92
2028 336,509 34.6 % 18,632 32.6 % 55.37
2029 (3)
78,428 8.1 % 7,215 12.6 % 92.00
2030 (4)
129,744 13.3 % 6,285 11.0 % 48.44
2031 (5)
69,689 7.2 % 3,182 5.6 % 45.66
2032 (6)
31,993 3.3 % 1,681 2.9 % 52.54
2033 2,907 0.3 % 181 0.3 % 62.26
2034 12,383 1.3 % 741 1.3 % 59.84
Thereafter (7)
70,169 7.1 % 4,879 8.5 % 69.53
Total Occupied 973,346 100.0 % $ 57,216 100.0 % $ 58.78
Vacant 328,761
Total Office 1,302,107
Note: Represents 100% of the consolidated and unconsolidated office portfolios, regardless of our ownership percentage.
(1) Includes 4,193 square feet of month-to-month leases as of December 31, 2025. Includes 178 square feet (less than 0.1% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2026.
(2) Includes 924 square feet (approximately 0.1% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2027.
(3) Includes 5,864 square feet (approximately 0.6% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2029.
(4) Includes 5,154 square feet (approximately 0.5% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2030.
(5) Includes 4,654 square feet (approximately 0.5% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2031.
(6) Includes 25,845 square feet (approximately 2.7% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2032.
(7) Includes 38,801 square feet (approximately 4.0% of total portfolio occupied square footage) of leases with tenant-controlled early termination options to terminate prior to 2037.
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Property Indebtedness as of December 31, 2025
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
81,000 SOFR + 3.36% 1/31/2027 81,000
1150 Clay
66,304 6.25% 6/7/2026 66,304
Sheraton Grand Hotel (2)
90,955 SOFR + 4.35% 1/1/2027 90,955
9460 Wilshire Boulevard, 11620 Wilshire Boulevard, 11600 Wilshire Boulevard
105,000 7.41% 1/11/2030 105,000
1910 Sunset Boulevard (3)
23,925 SOFR + 2.95% 3/13/2026 23,925
1915 Park Avenue (3)
6,819 SOFR + 3.11% 12/21/2026 6,819
4750 Wilshire Boulevard (4)
37,901 SOFR + 3.11% 4/1/2026 37,901
3601 S Congress Avenue 31,600 SOFR + 2.95% 4/3/2028 31,600
8944 Lindblade Street 5,000 SOFR + 3.00% 2/14/2027 5,000
Total $ 545,604 $ 545,604
(1) Loan is generally not prepayable prior to April 1, 2026.
(2) Includes three one-year extension options.
(3) 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.
(4) 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.