SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2022

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, 2022

(in thousands)

						Initial Cost				Net Improvements (Write-Offs) Since Acquisition		Gross Amount at Which Carried (2)
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			$	—	(1)	$	9,569	$	18,593	$	14,584	$	9,569	$	33,177	$	42,746	$	8,985	1918 / 2001 & 2020	2007
1 Kaiser Plaza
Oakland, CA	$	97,100				9,261		113,619		19,058		9,261		132,677		141,938		56,435		1970 / 2008	2008
2 Kaiser Plaza Parking Lot (1)
Oakland, CA			—		(1)	10,931		110		3,665		10,931		3,775		14,706		—		N/A	2015
11600 Wilshire Boulevard (1)
Los Angeles, CA			—		(1)	3,477		18,522		2,449		3,477		20,971		24,448		7,267		1955	2010
11620 Wilshire Boulevard (1)
Los Angeles, CA			—		(1)	7,672		51,999		6,989		7,672		58,988		66,660		19,721		1976	2010
4750 Wilshire Boulevard
Los Angeles, CA			—		(1)	16,633		28,985		6,533		16,633		35,518		52,151		7,476		1984 / 2014	2014
Lindblade Media Center
Los Angeles, CA			—		(1)	6,342		11,568		491		6,342		12,059		18,401		2,658		1930 & 1957 / 2010	2014
1037 N Sycamore
Los Angeles, CA			—		(1)	1,839		1,094		113		1,839		1,207		3,046		45		2000 / 2021	2021
1130 Howard Street (1)
San Francisco, CA			—		(1)	8,290		10,480		(45)		8,290		10,435		18,725		1,421		1930 / 2016 & 2017	2017
9460 Wilshire Boulevard (1)
Los Angeles, CA			—		(1)	52,199		76,730		2,250		52,199		78,980		131,179		10,437		1959 / 2008	2018
1021 E 7th Street
Austin, TX			—		(1)	4,976		733		—		4,976		733		5,709		221		1972 / 2001	2020
3101 S Western Avenue
Los Angeles, CA			—		(1)	2,279		—		620		2,279		620		2,899		—		N/A	2022
3022 S Western Avenue
Los Angeles, CA			—		(1)	5,637		156		439		5,637		595		6,232		5		N/A	2022
1007 E 7th Street
Austin, TX			—		(1)	1,866		6		138		1,866		144		2,010		23		1920	2022
3109 S Western Avenue
Los Angeles, CA			—		(1)	709		2		23		709		25		734		—		N/A	2022
Hotel
Sheraton Grand Hotel (1)
Sacramento, CA			—		(1)	3,497		107,447		67		3,497		107,514		111,011		39,566		2001	2008
Sheraton Grand Hotel Parking & Retail (1)
Sacramento, CA	—					6,550		10,996		272		6,550		11,268		17,818		4,147		2001	2008
	$	97,100				$	151,727	$	451,040	$	57,646	$	151,727	$	508,686	$	660,413	$	158,407

(1)These properties collateralize the revolving credit facility, which had a $56.2 million outstanding balance as of December 31, 2022.

(2)The aggregate gross cost of property included above for federal income tax purposes approximates $714.3 million (unaudited) as of December 31, 2022.

Schedule III—Real Estate and Accumulated Depreciation (Continued)

December 31, 2022

(in thousands)

The following table reconciles the Company’s investments in real estate from January 1, 2021 to December 31, 2022:

	Year Ended December 31,
	2022		2021
	(in thousands)
Investments in Real Estate
Balance, beginning of period	$	642,702	$	637,205
Additions:
Improvements	10,548		5,907
Property acquisitions	10,756		2,933
Deductions:
Retirements	(3,593)		(3,343)
Balance, end of period	$	660,413	$	642,702

The following table reconciles the accumulated depreciation from January 1, 2021 to December 31, 2022:

	Year Ended December 31,
	2022		2021
	(in thousands)
Accumulated Depreciation
Balance, beginning of period	$	(144,718)	$	(131,165)
Additions: depreciation	(17,282)		(16,896)
Deductions:
Assets held for sale	—		—
Asset sales	—		—
Retirements	3,593		3,343
Balance, end of period	$	(158,407)	$	(144,718)