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Segment Reporting
 6 Months Ended
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,
2025202420252024
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 income84,332 100,735 177,266 202,863 
Studio segment
Studio revenues34,169 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,
2025202420252024
Office segment
Core office revenues$152,696 $173,063 $314,865 $345,030 
Chargebacks3,137 2,976 6,179 6,084 
Total office revenues155,833 176,039 321,044 351,114 
Studio segment
Total studio revenues34,169 41,961 67,417 80,909 
Total revenues$190,002 $218,000 $388,461 $432,023 
The table below reconciles net loss to total profit from all segments:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
NET LOSS$(87,760)$(47,557)$(168,038)$(100,912)
General and administrative27,776 20,705 46,259 40,415 
Depreciation and amortization94,751 86,798 187,836 178,652 
Loss from unconsolidated real estate entities205 2,481 1,459 3,224 
Fee income(1,476)(1,371)(2,835)(2,496)
Interest expense48,137 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 entities1,123 1,042 2,098 2,198 
Transaction-related expenses451 (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, net16 — (10,007)— 
Impairment loss— — 18,476 — 
Loss on extinguishment of debt1,637 — 3,495 — 
Other loss (income)93 (1,334)85 (1,477)
Income tax provision454 510 648 510 
TOTAL PROFIT FROM ALL SEGMENTS$81,949 $104,744 $167,150 $208,711