Item 2. Properties
Item 2. Properties
We present property level data for our Total Portfolio, except that we present historical capital expenditures for our Consolidated Portfolio. 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
Our Market Share (2)
34.6 % 47.1 % 22.3 % 38.3 %
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)
$ 4.77 $ 2.83 $ 3.05 $ 3.95
_______________________________________________
(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.
(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 to our submarkets in each 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.
In-Service Office Portfolio Lease Diversification as of December 31, 2024
Portfolio Tenant Size
Median Average
Square feet 2,400 5,100
Office Leases Rentable Square Feet Annualized Rent
Square Feet Under Lease Number Percent Amount Percent Amount Percent
2,500 or less 1,368 51.0 % 1,976,618 14.4 % $ 87,595,970 13.5 %
2,501-10,000 998 37.3 4,874,114 35.6 225,471,220 34.7
10,001-20,000 205 7.7 2,811,564 20.5 134,560,315 20.7
20,001-40,000 81 3.0 2,196,685 16.0 103,913,375 16.0
40,001-100,000 28 1.0 1,599,921 11.7 81,512,424 12.5
Greater than 100,000 1 — 252,401 1.8 17,008,049 2.6
Total for all leases 2,681 100.0 % 13,711,303 100.0 % $ 650,061,353 100.0 %
34
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:
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
William Morris Endeavor (2)
1 1 2037 252,401 1.4 $ 17,008,049 2.6
UCLA (3)
14 8 2025-2033 200,854 1.1 11,823,902 1.8
Morgan Stanley (4)
5 5 2027-2030 144,688 0.8 11,059,917 1.7
Equinox Fitness (5)
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) Expiration dates are per lease (expiration dates do not reflect storage and similar leases).
(2) Tenant has the option to terminate its lease in 2033.
(3) Square footage (rounded) expires as follows: 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; 2 leases totaling 28,000 square feet in 2029; and 2 leases totaling 14,000 square feet in 2033.
(4) Square footage (rounded) expires as follows: 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: 34,000 square feet in 2029; 46,000 square feet in 2035; 31,000 square feet in 2037 and 74,000 square feet in 2038.
In-Service Office Portfolio Industry Diversification as of December 31, 2024
Industry Number of Leases Annualized Rent as a Percent of Total
Legal 565 19.2 %
Financial Services 364 16.1 %
Real Estate 317 13.4 %
Entertainment 136 10.0 %
Health Services 398 9.9 %
Accounting & Consulting 296 9.0 %
Retail 163 5.6 %
Technology 93 5.0 %
Insurance 89 3.1 %
Public Administration 76 2.7 %
Educational Services 38 2.6 %
Manufacturing & Distribution 56 1.3 %
Advertising 32 0.9 %
Other 58 1.2 %
Total 2,681 100.0 %
35
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
Leases Rentable
Square Feet Expiring
Square Feet
as a Percent of Total Annualized Rent at December 31, 2024 Annualized
Rent as a
Percent of Total Annualized
Rent Per
Leased Square Foot (1)
Annualized
Rent Per
Leased
Square
Foot at Expiration (2)
Short Term Leases 78 276,441 1.6 % $ 10,634,698 1.6 % $ 38.47 $ 38.47
2025 588 2,175,630 12.4 103,472,304 15.9 47.56 48.25
2026 541 2,296,875 13.1 106,651,942 16.5 46.43 48.73
2027 458 2,134,512 12.2 101,348,084 15.6 47.48 51.39
2028 360 1,682,178 9.6 78,718,502 12.1 46.80 51.97
2029 234 1,289,692 7.3 57,825,703 8.9 44.84 51.43
2030 147 1,180,015 6.7 58,829,972 9.1 49.86 55.93
2031 90 630,104 3.6 30,061,478 4.6 47.71 57.02
2032 52 490,897 2.8 22,927,465 3.5 46.71 58.31
2033 53 389,428 2.2 20,247,403 3.1 51.99 68.86
2034 34 276,705 1.6 12,387,505 1.9 44.77 62.25
Thereafter 46 888,826 5.1 46,956,297 7.2 52.83 74.73
Subtotal/weighted average 2,681 13,711,303 78.2 650,061,353 100.0 47.41 53.39
Signed leases not commenced 329,125 1.9
Available 3,316,355 18.9
Building management use 107,145 0.6
BOMA adjustment (3)
60,530 0.4
Total/Weighted Average 2,681 17,524,458 100.0 % $ 650,061,353 100.0 % $ 47.41 $ 53.39
_____________________________________________________
(1) Represents Annualized Rent at December 31, 2024 divided by leased square feet.
(2) Represents Annualized Rent at expiration divided by leased square feet.
(3) Represents the square footage adjustments for leases that do not reflect BOMA remeasurement.
36
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,
2024 2023 2022
Renewal leases (1)
Number of leases 556 576 571
Square feet 2,763,902 2,359,780 2,416,521
Tenant improvement costs per square foot (2)
$ 16.37 $ 11.15 $ 11.06
Leasing commission costs per square foot (2)
9.71 5.98 5.86
Total costs per square foot (2)
$ 26.08 $ 17.13 $ 16.92
New leases (1)
Number of leases 298 289 343
Square feet 881,884 792,716 1,225,024
Tenant improvement costs per square foot (2)
$ 20.17 $ 21.69 $ 27.68
Leasing commission costs per square foot (2)
8.46 7.39 9.26
Total costs per square foot (2)
$ 28.63 $ 29.08 $ 36.94
Total leases (1)
Number of leases 854 865 914
Square feet 3,645,786 3,152,496 3,641,545
Tenant improvement costs per square foot (2)
$ 17.29 $ 13.80 $ 16.65
Leasing commission costs per square foot (2)
9.41 6.34 7.01
Total costs per square foot (2)
$ 26.70 $ 20.14 $ 23.66
______________________________________________________
(1) Excludes square feet for ancillary retail space.
(2) Tenant improvements and leasing commissions are reported in the period in which the lease is signed. 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.
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,
2024 2023 2022
Recurring Capital Expenditures (1)
$ 3,324,572 $ 3,279,814 $ 4,224,496
Total square feet (1)
14,851,645 14,851,645 14,851,378
Recurring Capital Expenditures per square foot (1)
$ 0.22 $ 0.22 $ 0.28
____________________________________________________
(1) We excluded the following properties in accordance with our definition of Recurring Capital Expenditures:
• For 2024, we excluded ten properties with an aggregate 2.7 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.
37
In-Service Multifamily Portfolio Summary as of December 31, 2024
Submarket Number of Properties Number of Units Units as a Percent of Total
Los Angeles
Santa Monica 3 940 21 %
West Los Angeles 6 964 22 %
Honolulu 4 2,487 57
Total 13 4,391 100 %
Submarket Percent Leased Annualized Rent (1)
Monthly Rent Per Leased Unit
Los Angeles
Santa Monica 98.8 % $ 50,410,704 $ 4,532
West Los Angeles 98.7 54,535,128 4,799
Honolulu 99.3 69,549,132 2,352
Total / Weighted Average 99.1 % $ 174,494,964 $ 3,352
_______________________________________________________
(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,
2024 2023 2022
Recurring Capital Expenditures (1)(2)
$ 3,342,407 $ 2,978,083 $ 3,092,613
Total units (1)(2)
4,015 4,013 3,925
Recurring Capital Expenditures per unit (1)(2)
$ 832 $ 747 $ 807
____________________________________________________
(1) Recurring Capital Expenditures include costs associated with the turnover of units. Our multifamily portfolio includes a large number of units that, due to Santa Monica rent control laws, have had only modest rent increases since 1979. During 2024, when a tenant vacated one of these units, we incurred on average $61 thousand per unit to bring the unit up to our standards. We classify these capital expenditures as non-recurring.
(2) We excluded the following properties in accordance with our definition of Recurring Capital Expenditures:
• For 2024, we excluded two properties with an aggregate 457 units.
• For 2023, we excluded two properties with an aggregate 563 units.
• For 2022, we excluded two properties with an aggregate 1,088 units.
38