XML 39 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Segment Reporting
 9 Months Ended
Sep. 30, 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 September 30,Nine Months Ended September 30,
2020201920202019
Office segment
Office revenues$180,716 $185,359 $551,451 $539,989 
Office expenses(66,075)(66,969)(194,546)(188,680)
Office segment profit114,641 118,390 356,905 351,309 
Studio segment
Studio revenues15,569 22,203 49,671 61,343 
Studio expenses(9,034)(11,440)(27,635)(32,088)
Studio segment profit6,535 10,763 22,036 29,255 
TOTAL SEGMENT PROFIT$121,176 $129,153 $378,941 $380,564 
Segment revenues$196,285 $207,562 $601,122 $601,332 
Segment expenses(75,109)(78,409)(222,181)(220,768)
TOTAL SEGMENT PROFIT$121,176 $129,153 $378,941 $380,564 
The table below is a reconciliation of the total profit from all segments to net (loss) income:

Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
NET (LOSS) INCOME$(1,362)$62,955 $19,598 $38,883 
General and administrative17,428 17,661 53,943 54,099 
Depreciation and amortization75,052 69,781 222,331 207,892 
Loss (income) from unconsolidated real estate entity105 260 (69)345 
Fee income(575)(656)(1,741)(931)
Interest expense32,492 26,590 86,839 77,492 
Interest income(1,056)(1,002)(3,129)(3,034)
Transaction-related expenses181 331 440 459 
Unrealized (gain) loss on non-real estate investment(513)— 2,335 — 
Gain on sale of real estate— (47,100)— (47,100)
Impairment loss— — — 52,201 
Other (income) loss(576)333 (1,606)258 
TOTAL PROFIT FROM ALL SEGMENTS$121,176 $129,153 $378,941 $380,564