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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of Variable Interest Entities | As of December 31, 2023, the operating partnership has determined that 13 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 | None(1) | 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 1440 North Gower Street, LLC | Sunset Gower Studios | 51.0 | %
Sunset Las Palmas Entertainment Properties, LLC | Sunset Las Palmas Studios, Harlow | 51.0 | %
Sunset Services Holdings, LLC | None(2) | 51.0 | %
Sunset Studios Holdings, LLC | EPIC | 51.0 | %
Hudson Media and Entertainment Management, LLC | None(3) | 51.0 | %
Hudson 6040 Sunset, LLC | 6040 Sunset | 51.0 | %
Hudson 1918 Eighth, L.P. | 1918 Eighth | 55.0 | %
__________________ 1.HPP-MAC WSP, LLC owned 100% of the One Westside and Westside Two properties prior to their sale in December 2023. 2.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 Sunset Bronson Entertainment Properties, LLC, Sunset Gower Entertainment Properties, LLC and Sunset Las Palmas Entertainment Properties, LLC, respectively. 3.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”). The following table summarizes the Company’s investments in unconsolidated joint ventures:
Property | Property Type | Submarket | Ownership Interest | Functional Currency |
Sunset Waltham Cross Studios | Development | Broxbourne, United Kingdom | 35% | Pound sterling | (1)
Sunset Glenoaks Studios | Development | Sun Valley | 50% | U.S. dollar | (2)(3)
Bentall Centre | Operating Property | Downtown Vancouver | 20% | Canadian dollar | (2)(4)
Sunset Pier 94 Studios | Development | Manhattan | 51% | U.S dollar | (4)(5)
__________________ 1.The Company owns 35% of the ownership interests in each of the joint venture entities that own the Sunset Waltham Cross Studios and the joint venture entities formed to serve as the general partner and management services company for the property-owning joint venture entity. 2.The Company serves as the operating member of this joint venture. 3.The Company has provided various guarantees for this joint venture’s construction loan, including a completion guarantee, equity guarantee and recourse carve-out guarantee. The likelihood of loss relating to the completion guarantee is remote as of December 31, 2023. 4.The Company has guaranteed the joint venture’s outstanding indebtedness in the amount of $96.4 million at Bentall Centre and $26 thousand at Sunset Pier 94 Studios, respectively. The likelihood of loss relating to the guarantees is remote as of December 31, 2023. 5.As of August 28, 2023, the Company owns 51% of the ownership interests in an upper-tier joint venture entity that owns 50.1% of the ownership interests in the lower-tier joint venture entity that owns the Sunset Pier 94 Studios development. The Company’s resulting economic interest in the development is 25.6%. The Company has provided various guarantees for the lower-tier joint venture’s construction loan, including a completion guarantee, recourse guarantee and guaranty of interest and carry. The likelihood of loss relating to the completion guarantee is remote as of December 31, 2023.
Schedule of Costs Capitalized | The Company recognized the following capitalized costs associated with development and redevelopment activities:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Capitalized personnel costs |  | $ | 16,496 |  |  | $ | 18,098 |  |  | $ | 16,728 |
Capitalized interest |  | $ | 32,253 |  |  | $ | 18,031 |  |  | $ | 21,689 |
Schedule of 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 and leasehold 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, 2023 |  | December 31, 2022
Trailers | $ | 70,462 |  |  | $ | 68,973 |
Production equipment | 37,100 |  |  | 36,019 |
Trucks and other vehicles | 20,044 |  |  | 20,306 |
Leasehold improvements | 15,888 |  |  | 16,993 |
Furniture, fixtures and equipment | 6,112 |  |  | 5,849 |
Other equipment | 6,959 |  |  | 5,693 |
Non-real estate property, plant and equipment, at cost | 156,565 |  |  | 153,833 |
Accumulated depreciation | (37,782) |  |  | (23,544) |
NON-REAL ESTATE PROPERTY, PLANT AND EQUIPMENT, NET | $ | 118,783 |  |  | $ | 130,289 |
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,
|  | 2023 |  | 2022 |  | 2021
BEGINNING OF THE PERIOD |  |  |  |  |  |
Cash and cash equivalents |  | $ | 255,761 |  |  | $ | 96,555 |  |  | $ | 113,686 |
Restricted cash |  | 29,970 |  |  | 100,321 |  |  | 35,854 |
TOTAL |  | $ | 285,731 |  |  | $ | 196,876 |  |  | $ | 149,540 |
END OF THE PERIOD |  |  |  |  |  |
Cash and cash equivalents |  | $ | 100,391 |  |  | $ | 255,761 |  |  | $ | 96,555 |
Restricted cash |  | 18,765 |  |  | 29,970 |  |  | 100,321 |
TOTAL |  | $ | 119,156 |  |  | $ | 285,731 |  |  | $ | 196,876 |
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,
|  | 2023 |  | 2022 |  | 2021
BEGINNING OF THE PERIOD |  |  |  |  |  |
Cash and cash equivalents |  | $ | 255,761 |  |  | $ | 96,555 |  |  | $ | 113,686 |
Restricted cash |  | 29,970 |  |  | 100,321 |  |  | 35,854 |
TOTAL |  | $ | 285,731 |  |  | $ | 196,876 |  |  | $ | 149,540 |
END OF THE PERIOD |  |  |  |  |  |
Cash and cash equivalents |  | $ | 100,391 |  |  | $ | 255,761 |  |  | $ | 96,555 |
Restricted cash |  | 18,765 |  |  | 29,970 |  |  | 100,321 |
TOTAL |  | $ | 119,156 |  |  | $ | 285,731 |  |  | $ | 196,876 |
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, 2023 |  | December 31, 2022
Non-real estate investments |  | $ | 48,581 |  |  | $ | 47,329 |
Deferred tax assets |  | 2,412 |  |  | 5,317 |
Interest rate derivative assets |  | 6,441 |  |  | 9,292 |
Prepaid insurance |  | 10,611 |  |  | 6,530 |
Deferred financing costs, net |  | 4,316 |  |  | 5,824 |
Prepaid property tax |  | 2,075 |  |  | 2,041 |
Stock purchase warrant |  | — |  |  | 95 |
Other |  | 19,709 |  |  | 22,409 |
PREPAID EXPENSES AND OTHER ASSETS, NET |  | $ | 94,145 |  |  | $ | 98,837 |
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 and other revenues
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 and other revenues
Other revenues |  | Parking revenue that is not associated with lease agreements and other |  | Office and Studio segments: service and other revenues
Sale of real estate |  | Gains on sales derived from cash consideration less cost basis |  | Gain (loss) 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,
|  | 2023 |  | 2022 |  | 2021
Ancillary revenues |  | $ | 76,099 |  |  | $ | 107,075 |  |  | $ | 46,984 |
Other revenues |  | $ | 17,650 |  |  | $ | 23,118 |  |  | $ | 15,168 |
Studio-related tenant recoveries |  | $ | 2,177 |  |  | $ | 1,951 |  |  | $ | 1,962 |
Management fee income |  | $ | 6,181 |  |  | $ | 7,972 |  |  | $ | 3,221 |
Management services reimbursement income |  | $ | 4,125 |  |  | $ | 4,163 |  |  | $ | 1,132 |
The following table summarizes the Company’s receivables that are accounted for under ASC 606:
|  | December 31, 2023 |  | December 31, 2022
Ancillary revenues |  | $ | 5,478 |  |  | $ | 15,503 |
Other revenues |  | $ | 954 |  |  | $ | 1,193 |

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