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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
REVENUES      
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] Service And Other Revenue [Member] Service And Other Revenue [Member] Service And Other Revenue [Member]
Cost, Product and Service [Extensible Enumeration] Service And Other Revenue [Member] Service And Other Revenue [Member] Service And Other Revenue [Member]
Revenues $ 842,082 $ 952,297 $ 1,026,224
OPERATING EXPENSES      
General and administrative 79,451 74,958 79,501
Depreciation and amortization 354,425 397,846 373,219
Total operating expenses 887,955 923,269 866,538
OTHER INCOME (EXPENSES)      
(Loss) income from unconsolidated real estate entities (7,308) (3,902) 943
Fee income 5,269 6,181 7,972
Interest expense (177,393) (214,415) (149,901)
Interest income 2,467 2,182 2,340
Management services reimbursement income—unconsolidated real estate entities 4,119 4,125 4,163
Management services expense—unconsolidated real estate entities (4,119) (4,125) (4,163)
Transaction-related expenses (2,499) 1,150 (14,356)
Unrealized loss on non-real estate investments (3,958) (3,120) (1,440)
Loss (gain) on sale of real estate (2,453) 103,202 (2,164)
Impairment loss (149,664) (60,158) (28,548)
Gain on extinguishment of debt 0 10,000 0
Other income (expense) 1,647 (6) 8,951
Loss on sale of bonds 0 (34,046) 0
Total other expenses (333,892) (192,932) (176,203)
Loss before income tax provision (379,765) (163,904) (16,517)
Income tax provision (1,641) (6,796) 0
NET (LOSS) INCOME (381,406) (170,700) (16,517)
Net income attributable to participating securities (409) (850) (1,194)
Net loss (income) attributable to non-controlling interest in consolidated real estate entities 25,056 9,331 (23,418)
Net loss (income) attributable to redeemable non-controlling interest in consolidated real estate entities 4,059 (12,520) 4,964
Net loss attributable to common units in the operating partnership 9,357 3,358 709
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (364,143) $ (192,181) $ (56,499)
BASIC AND DILUTED PER SHARE AMOUNTS      
Net loss attributable to common stockholders—basic (in dollars per share) $ (2.58) $ (1.36) $ (0.39)
Net loss attributable to common stockholders—diluted (in dollars per share) $ (2.58) $ (1.36) $ (0.39)
Weighted average shares of common stock outstanding—basic (in shares) 141,192,730 140,953,088 143,732,433
Weighted average shares of common stock outstanding—diluted (in shares) 141,192,730 140,953,088 143,732,433
Series A preferred units      
OTHER INCOME (EXPENSES)      
Net income attributable to preferred units/share $ (612) $ (612) $ (612)
Series C preferred stock      
OTHER INCOME (EXPENSES)      
Net income attributable to preferred units/share (20,188) (20,188) (20,431)
Office      
REVENUES      
Rental revenues 677,620 797,095 834,408
Service and other revenues 14,656 15,280 18,292
Revenues 692,276 812,375 852,700
OPERATING EXPENSES      
Operating expenses 305,649 312,018 308,668
Studio      
REVENUES      
Rental revenues 53,897 59,276 59,672
Service and other revenues 95,909 80,646 113,852
Revenues 149,806 139,922 173,524
OPERATING EXPENSES      
Operating expenses $ 148,430 $ 138,447 $ 105,150