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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company’s reporting segments are based on the Company’s method of internal reporting, which classifies its operations into two reportable segments: (i) office properties and related operations and (ii) studio properties and related operations. The Company evaluates performance based upon net operating income of the segment operations. General and administrative expenses and interest expense are not included in segment profit as the Company’s internal reporting addresses these items on a corporate level. The President, Chief Financial Officer and Chief Operating Officer, collectively, are the Company’s Chief Operating Decision-Maker, or CODM. They evaluate performance and allocate resources based on net operating income because it provides relevant and useful information by reflecting only income and operating expense items that are incurred at the segment level and presenting it on an unlevered basis. Asset information by segment is not reported because the Company does not use this measure to assess performance or make decisions to allocate resources; therefore, depreciation and amortization expense is not allocated among segments. Segment assets consist of investment in real estate, non-real estate property, plant and equipment, net, accounts receivable, net, straight-line rents receivables, net, deferred leasing costs and intangible assets, net, operating lease ROU assets and goodwill. Non-segment assets consist of assets in the Company’s corporate non-segment assets, including cash and cash equivalents, restricted cash, prepaid expenses and other assets, net, investment in unconsolidated real estate entities and assets associated with real estate held for sale. Reportable segment asset information is not provided to the CODM as the CODM do not use segment asset information to evaluate the business and allocate resources. The table below presents the operating activity of the Company’s reportable segments:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Office segment |  |  |  |  |  |  |
Core office revenues | $ | 152,696 |  |  | $ | 173,063 |  |  | $ | 314,865 |  |  | $ | 345,030 |
Core office expenses |  |  |  |  |  |  |
Utilities | (5,973) |  |  | (6,085) |  |  | (12,038) |  |  | (12,156) |
Taxes | (16,244) |  |  | (18,261) |  |  | (33,217) |  |  | (36,836) |
Administrative | (7,310) |  |  | (7,293) |  |  | (14,900) |  |  | (14,560) |
Insurance | (5,548) |  |  | (6,804) |  |  | (12,212) |  |  | (13,230) |
Other segment expenses(1) | (33,289) |  |  | (33,885) |  |  | (65,232) |  |  | (65,385) |
Total core office expenses | (68,364) |  |  | (72,328) |  |  | (137,599) |  |  | (142,167) |
Office net operating income | 84,332 |  |  | 100,735 |  |  | 177,266 |  |  | 202,863 |
Studio segment |  |  |  |  |  |  |
Studio revenues | 34,169 |  |  | 41,961 |  |  | 67,417 |  |  | 80,909 |
Studio expenses |  |  |  |  |  |  |
Rent expense & real estate taxes | (8,699) |  |  | (8,189) |  |  | (22,460) |  |  | (16,558) |
Cost of goods sold | (5,101) |  |  | (7,661) |  |  | (9,905) |  |  | (15,423) |
Other segment expenses(2) | (22,752) |  |  | (22,102) |  |  | (45,168) |  |  | (43,080) |
Total studio expenses | (36,552) |  |  | (37,952) |  |  | (77,533) |  |  | (75,061) |
Studio net operating income | (2,383) |  |  | 4,009 |  |  | (10,116) |  |  | 5,848 |
TOTAL SEGMENT PROFIT | $ | 81,949 |  |  | $ | 104,744 |  |  | $ | 167,150 |  |  | $ | 208,711 |
_________________ 1.Includes ground lease rent, cleaning, parking, engineering, security, mechanical, electrical & plumbing and repairs & maintenance expenses. 2.Includes administrative, utilities, security, cleaning, engineering and repairs & maintenance expenses. The table below presents the reconciliation of segment revenue to consolidated revenue:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Office segment |  |  |  |  |  |  |
Core office revenues | $ | 152,696 |  |  | $ | 173,063 |  |  | $ | 314,865 |  |  | $ | 345,030 |
Chargebacks | 3,137 |  |  | 2,976 |  |  | 6,179 |  |  | 6,084 |
Total office revenues | 155,833 |  |  | 176,039 |  |  | 321,044 |  |  | 351,114 |
Studio segment |  |  |  |  |  |  |
Total studio revenues | 34,169 |  |  | 41,961 |  |  | 67,417 |  |  | 80,909 |
Total revenues | $ | 190,002 |  |  | $ | 218,000 |  |  | $ | 388,461 |  |  | $ | 432,023 |
The table below reconciles net loss to total profit from all segmen ts:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
NET LOSS | $ | (87,760) |  |  | $ | (47,557) |  |  | $ | (168,038) |  |  | $ | (100,912) |
General and administrative | 27,776 |  |  | 20,705 |  |  | 46,259 |  |  | 40,415 |
Depreciation and amortization | 94,751 |  |  | 86,798 |  |  | 187,836 |  |  | 178,652 |
Loss from unconsolidated real estate entities | 205 |  |  | 2,481 |  |  | 1,459 |  |  | 3,224 |
Fee income | (1,476) |  |  | (1,371) |  |  | (2,835) |  |  | (2,496) |
Interest expense | 48,137 |  |  | 44,159 |  |  | 91,642 |  |  | 88,248 |
Interest income | (2,123) |  |  | (579) |  |  | (2,558) |  |  | (1,433) |
Management services reimbursement income—unconsolidated real estate entities | (1,123) |  |  | (1,042) |  |  | (2,098) |  |  | (2,198) |
Management services expense—unconsolidated real estate entities | 1,123 |  |  | 1,042 |  |  | 2,098 |  |  | 2,198 |
Transaction-related expenses | 451 |  |  | (113) |  |  | 451 |  |  | 2,037 |
Unrealized (gain) loss on non-real estate investments | (212) |  |  | 1,045 |  |  | 237 |  |  | 1,943 |
Loss (gain) on sale of real estate, net | 16 |  |  | — |  |  | (10,007) |  |  | — |
Impairment loss | — |  |  | — |  |  | 18,476 |  |  | — |
Loss on extinguishment of debt | 1,637 |  |  | — |  |  | 3,495 |  |  | — |
Other loss (income) | 93 |  |  | (1,334) |  |  | 85 |  |  | (1,477) |
Income tax provision | 454 |  |  | 510 |  |  | 648 |  |  | 510 |
TOTAL PROFIT FROM ALL SEGMENTS | $ | 81,949 |  |  | $ | 104,744 |  |  | $ | 167,150 |  |  | $ | 208,711 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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