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Segment Reporting

3 Months Ended

Mar. 31, 2020

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 March 31,
			2020						2019
Office segment
Office revenues			$	186,427					$	175,858
Office expenses			(63,860)						(60,815)
Office segment profit			122,567						115,043
Studio segment
Studio revenues			19,800						21,531
Studio expenses			(10,650)						(11,109)
Studio segment profit			9,150						10,422
TOTAL SEGMENT PROFIT			$	131,717					$	125,465
Segment revenues			$	206,227					$	197,389
Segment expenses			(74,510)						(71,924)
TOTAL SEGMENT PROFIT			$	131,717					$	125,465

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

			Three Months Ended March 31, 2020
			2020						2019
NET INCOME (LOSS)			$	13,949					$	(36,895)
General and administrative			18,618						18,094
Depreciation and amortization			73,763						68,505
Loss from unconsolidated real estate entity			236						—
Fee income			(610)						—
Interest expense			26,417						24,350
Interest income			(1,025)						(1,024)
Transaction-related expenses			102						128
Unrealized loss on non-real estate investment			581						—
Impairment loss			—						52,201
Other (income) expense			(314)						106
TOTAL PROFIT FROM ALL SEGMENTS			$	131,717					$	125,465

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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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