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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Variable Interest Entities

As of December 31, 2021, the operating partnership has determined that 12 of its joint ventures met the definition of a VIE and are consolidated:

Entity			Property			Ownership Interest
Hudson 1455 Market, L.P.			1455 Market			55.0		%
Hudson 1099 Stewart, L.P.			Hill7			55.0		%
HPP-MAC WSP, LLC			One Westside and 10850 Pico			75.0		%
Hudson One Ferry REIT, L.P.			Ferry Building			55.0		%
Sunset Bronson Entertainment Properties, LLC			Sunset Bronson Studios, ICON, CUE			51.0		%
Sunset Gower Entertainment Properties, LLC			Sunset Gower Studios			51.0		%
Sunset Las Palmas Entertainment Properties, LLC			Sunset Las Palmas Studios, Harlow			51.0		%
Sunset Services Holdings, LLC			None(1)			51.0		%
Sunset Studios Holdings, LLC			EPIC			51.0		%
Hudson Media and Entertainment Management, LLC			None(2)			51.0		%
Hudson 6040 Sunset, LLC			6040 Sunset			51.0		%
Hudson 1918 Eighth, L.P.			1918 Eighth			55.0		%

__________________ 

1.Sunset Services Holdings, LLC wholly owns Services Holdings, LLC, which owns 100% interests in Sunset Bronson Services, LLC, Sunset Gower Services, LLC and Sunset Las Palmas Services, LLC, which provide services to the respective entertainment properties above.

2.Hudson Media and Entertainment Management, LLC manages the following properties: Sunset Gower Studios, Sunset Bronson Studios, Sunset Las Palmas Studios, 6040 Sunset, ICON, CUE, EPIC and Harlow (collectively “Hollywood Media Portfolio”).

Schedule of Costs Capitalized

The Company recognized the following capitalized costs associated with development and redevelopment activities:

						Year Ended December 31,
						2021						2020						2019
Capitalized personnel costs						$	16,728					$	15,843					$	9,218
Capitalized interest						$	22,595					$	19,509					$	16,258

Property, Plant and Equipment Net

The Company computes depreciation and amortization using the straight-line method over the estimated useful lives of the assets as represented in the table below:

Asset Description						Estimated Useful Life (Years)
Building and improvements						Shorter of the ground lease term or 39
Land improvements						15
Furniture and fixtures						5 to 7
Tenant improvements						Shorter of the estimated useful life or the lease term

The following table summarizes the Company’s non-real estate property, plant and equipment, net as of:

			December 31, 2021						December 31, 2020
Trailers			$	35,181					$	—
Leasehold improvements			15,267						14,046
Trucks and other vehicles			12,204						—
Furniture, fixtures and equipment			4,592						3,331
Other equipment			4,605						—
Non-real estate property, plant and equipment, at cost			71,849						17,377
Accumulated depreciation			(13,380)						(8,933)
NON-REAL ESTATE PROPERTY, PLANT AND EQUIPMENT, NET			$	58,469					$	8,444

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents and restricted cash at the beginning and end of the periods presented:

						December 31,
						2021						2020						2019
BEGINNING OF THE PERIOD
Cash and cash equivalents						$	113,686					$	46,224					$	53,740
Restricted cash						35,854						12,034						14,451
TOTAL						$	149,540					$	58,258					$	68,191
END OF THE PERIOD
Cash and cash equivalents						$	96,555					$	113,686					$	46,224
Restricted cash						100,321						35,854						12,034
TOTAL						$	196,876					$	149,540					$	58,258

Schedule of Restricted Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents and restricted cash at the beginning and end of the periods presented:

						December 31,
						2021						2020						2019
BEGINNING OF THE PERIOD
Cash and cash equivalents						$	113,686					$	46,224					$	53,740
Restricted cash						35,854						12,034						14,451
TOTAL						$	149,540					$	58,258					$	68,191
END OF THE PERIOD
Cash and cash equivalents						$	96,555					$	113,686					$	46,224
Restricted cash						100,321						35,854						12,034
TOTAL						$	196,876					$	149,540					$	58,258

Schedule of Prepaid Expenses and Other Assets, Net

The following table represents the Company’s prepaid expenses and other assets, net as of:

						December 31, 2021						December 31, 2020
Interest rate cap derivative asset						$	368					$	5
Non-real estate investments						31,447						4,088
Stock purchase warrant						1,664						—
Deposits and pre-development costs for future acquisitions						47,605						28,488
Deferred financing costs, net						7,750						1,216
Prepaid insurance						5,442						5,100
Prepaid property tax						2,192						2,138
Inventory						1,578						—
Other						20,954						14,434
PREPAID EXPENSES AND OTHER ASSETS, NET						$	119,000					$	55,469

Schedule of Revenue Streams

Revenue Stream

Components

Financial Statement Location

Rental revenues

Office, stage and storage rentals

Office and studio segments: rental

Tenant recoveries and other tenant-related revenues

Reimbursement of real estate taxes, insurance, repairs and maintenance, other operating expenses and must-take parking revenues

Office segment: rental Studio segment: rental and service revenues and other

Ancillary revenues

Revenues derived from tenants’ use of power, HVAC and telecommunications (i.e., telephone and internet) and lighting, equipment and vehicle rentals

Studio segment: service revenues and other

Other revenues

Parking revenue that is not associated with lease agreements and other

Office and studio segments: service revenues and other

Sale of real estate

Gains on sales derived from cash consideration less cost basis

Gains on sale of real estate

Management fee income

Income derived from management services provided to unconsolidated joint venture entities

Fee income

Management services reimbursement income

Reimbursement of costs incurred by the Company in the management of unconsolidated joint venture entities

Management services reimbursement income—unconsolidated real estate entities

The following table summarizes the Company’s revenue streams that are accounted for under ASC 606:

						Year Ended December 31,
						2021						2020						2019
Ancillary revenues						$	46,984					$	16,781					$	27,951
Other revenues						$	15,168					$	16,582					$	28,066
Studio-related tenant recoveries						$	1,962					$	1,560					$	2,261
Management fee income						$	3,221					$	2,815					$	1,459
Management services reimbursement income						$	1,132					$	—					$	—

The following table summarizes the Company’s receivables that are accounted for under ASC 606:

						December 31, 2021						December 31, 2020
Ancillary revenues						$	7,381					$	1,700
Other revenues						$	1,078					$	1,058
Studio-related tenant recoveries						$	—					$	—

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