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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Key Components of OPP Plan

The following table outlines key components of the 2023 PSU Plan:

			Operational Performance Unit
Maximum bonus pool, in millions			$15.0
Performance period			1/1/2023 to 12/31/2023

The following table outlines key components of the 2022 PSU Plan:

			Operational Performance Unit						Relative TSR Performance Unit
Maximum bonus pool, in millions			$15.0						$15.0
Performance period			1/1/2022 to 12/31/2022						1/1/2022 to 12/31/2024

The following table outlines key components of the 2021 PSU Plan:

			Operational Performance Unit						Relative TSR Performance Unit
Maximum bonus pool, in millions			$16.7						$16.7
Performance period			1/1/2021 to 12/31/2021						1/1/2021 to 12/31/2023

Schedule of Valuation Assumptions

The per unit fair value of the 2023, 2022 and 2021 PSU awards granted was estimated on the date of grant using the following assumptions in the Monte Carlo simulation:

			2023			2022			2021
Expected price volatility for the Company			40.00%			43.00%			41.00%
Expected price volatility for the particular REIT index			27.00%			33.00%			31.00%
Risk-free rate			3.44%			1.72%			0.17%
Dividend yield			5.40%			3.60%			3.50%

Schedule of Activity and Status of Unvested Stock Awards

The following table summarizes the activity and status of all unvested stock awards:

						2023												2022												2021
						Shares						Weighted-Average Grant-Date Fair Value						Shares						Weighted-Average Grant-Date Fair Value						Shares						Weighted-Average Grant-Date Fair Value
Unvested at January 1						309,837						$	23.14					507,534						$	25.17					442,645						$	27.44
Granted						618,316						7.54						50,915						20.15						276,800						23.90
Vested						(35,888)						7.83						(234,741)						26.81						(203,329)						28.33
Canceled						(198,430)						23.61						(13,871)						24.42						(8,582)						26.21
Unvested at December 31						693,835						$	9.89					309,837						$	23.14					507,534						$	25.17

Schedule of Activity and Status of Unvested Performance Units

The following table summarizes the activity and status of all unvested time-based restricted operating partnership performance units:

			2023												2022												2021
			Units						Weighted-Average Grant-Date Fair Value						Units						Weighted-Average Grant-Date Fair Value						Units						Weighted-Average Grant-Date Fair Value
Unvested at January 1			357,656						$	22.53					681,394						$	24.91					771,432						$	27.08
Granted			1,422,893						8.16						25,206						11.98						355,551						24.68
Vested			(508,650)						14.11						(348,944)						26.42						(349,804)						29.85
Canceled			—						—						—						—						(95,785)						23.49
Unvested at December 31			1,271,899						$	9.82					357,656						$	22.53					681,394						$	24.91

Schedule of Stock-based Compensation Related to Company's Awards

The following table presents the classification and amount recognized for stock-based compensation related to the Company’s awards:    

			For the Year Ended December 31,
			2023						2022						2021
Expensed stock compensation(1)			$	23,863					$	24,296					$	21,163
Capitalized stock compensation(2)			3,021						3,354						3,524
Total stock compensation(3)			$	26,884					$	27,650					$	24,687

_________________

1.Amounts are recorded in general and administrative expenses, office operating expenses and studio operating expenses on the Consolidated Statements of Operations.

2.Amounts are recorded in investment in real estate, at cost on the Consolidated Balance Sheets.

3.Amounts are recorded in additional paid-in capital and non-controlling interest—units in the operating partnership on the Consolidated Balance Sheets.

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