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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Variable Interest Entities

As of December 31, 2024, the operating partnership has determined that 14 of its joint ventures met the definition of a VIE and are consolidated:

Entity			Property			Ownership Interest
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		%
Sun Valley Peoria, LLC			Sunset Glenoaks Studios			50.0		%
Sun Valley Services, LLC			None(4)			50.0		%
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 is the taxable REIT subsidiary (“TRS”) which 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 are the TRS subsidiaries related to Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios, 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”), as well as Sunset Glenoaks Studios.

4.Sun Valley Services, LLC is the TRS related to Sunset Glenoaks studios.

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)

Bentall Centre

Operating Property

Downtown Vancouver

20%

Canadian dollar

(2)(3)

Sunset Pier 94 Studios

Development

Manhattan

51%

U.S dollar

(3)(4)

__________________ 

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 guaranteed the joint ventures’ outstanding indebtedness in the amount of $90.1 million at Bentall Centre and $7.6 million at Sunset Pier 94 Studios, respectively. The likelihood of loss relating to the guarantees is remote as of December 31, 2024.

4.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, 2024.

Schedule of Costs Capitalized

The Company recognized the following capitalized costs associated with development and redevelopment activities:

						Year Ended December 31,
						2024						2023						2022
Capitalized personnel costs						$	13,692					$	16,496					$	18,098
Capitalized interest						$	40,367					$	32,253					$	18,031

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, 2024						December 31, 2023
Trailers			$	77,903					$	70,462
Production equipment			42,954						37,100
Trucks and other vehicles			22,035						20,044
Leasehold improvements			21,792						15,888
Furniture, fixtures and equipment			2,454						6,112
Other equipment			14,912						6,959
Non-real estate property, plant and equipment, at cost			182,050						156,565
Accumulated depreciation			(54,983)						(37,782)
NON-REAL ESTATE PROPERTY, PLANT AND EQUIPMENT, NET			$	127,067					$	118,783

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,
						2024						2023						2022
BEGINNING 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
END OF THE PERIOD
Cash and cash equivalents						$	63,256					$	100,391					$	255,761
Restricted cash						35,921						18,765						29,970
TOTAL						$	99,177					$	119,156					$	285,731

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,
						2024						2023						2022
BEGINNING 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
END OF THE PERIOD
Cash and cash equivalents						$	63,256					$	100,391					$	255,761
Restricted cash						35,921						18,765						29,970
TOTAL						$	99,177					$	119,156					$	285,731

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,
						2024						2023						2022
Ancillary revenues						$	91,193					$	76,099					$	107,075
Other revenues						$	17,187					$	17,650					$	23,118
Studio-related tenant recoveries						$	2,185					$	2,177					$	1,951
Management fee income						$	5,269					$	6,181					$	7,972
Management services reimbursement income						$	4,119					$	4,125					$	4,163

The following table summarizes the Company’s receivables that are accounted for under ASC 606:

						December 31, 2024						December 31, 2023
Ancillary revenues						$	4,834					$	5,478
Other revenues						$	1,107					$	954

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