SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2024

(in thousands)

					Initial Cost				Net Improvements (Write-Offs) Since Acquisition		Gross Amount at Which Carried (3)
Property Name, City and State	Encumbrances				Land		Building and Improvements				Land		Building and Improvements		Total		Acc. Deprec.		Year Built / Renovated	Year of Acquisition
Office
3601 S Congress Avenue (1)
Austin, TX			$	—	$	9,569	$	18,593	$	15,583	$	9,569	$	34,176	$	43,745	$	11,551	1918 / 2001 & 2020	2007
1 Kaiser Plaza
Oakland, CA	97,100				9,261		113,619		13,802		9,261		127,421		136,682		58,081		1970 / 2008	2008
2 Kaiser Plaza Parking Lot (1)
Oakland, CA			—		10,931		110		3,585		10,931		3,695		14,626		—		N/A	2015
11600 Wilshire Boulevard (3)
Los Angeles, CA			—		3,477		18,522		2,641		3,477		21,163		24,640		8,409		1955	2010
11620 Wilshire Boulevard (3)
Los Angeles, CA			—		7,672		51,999		8,917		7,671		60,916		68,587		24,271		1976	2010
4750 Wilshire Boulevard
Los Angeles, CA			—		4,000		—		283		4,000		283		4,283		—		1984 / 2014	2014
Lindblade Media Center
Los Angeles, CA			—		6,341		11,568		775		6,341		12,343		18,684		3,620		1930 & 1957 / 2010	2014
1037 N Sycamore
Los Angeles, CA			—		1,839		1,094		136		1,839		1,230		3,069		119		2000 / 2021	2021
1130 Howard Street (1)
San Francisco, CA			—		8,290		10,480		(47)		8,290		10,433		18,723		1,995		1930 / 2016 & 2017	2017
9460 Wilshire Boulevard (3)
Los Angeles, CA			—		52,199		76,730		6,986		52,199		83,716		135,915		14,993		1959 / 2008	2018
1021 E 7th Street
Austin, TX			—		4,979		733		(189)		4,979		544		5,523		148		1972 / 2001	2020
3101 S Western Avenue
Los Angeles, CA			—		2,279		—		1,368		2,279		1,368		3,647		1		N/A	2022
3022 S Western Avenue
Los Angeles, CA			—		5,638		156		1,594		5,638		1,750		7,388		20		N/A	2022
1007 E 7th Street
Austin, TX			—		1,866		6		249		1,866		255		2,121		1		1920	2022
3109 S Western Avenue
Los Angeles, CA			—		712		2		207		712		209		921		—		N/A	2022
Channel House
Oakland, CA	87,000				17,214		103,553		175		17,208		103,728		120,936		6,141		2021	2023
1150 Clay
Oakland, CA	67,000				16,643		115,828		270		16,623		116,098		132,721		6,870		2021	2023
F3 Land Site
Oakland, CA			—		251		—		41		250		41		291		—		N/A	2023
466 Water Street Land Site
Oakland, CA			—		2,505		—		151		2,500		151		2,651		—		N/A	2023
Hotel
Sheraton Grand Hotel
Sacramento, CA			84,346		3,498		107,447		20,854		3,498		128,301		131,799		45,380		2001	2008
Sheraton Grand Hotel Parking & Retail (4)
Sacramento, CA	—				6,551		10,996		286		6,551		11,282		17,833		3,991		2001	2008
	$	335,446			$	175,715	$	641,436	$	77,667	$	175,682	$	719,103	$	894,785	$	185,591

(1)These properties collateralize the revolving credit facility, which had a $15.0 million outstanding balance as of December 31, 2024.

(2)The aggregate gross cost of property included above for federal income tax purposes approximates $1.0 billion (unaudited) as of December 31, 2024.

(3)Collectively, these properties collateralize a secured fixed rate mortgage, which had a $105.0 million outstanding balance as of December 31, 2024.

(4)This property also collateralizes the Sheraton Grand Hotel’s variable rate mortgage, which has a $84.3 million outstanding balance as of December 31, 2024.

Schedule III—Real Estate and Accumulated Depreciation (Continued)

December 31, 2024

(in thousands)

The following table reconciles the Company’s investments in real estate from January 1, 2023 to December 31, 2024:

	Year Ended December 31,
	2024		2023
	(in thousands)
Investments in Real Estate
Balance, beginning of period	$	868,878	$	660,413
Additions:
Improvements	29,329		10,969
Property acquisitions	—		255,993
Deductions:
Asset sales	—		(49,484)
Retirements	(3,422)		(9,013)
Balance, end of period	$	894,785	$	868,878

The following table reconciles the accumulated depreciation from January 1, 2023 to December 31, 2024:

	Year Ended December 31,
	2024		2023
	(in thousands)
Accumulated Depreciation
Balance, beginning of period	$	(164,116)	$	(158,407)
Additions: depreciation	(24,897)		(22,384)
Deductions:
Assets held for sale	—		—
Asset sales	—		7,662
Retirements	3,422		9,013
Balance, end of period	$	(185,591)	$	(164,116)