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Segment Reporting | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segment Reporting | Segment ReportingThe Company’s reporting segments are based on the Company’s method of internal reporting, which classifies its operations into two reportable segments: (i) office properties and related operations and (ii) studio properties and related operations. 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:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Office segment |  |  |  |  |  |  |
Office revenues | $ | 203,587 |  |  | $ | 213,491 |  |  | $ | 617,511 |  |  | $ | 641,135 |
Office expenses | (80,521) |  |  | (78,340) |  |  | (231,342) |  |  | (230,529) |
Office segment profit | 123,066 |  |  | 135,151 |  |  | 386,169 |  |  | 410,606 |
Studio segment |  |  |  |  |  |  |
Studio revenues | 27,856 |  |  | 46,863 |  |  | 111,363 |  |  | 115,162 |
Studio expenses | (31,655) |  |  | (26,688) |  |  | (103,578) |  |  | (66,357) |
Studio segment (loss) profit | (3,799) |  |  | 20,175 |  |  | 7,785 |  |  | 48,805 |
TOTAL SEGMENT PROFIT | $ | 119,267 |  |  | $ | 155,326 |  |  | $ | 393,954 |  |  | $ | 459,411 |
Segment revenues | $ | 231,443 |  |  | $ | 260,354 |  |  | $ | 728,874 |  |  | $ | 756,297 |
Segment expenses | (112,176) |  |  | (105,028) |  |  | (334,920) |  |  | (296,886) |
TOTAL SEGMENT PROFIT | $ | 119,267 |  |  | $ | 155,326 |  |  | $ | 393,954 |  |  | $ | 459,411 |
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,
| 2023 |  | 2022 |  | 2023 |  | 2022
NET LOSS | $ | (35,752) |  |  | $ | (6,792) |  |  | $ | (82,046) |  |  | $ | (10,861) |
General and administrative | 17,512 |  |  | 19,795 |  |  | 55,177 |  |  | 62,178 |
Depreciation and amortization | 98,580 |  |  | 93,070 |  |  | 294,654 |  |  | 276,701 |
Loss (income) from unconsolidated real estate entities | 759 |  |  | 352 |  |  | 2,219 |  |  | (1,731) |
Fee income | (340) |  |  | (911) |  |  | (5,026) |  |  | (3,122) |
Interest expense | 53,581 |  |  | 37,261 |  |  | 162,036 |  |  | 101,816 |
Interest income | (800) |  |  | (196) |  |  | (1,407) |  |  | (2,026) |
Management services reimbursement income—unconsolidated real estate entities | (1,015) |  |  | (983) |  |  | (3,138) |  |  | (3,159) |
Management services expense—unconsolidated real estate entities | 1,015 |  |  | 983 |  |  | 3,138 |  |  | 3,159 |
Transaction-related expenses | — |  |  | 9,331 |  |  | (1,344) |  |  | 10,713 |
Unrealized loss on non-real estate investments | 2,265 |  |  | 894 |  |  | 2,269 |  |  | 1,062 |
(Gain) loss on sale of real estate | (16,108) |  |  | 180 |  |  | (23,154) |  |  | 180 |
Impairment loss | — |  |  | 4,795 |  |  | — |  |  | 28,548 |
Gain on extinguishment of debt | — |  |  | — |  |  | (10,000) |  |  | — |
Other income | (5) |  |  | (1,147) |  |  | (139) |  |  | (1,138) |
Income tax (benefit) provision | (425) |  |  | (1,306) |  |  | 715 |  |  | (2,909) |
TOTAL PROFIT FROM ALL SEGMENTS | $ | 119,267 |  |  | $ | 155,326 |  |  | $ | 393,954 |  |  | $ | 459,411 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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