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Segment Reporting

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company’s reporting segments are based on the Company’s method of internal reporting, which classifies its operations into two reporting segments: (i) office properties and (ii) studio properties. The Company evaluates performance based upon net operating income of the combined properties in each segment. General and administrative expenses and interest expense are not included in segment profit as its internal reporting addresses these items on a corporate level. Asset information by segment is not reported because the Company does not use this measure to assess performance or make decisions to allocate resources, therefore, depreciation and amortization expense is not allocated among segments.

The table below presents the operating activity of the Company’s reportable segments:

			Three Months Ended September 30,																		Nine Months Ended September 30,
			2019						2018						2019						2018
Office segment
Office revenues			$	186,015					$	161,446					$	540,920					$	476,528
Office expenses			(66,969)						(57,295)						(188,680)						(164,475)
Office segment profit			119,046						104,151						352,240						312,053
Studio segment
Studio revenues			22,203						19,252						61,343						53,457
Studio expenses			(11,440)						(10,511)						(32,088)						(28,714)
Studio segment profit			10,763						8,741						29,255						24,743
TOTAL SEGMENT PROFIT			$	129,809					$	112,892					$	381,495					$	336,796
Segment revenues			$	208,218					$	180,698					$	602,263					$	529,985
Segment expenses			(78,409)						(67,806)						(220,768)						(193,189)
TOTAL SEGMENT PROFIT			$	129,809					$	112,892					$	381,495					$	336,796

The table below is a reconciliation of the total profit from all segments to net income:

			Three Months Ended September 30, 2019																		Nine Months Ended September 30, 2019
			2019						2018						2019						2018
Total profit from all segments			$	129,809					$	112,892					$	381,495					$	336,796
General and administrative			(17,661)						(14,280)						(54,099)						(46,047)
Depreciation and amortization			(69,781)						(62,224)						(207,892)						(183,483)
Loss from unconsolidated real estate investments			(260)						—						(345)						—
Interest expense			(26,590)						(20,131)						(77,492)						(59,965)
Interest income			1,002						418						3,034						493
Transaction-related expenses			(331)						(165)						(459)						(283)
Unrealized gain on non-real estate investment			—						—						—						928
Gains on sale of real estate			47,100						3,735						47,100						43,337
Impairment loss			—						—						(52,201)						—
Other (loss) income			(333)						25						(258)						748
NET INCOME			$	62,955					$	20,270					$	38,883					$	92,524

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- References

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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