What changed in this filing

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Item 2. Properties

2021-02-22 compared with 2020-02-14 · 129 added, 47 removed, 104 unchanged (63% of the section changed)

1 unchanged sentence

Office Portfolio Summary as of December 31, 2020

Number of Properties

Our Rentable Square Feet

Region Rentable Square Feet (1)

Region Number of Properties Our Rentable Square Feet Region Rentable Square Feet (1)

Our Average Market Share (2)

52 9,995,347 39,258,399 35.4 %

Valley 16 6,790,777 21,115,245 43.9

3 1,406,141 4,985,850 28.2

Total / Average 71 18,192,265 65,359,494 38.0 %

1 unchanged sentence

(1) The rentable square feet in each region is based on the Rentable Square Feet as reported in the 2020 fourth quarter CBRE Marketview report for our submarkets in that region.

Our market share is calculated by dividing Rentable Square Feet by the applicable Rentable Square Feet, weighted in the case of averages based on the square feet of exposure in our total portfolio to each submarket as follows:

Number of Properties

Our Rentable Square Feet

Our Market Share (2)

(2) Our market share is calculated by dividing our Rentable Square Feet by the applicable Region's Rentable Square Feet, weighted in the case of averages based on the square feet of exposure in our total portfolio to each submarket as follows:

Region Submarket Number of Properties Our Rentable Square Feet Our Market Share (2)

Westside Brentwood 15 2,085,745 60.0 %

Westwood 7 2,188,007 44.5

Olympic Corridor 5 1,142,885 34.6

Beverly Hills (3)

Sherman Oaks/Encino

11 2,196,067 27.9

Santa Monica 11 1,425,374 14.2

Century City 3 957,269 9.1

Valley Sherman Oaks/Encino 12 3,488,995 53.8

Warner Center/Woodland Hills 3 2,845,577 37.6

Burbank 1 456,205 6.5

Honolulu Honolulu (3)

3 1,406,141 28.2

Total / Weighted Average 71 18,192,265 38.0 %

5 unchanged sentences

Monthly Rent Per Leased Square Foot (2)

Westside 89.7 % $ 470,509,237 $ 54.37 $ 4.53

Valley 86.5 208,429,511 36.41 3.03

Honolulu 90.8 41,597,947 34.57 2.88

Total / Weighted Average 88.6 % $ 720,536,695 $ 46.24 $ 3.85

1 unchanged sentence

(1) Regional data reflects the following underlying submarket data:

Monthly Rent Per Leased Square Foot (2)

Beverly Hills

Region Submarket Percent

Leased Monthly Rent Per Leased Square Foot (2)

Westside Beverly Hills 93.5 % $ 4.54

Brentwood 87.5 3.96

Century City 91.1 4.24

Olympic Corridor 89.9 3.40

Santa Monica 89.7 6.59

Westwood 87.1 4.42

Valley Burbank 100.0 4.51

Sherman Oaks/Encino 86.5 3.18

Warner Center/Woodland Hills 84.4 2.56

Honolulu Honolulu 90.8 2.88

Weighted Average 88.6 % $ 3.85

3 unchanged sentences

Portfolio Tenant Size

Office Leases

Rentable Square Feet

Annualized Rent

Square Feet Under Lease

Median Average

Square feet 2,600 5,600

Office Leases Rentable Square Feet Annualized Rent

Square Feet Under Lease Number Percent Amount Percent Amount Percent

2,500 or less 1,342 48.2 % 1,898,575 12.2 % $ 85,216,915 11.8 %

2 unchanged sentences

20,001-40,000 91 3.3 2,513,815 16.1 116,359,825 16.1

40,001-100,000 30 1.1 1,714,355 11.0 89,122,704 12.4

Greater than 100,000 4 0.1 910,353 5.8 45,417,484 6.3

2 unchanged sentences

The table below presents tenants paying 1% or more of our aggregate Annualized Rent:

Number of Leases

Number of Properties

Lease Expiration (1)

Total Leased Square Feet

Percent of Rentable Square Feet

Annualized Rent

Percent of Annualized Rent

Tenant Number of Leases Number of Properties Lease Expiration (1)

Total Leased Square Feet Percent of Rentable Square Feet Annualized Rent Percent of Annualized Rent

Time Warner (2)

3 3 2023 - 2024 468,819 2.6 % $ 25,152,727 3.5 %

26 10 2021 - 2027 340,000 1.8 17,745,785 2.5

William Morris Endeavor (4)

3 1 2022 - 2027 215,353 1.2 12,906,988 1.8

Morgan Stanley (5)

5 5 2022 - 2027 145,488 0.8 9,684,650 1.3

Equinox Fitness (6)

5 5 2024 - 2033 185,236 1.0 9,373,770 1.3

Total 42 24 1,354,896 7.4 % $ 74,863,920 10.4 %

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(1) Expiration dates are per lease (expiration dates do not reflect storage and similar leases).