What changed in this filing

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Item 2. Properties

2025-02-14 compared with 2024-02-16 · 38 added, 76 removed, 157 unchanged (42% of the section changed)

We present property level data for our Total Portfolio, except that we present historical capital expenditures for our Consolidated Portfolio.

Office Portfolio Summary as of December 31, 2023

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

Our Average Market Share (2)

52 9,999,051 40,401,665 34.4 %

Valley 16 6,790,777 22,485,019 44.4

2 1,190,835 5,267,268 22.6

Total / Average 70 17,980,663 68,153,952 37.4 %

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(1) The rentable square feet in each region is based on the Rentable Square Feet as reported in the 2023 fourth quarter CBRE Marketview report for our submarkets in that region.

(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 60.3 %

Westwood 7 2,191,711 43.6

Olympic Corridor 5 1,142,885 28.1

Beverly Hills (3)

11 2,196,067 27.6

Santa Monica 11 1,425,374 14.3

Century City 3 957,269 9.0

Valley Sherman Oaks/Encino 12 3,488,995 55.1

Warner Center/Woodland Hills 3 2,845,577 37.4

Burbank 1 456,205 5.3

Honolulu Honolulu (3)

Commencing with the fourth quarter of 2024, we present the data for our In-Service Portfolio.

In-Service Office Portfolio Summary as of December 31, 2024

Region Westside Valley Honolulu Total / Weighted Average

Number of Office Properties 52 15 2 69

Our Rentable Square Feet 9,999,051 6,334,572 1,190,835 17,524,458

Region Rentable Square Feet (1)

40,389,795 13,969,773 5,333,142 59,692,710

Total / Weighted Average 70 17,980,663 37.4 %

Our Market Share (2)

34.6 % 47.1 % 22.3 % 38.3 %

(3) In calculating market share, we adjusted the rentable square footage by:

(i) removing a 218,000 square foot property located just outside the Beverly Hills city limits from both the numerator and the denominator, and (ii) removing 77,000 rentable square feet of vacant space at an office building in Honolulu that we are converting to residential apartments from both our rentable square footage and that of the submarket.

Office Portfolio Percentage Leased and In-place Rents as of December 31, 2023

Annualized Rent (2)

Our Percent Leased 81.3 % 78.7 % 91.2 % 81.1 %

Our Annualized Rent $ 445,878,182 $ 165,255,005 $ 38,928,166 $ 650,061,353

Annualized Rent Per Leased Square Foot (3)

$ 57.29 $ 33.97 $ 36.58 $ 47.41

Monthly Rent Per Leased Square Foot (3)

Westside 82.1 % $ 449,123,019 $ 57.01 $ 4.75

Valley 83.8 197,159,698 36.04 3.00

Honolulu 90.4 37,069,247 35.93 2.99

Total / Weighted Average 83.3 % $ 683,351,964 $ 47.52 $ 3.96

$ 4.77 $ 2.83 $ 3.05 $ 3.95

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

Region Submarket Percent

Leased Monthly Rent Per Leased Square Foot (2)

Westside Beverly Hills 85.7 % $ 4.92

Brentwood 79.9 4.01

Century City 86.3 4.69

Olympic Corridor 76.1 3.33

Santa Monica 81.2 6.95

Westwood 82.6 4.54

Valley Burbank 100.0 5.01

Sherman Oaks/Encino 87.1 3.01

Warner Center/Woodland Hills 77.1 2.57

Honolulu Honolulu 90.4 2.99

Weighted Average 83.3 % $ 3.96

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(1) The rentable square feet in each region is based on the Rentable Square Feet as reported in the 2024 fourth quarter CBRE Marketview report for our submarkets in that region.

In calculating market share, we adjusted the rentable square footage by:

(i) removing 67,000 rentable square feet for an office building in Honolulu that we are converting to residential apartments from both our rentable square footage and that of the region, and (ii) to add a 218,000 square foot property located just outside the Beverly Hills city limits to both the numerator and the denominator.

(3) Does not include signed leases not yet commenced, which are included in percent leased but excluded from Annualized Rent.

Office Lease Diversification as of December 31, 2023

In-Service Office Portfolio Lease Diversification as of December 31, 2024

Portfolio Tenant Size

10 unchanged sentences

Total for all leases 2,681 100.0 % 13,711,303 100.0 % $ 650,061,353 100.0 %

Largest Office Tenants as of December 31, 2023

In-Service Office Portfolio Largest Tenants as of December 31, 2024

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

1 unchanged sentence

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

Discovery (2)

1 1 2024 456,205 2.5 % $ 27,435,217 4.0 %

William Morris Endeavor (2)

5 unchanged sentences

6 5 2029-2038 185,236 1.0 10,681,307 1.6

NKSFB 2 2 2030 135,066 0.8 6,950,547 1.1

Total 28 21 918,245 5.1 % $ 57,523,722 8.8 %

1 unchanged sentence

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

(2) Square footage (rounded) expires as follows:

456,000 square feet in 2024.

(3) Table reflects lease terms as of December 31, 2023.

Subsequent to quarter end, the lease term was extended through 2037.

Tenant has the option to terminate 248,000 square feet in 2033.

(2) Tenant has the option to terminate its lease in 2033.

(3) Square footage (rounded) expires as follows:

1 lease totaling 1,000 square feet in 2023;

4 leases totaling 119,000 square feet in 2025;

5 leases totaling 32,000 square feet in 2026;

1 lease totaling 8,000 square feet in 2028;

1 lease totaling 15,000 square feet in 2029;

2 leases totaling 28,000 square feet in 2029;

and 2 leases totaling 14,000 square feet in 2033.

Tenant has options to terminate 51,000 square feet in 2025.

(4) Square footage (rounded) expires as follows:

26,000 square feet in 2025;

88,000 square feet in 2027 and 30,000 square feet in 2028.

89,000 square feet in 2027 and 30,000 square feet in 2028, and 26,000 square feet in 2030.

(5) Square footage (rounded) expires as follows:

2 unchanged sentences

31,000 square feet in 2037 and 74,000 square feet in 2038.

Office Industry Diversification as of December 31, 2023

In-Service Office Portfolio Industry Diversification as of December 31, 2024

Industry Number of Leases Annualized Rent as a Percent of Total

1 unchanged sentence

Financial Services 364 16.1 %

Entertainment 150 14.1

Real Estate 317 13.4 %

Entertainment 136 10.0 %

Health Services 398 9.9 %

Accounting & Consulting 296 9.0 %

Technology 101 4.9

Retail 163 5.6 %

Technology 93 5.0 %

Insurance 89 3.1 %

Educational Services 46 2.8

Public Administration 76 2.7 %

Advertising 33 1.0

Educational Services 38 2.6 %

Manufacturing & Distribution 56 1.3 %

Advertising 32 0.9 %

Other 58 1.2 %

Total 2,681 100.0 %

Office Lease Expirations as of December 31, 2023 (assuming non-exercise of renewal options and early termination rights)

In-Service Office Portfolio Lease Expirations as of December 31, 2024 (assuming non-exercise of renewal options and early termination rights)

Year of Lease Expiration Number of

27 unchanged sentences

(3) Represents the square footage adjustments for leases that do not reflect BOMA remeasurement.

Office Tenant Improvements and Leasing Commissions

Office Portfolio Tenant Improvements and Leasing Commissions

Commencing with the fourth quarter of 2024, the table below presents only our In-Service Portfolio.

Year Ended December 31,

31 unchanged sentences

Tenant improvements are based on signed leases, or, for leases in which a tenant improvement allowance was not specified, the amount budgeted at the time the lease commenced.

Office Recurring Capital Expenditures (consolidated office portfolio)

Consolidated Office Portfolio Recurring Capital Expenditures

Commencing with the fourth quarter of 2024, the table below presents only our In-Service Portfolio.

Year Ended December 31,

9 unchanged sentences

• For 2024, we excluded ten properties with an aggregate 2.7 million square feet.

• For 2022, we excluded eleven properties with an aggregate 2.8 million square feet.

• For 2023, we excluded ten properties with an aggregate 2.7 million square feet.

• For 2022, we excluded eleven properties with an aggregate 2.8 million square feet.

Multifamily Portfolio as of December 31, 2023

In-Service Multifamily Portfolio Summary as of December 31, 2024

Submarket Number of Properties Number of Units Units as a Percent of Total

7 unchanged sentences

West Los Angeles 98.7 54,535,128 4,799

97.4 52,768,992 4,754

Honolulu 99.3 69,549,132 2,352

1 unchanged sentence

_______________________________________________________

(1) Excludes units vacated as part of removing Barrington Plaza from the rental market.

(2) The multifamily portfolio also includes 83,018 square feet and annualized rent of $2,992,297 consisting of ancillary retail space at three properties and remaining office space at a building undergoing conversion from office to residential, which are not included in this table.

(3) Excludes impact of Barrington Plaza.

Multifamily Recurring Capital Expenditures

(1) The multifamily portfolio also includes:

(i) 72,613 square feet consisting of ancillary retail space at three properties and the remaining office space at a building undergoing conversion from office to residential, and (ii) 712 apartment units at Barrington Plaza which is undergoing redevelopment.

These items are not included in this table.

Multifamily Portfolio Recurring Capital Expenditures

Commencing with the fourth quarter of 2024, the table below presents only our In-Service Portfolio.

Year Ended December 31,

16 unchanged sentences

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