Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III Real Estate and Accumulated Depreciation

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2024

(In thousands)


			Initial Costs				Total Adjustment to Basis(1)		Total Costs								Year Built / Renovated
Property name	Encumbrances		Land		Building & Improvements				Land		Building & Improvements		Total		Accumulated Depreciation(2)			Year Acquired
Office
875 Howard, San Francisco Bay Area, CA	$	—	$	18,058	$	41,046	$	47,985	$	18,058	$	89,031	$	107,089	$	(28,611)	1920/2001	2007
6040 Sunset, Los Angeles, CA(3)	1,100,000		6,599		27,187		29,237		6,599		56,424		63,023		(26,723)		2008	2008
ICON, Los Angeles, CA(3)	—		—		—		164,257		—		164,257		164,257		(44,238)		2017	2008
CUE, Los Angeles, CA(3)	—		—		—		49,553		—		49,553		49,553		(11,428)		2017	2008
EPIC, Los Angeles, CA(3)	—		10,606		—		215,574		10,606		215,574		226,180		(41,316)		2019	2008
1455 Market, San Francisco Bay Area, CA	—		41,226		34,990		59,954		41,226		94,944		136,170		(42,658)		1976/2016	2010
Rincon Center, San Francisco Bay Area, CA	—		58,251		110,656		76,541		58,251		187,197		245,448		(69,384)		1961/2020	2010
10950 Washington, Los Angeles, CA	—		17,979		25,110		12,007		17,979		37,117		55,096		(8,565)		1957/1974	2010
275 Brannan, San Francisco Bay Area, CA	—		4,187		8,063		15,378		4,187		23,441		27,628		(12,818)		1905/2013	2011
625 Second, San Francisco Bay Area, CA	—		10,744		42,650		7,743		10,744		50,393		61,137		(16,645)		1906/1999	2011
10900 Washington, Los Angeles, CA	—		1,400		1,200		292		1,400		1,492		2,892		(440)		1973	2012
901 Market, San Francisco Bay Area, CA	—		17,882		79,305		20,982		17,882		100,287		118,169		(36,000)		1912/1985	2012
Element LA, Los Angeles, CA	168,000		79,769		19,755		98,867		79,769		118,622		198,391		(36,745)		1949/2015	2012 2013
505 First, Greater Seattle, WA	—		22,917		133,034		16,652		22,917		149,686		172,603		(41,778)		2010	2013
83 King, Greater Seattle, WA	—		12,982		51,403		14,158		12,982		65,561		78,543		(22,357)		1904/2017	2013
Met Park North, Greater Seattle, WA	—		28,996		71,768		(2,318)		28,996		69,450		98,446		(20,248)		2000	2013
411 First, Greater Seattle, WA	—		27,684		29,824		29,582		27,684		59,406		87,090		(20,589)		1906/2017	2014
450 Alaskan, Greater Seattle, WA	—		—		—		87,228		—		87,228		87,228		(20,332)		2017	2014
95 Jackson, Greater Seattle, WA	—		—		—		18,254		—		18,254		18,254		(4,977)		1909/2018	2014
Palo Alto Square, San Francisco Bay Area, CA	—		—		326,033		44,078		—		370,111		370,111		(125,706)		1971/2018	2015
3400 Hillview, San Francisco Bay Area, CA	—		—		159,641		(4,735)		—		154,906		154,906		(60,172)		1991	2015
Foothill Research Center, San Francisco Bay Area, CA	—		—		133,994		(39,053)		—		94,941		94,941		(63,554)		1991	2015
Page Mill Center, San Francisco Bay Area, CA	—		—		147,625		20,814		—		168,439		168,439		(59,898)		1970/2020	2015
Clocktower Square, San Francisco Bay Area, CA	—		—		93,949		13,870		—		107,819		107,819		(31,711)		1983/2019	2015
Towers at Shore Center, San Francisco Bay Area, CA	—		72,673		144,188		15,939		72,673		160,127		232,800		(48,421)		2001	2015
Shorebreeze, San Francisco Bay Area, CA	—		69,448		59,806		21,138		69,448		80,944		150,392		(22,247)		1987	2015
555 Twin Dolphin, San Francisco Bay Area, CA	—		40,614		73,457		19,568		40,614		93,025		133,639		(26,437)		1989	2015
333 Twin Dolphin, San Francisco Bay Area, CA	—		36,441		64,892		19,455		36,441		84,347		120,788		(26,105)		1985/2017	2015
Metro Center, San Francisco Bay Area, CA	—		—		313,683		87,722		—		401,405		401,405		(112,348)		1986/2020	2015


			Initial Costs				Total Adjustment to Basis(1)		Total Costs								Year Built / Renovated
Property name	Encumbrances		Land		Building & Improvements				Land		Building & Improvements		Total		Accumulated Depreciation(2)			Year Acquired
Concourse, San Francisco Bay Area, CA	—		45,085		224,271		70,223		45,085		294,494		339,579		(81,665)		1990/2022	2015
Gateway, San Francisco Bay Area, CA	—		33,117		121,217		61,135		33,117		182,352		215,469		(57,323)		1985/2017	2015
Metro Plaza, San Francisco Bay Area, CA	—		16,038		106,156		72,188		16,038		178,344		194,382		(44,092)		1986/2021	2015
1740 Technology, San Francisco Bay Area, CA	—		8,052		49,486		11,371		8,052		60,857		68,909		(14,586)		1985	2015
Skyport Plaza, San Francisco Bay Area, CA	—		16,521		153,844		(1,669)		16,521		152,175		168,696		(38,397)		2001	2015
Techmart, San Francisco Bay Area, CA	—		—		66,660		21,117		—		87,777		87,777		(25,540)		1986/2019	2015
Fourth & Traction, Los Angeles, CA	—		12,140		37,110		69,223		12,140		106,333		118,473		(35,804)		1915/2017	2015
Maxwell, Los Angeles, CA	—		13,040		26,960		20,854		7,342		53,512		60,854		(19,644)		1924/2019	2015
11601 Wilshire, Los Angeles, CA	—		28,978		321,273		69,184		28,978		390,457		419,435		(95,121)		1983/2018	2016 2017
Hill7, Greater Seattle, WA	101,000		36,888		137,079		20,161		36,888		157,240		194,128		(45,750)		2015	2016
Page Mill Hill, San Francisco Bay Area, CA	—		—		131,402		11,133		—		142,535		142,535		(37,372)		1975/2020	2016
Harlow, Los Angeles, CA	—		7,455		—		85,378		7,455		85,378		92,833		(11,366)		2020	2017
Ferry Building, San Francisco Bay Area, CA(4)	—		—		268,292		56,468		—		324,760		324,760		(59,594)		1898/2003	2018
1918 Eighth, Greater Seattle, WA	314,300		38,477		545,773		31,758		38,477		577,531		616,008		(76,779)		2009	2020
5th & Bell, Greater Seattle, WA	—		20,866		82,072		17,148		20,866		99,220		120,086		(14,468)		2002	2021
Washington 1000, Greater Seattle, WA	—		59,980		11,053		222,948		59,980		234,001		293,981		—		Under development	2022
Studio
5801 Bobby Foster Road, Albuquerque, NM	—		2,189		6,268		415		2,189		6,683		8,872		(565)		2008	2022
Sunset Gower Studios, Los Angeles, CA(3)	—		101,477		64,697		83,919		101,477		148,616		250,093		(50,302)		Various	2007 2011 2012
Sunset Bronson Studios, Los Angeles, CA(3)	—		67,092		32,374		52,098		67,092		84,472		151,564		(38,289)		Various	2008
Sunset Las Palmas Studios, Los Angeles, CA(3)	—		134,488		104,392		67,604		134,488		171,996		306,484		(32,472)		Various	2017 2018
Sunset Glenoaks Studios, Los Angeles, CA(5)	99,600		28,675		—		201,090		28,675		201,090		229,765		(829)		2024	2021
Various(6)	—		—		—		51,961		—		51,961		51,961		(11,897)		N/A	2022
TOTAL	$	1,782,900	$	1,249,014	$	4,683,638	$	2,456,429	$	1,243,316	$	7,145,765	$	8,389,081	$	(1,874,306)

_____________

1.Consists of capital expenditures and real estate development costs, write-offs due to disposals and impairment charges.

2.The Company computes depreciation using the straight-line method over the estimated useful lives over the shorter of the ground lease term or 39 years for building and improvements, 15 years for land improvements and over the shorter of the asset life or lease term for tenant and leasehold improvements.

3.These properties are encumbered by a $1.1 billion mortgage loan. Refer to Part IV, Item 15(a) “Exhibits, Financial Statement Schedules—Note 10 to the Consolidated Financial Statements-Debt” for additional information on secured debt.

4.This property is encumbered by a $66.1 million debt due to our joint venture partner. Refer to Part IV, Item 15(a) “Exhibits, Financial Statement Schedules—Note 10 to the Consolidated Financial Statements-Debt” for additional information on joint venture partner debt.

5.This property was consolidated as of December 31, 2024 and unconsolidated as of December 31, 2023.

6.Represents leasehold improvements capitalized in connection with the Company’s leasehold interests in 24 sound stages.

The aggregate gross cost of property included above for federal income tax purposes approximated $8.8 billion, unaudited as of December 31, 2024.

The following table reconciles the historical cost of total real estate held for investment and accumulated depreciation from January 1, 2022 to December 31, 2024:


	Year Ended December 31,
	2024		2023		2022
Total investment in real estate, beginning of year	$	8,212,896	$	8,716,572	$	8,361,477
Additions during period:
Asset acquisitions	—		—		101,653
Business acquisitions	—		—		47,741
Improvements, capitalized costs(1)	374,764		353,544		553,327
Total additions during period	374,764		353,544		702,721
Deductions during period
Disposals (fully depreciated assets and early terminations)	(124,575)		(67,177)		(51,812)
Impairment loss	(39,875)		(48,480)		(17,636)
Cost of property sold	(34,129)		(741,563)		(171,646)
Total deductions during period	(198,579)		(857,220)		(241,094)

Ending balance, before reclassification to assets associated with real estate held for sale	8,389,081		8,212,896		8,823,104
Reclassification to assets associated with real estate held for sale	(155,795)		—		(106,532)
TOTAL INVESTMENT IN REAL ESTATE, END OF YEAR	$	8,233,286	$	8,212,896	$	8,716,572

Total accumulated depreciation, beginning of year	$	(1,728,437)	$	(1,541,271)	$	(1,283,774)
Additions during period:
Depreciation of real estate	(284,273)		(340,019)		(368,376)
Total additions during period	(284,273)		(340,019)		(368,376)
Deductions during period:
Deletions	124,575		66,122		55,939
Write-offs due to sale	13,829		86,731		40,556
Total deductions during period	138,404		152,853		96,495

Ending balance, before reclassification to assets associated with real estate held for sale	(1,874,306)		(1,728,437)		(1,555,655)
Reclassification to assets associated with real estate held for sale	83,198		—		14,384
TOTAL ACCUMULATED DEPRECIATION, END OF YEAR	$	(1,791,108)	$	(1,728,437)	$	(1,541,271)

_____________

1.Sunset Glenoaks Studios was consolidated as of December 31, 2024 and unconsolidated as of December 31, 2023 and 2022. $187,772 of the additions during 2024 is related to its initial consolidation.