XML 52 R32.htm IDEA: XBRL DOCUMENT v3.22.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2021
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 three reportable segments: (i) office properties and related operations and (ii) studio properties and related operations, and (iii) the management entity’s operations (primarily management fee income). The Company evaluates performance based upon net operating income of the segment operations. General and administrative expenses and interest expense are not included in segment profit as the Company’s 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:
Year Ended December 31,
202120202019
Office segment
Office revenues$795,370 $735,919 $733,735 
Office expenses(280,334)(262,199)(256,209)
Office segment profit515,036 473,720 477,526 
Studio segment
Studio revenues101,465 69,046 84,447 
Studio expenses(55,513)(37,580)(45,313)
Studio segment profit45,952 31,466 39,134 
TOTAL SEGMENT PROFIT$560,988 $505,186 $516,660 
Segment revenues$896,835 $804,965 $818,182 
Segment expenses(335,847)(299,779)(301,522)
TOTAL SEGMENT PROFIT$560,988 $505,186 $516,660 
The table below is a reconciliation of net income to total profit from all segments:
Year Ended December 31,
202120202019
NET INCOME$29,012 $16,430 $55,846 
General and administrative71,346 77,882 71,947 
Depreciation and amortization343,614 299,682 282,088 
(Income) loss from unconsolidated real estate entities(1,822)(736)747 
Fee income(3,221)(2,815)(1,459)
Interest expense121,939 113,823 105,101 
Interest income(3,794)(4,089)(4,044)
Management services reimbursement income—unconsolidated real estate entities(1,132)— — 
Management services expense—unconsolidated real estate entities1,132 — — 
Transaction-related expenses8,911 440 667 
Unrealized (gain) loss on non-real estate investments(16,571)2,463 — 
Gains on sale of real estate— — (47,100)
Impairment loss2,762 — 52,201 
Loss on extinguishment of debt6,259 2,654 744 
Other (income) expense2,553 (548)(78)
TOTAL PROFIT FROM ALL SEGMENTS$560,988 $505,186 $516,660