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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Operating Activity | 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 Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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