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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
REVENUES        
Revenues $ 245,168,000 $ 251,430,000 $ 497,431,000 $ 495,943,000
OPERATING EXPENSES        
Operating expenses 111,446,000 99,244,000 222,744,000 191,858,000
General and administrative 18,941,000 21,871,000 37,665,000 42,383,000
Depreciation and amortization 98,935,000 91,438,000 196,074,000 183,631,000
Total operating expenses 229,322,000 212,553,000 456,483,000 417,872,000
OTHER INCOME (EXPENSES)        
(Loss) income from unconsolidated real estate entities (715,000) 1,780,000 (1,460,000) 2,083,000
Fee income 2,284,000 1,140,000 4,686,000 2,211,000
Interest expense (54,648,000) (33,719,000) (108,455,000) (64,555,000)
Interest income 236,000 920,000 607,000 1,830,000
Management services reimbursement income—unconsolidated real estate entities 1,059,000 1,068,000 2,123,000 2,176,000
Management services expense—unconsolidated real estate entities (1,059,000) (1,068,000) (2,123,000) (2,176,000)
Transaction-related expenses 2,530,000 (1,126,000) 1,344,000 (1,382,000)
Unrealized loss on non-real estate investments (843,000) (1,818,000) (4,000) (168,000)
Gain on extinguishment of debt 10,000,000 0 10,000,000 0
Gain on sale of real estate 0 0 7,046,000 0
Impairment loss 0 (3,250,000) 0 (23,753,000)
Other income (expense) 138,000 (21,000) 135,000 (9,000)
Total other expenses (41,018,000) (36,094,000) (86,101,000) (83,743,000)
(Loss) income before income tax (provision) benefit (25,172,000) 2,783,000 (45,153,000) (5,672,000)
Income tax (provision) benefit (6,302,000) 763,000 (1,140,000) 1,603,000
Net (loss) income (31,474,000) 3,546,000 (46,293,000) (4,069,000)
Net income attributable to participating securities (297,000) (300,000) (850,000) (594,000)
Net income attributable to non-controlling interest in consolidated real estate entities (346,000) (7,081,000) (1,377,000) (15,642,000)
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities 508,000 1,506,000 1,402,000 3,396,000
Net loss attributable to common units in the operating partnership 646,000 93,000 928,000 323,000
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (36,163,000) $ (7,436,000) $ (56,590,000) $ (27,229,000)
BASIC AND DILUTED PER SHARE AMOUNTS        
Net loss attributable to common stockholders—basic (in dollars per share) $ (0.26) $ (0.05) $ (0.40) $ (0.19)
Net loss attributable to common stockholders—diluted (in dollars per share) $ (0.26) $ (0.05) $ (0.40) $ (0.19)
Weighted average shares of common stock outstanding—basic (in shares) 140,909,747 143,816,698 140,967,066 146,487,388
Weighted average shares of common stock outstanding—diluted (in shares) 140,909,747 143,816,698 140,967,066 146,487,388
Series A preferred units        
OTHER INCOME (EXPENSES)        
Net income attributable to preferred units/shares $ (153,000) $ (153,000) $ (306,000) $ (306,000)
Series C preferred stock        
OTHER INCOME (EXPENSES)        
Net income attributable to preferred units/shares (5,047,000) (5,047,000) (10,094,000) (10,337,000)
Office        
REVENUES        
Rental 203,486,000 211,836,000 406,143,000 418,028,000
Service and other revenues 3,805,000 4,408,000 7,781,000 9,616,000
Revenues 207,291,000 216,244,000 413,924,000 427,644,000
OPERATING EXPENSES        
Operating expenses 76,767,000 78,558,000 150,821,000 152,189,000
Studio        
REVENUES        
Rental 16,374,000 13,438,000 32,627,000 26,832,000
Service and other revenues 21,503,000 21,748,000 50,880,000 41,467,000
Revenues 37,877,000 35,186,000 83,507,000 68,299,000
OPERATING EXPENSES        
Operating expenses $ 34,679,000 $ 20,686,000 $ 71,923,000 $ 39,669,000