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Debt | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt The following table sets forth information with respect to the Company’s outstanding indebtedness:
| September 30, 2025 |  | December 31, 2024 |  | Interest Rate(1) |  | Contractual Maturity Date(2) |  |
UNSECURED AND SECURED DEBT |  |  |  |  |  |  |  |  |
Unsecured debt |  |  |  |  |  |  |  |  |
Unsecured revolving credit facility(3)(4) | $ | — |  |  | $ | 320,000 |  |  | SOFR + 1.15% to 1.60% |  | 12/31/2029 | (5) |
Series B notes | — |  |  | 259,000 |  |  | 4.69% |  | 12/16/2025 |  |
Series C notes | — |  |  | 56,000 |  |  | 4.79% |  | 12/16/2027 |  |
Series D notes | — |  |  | 150,000 |  |  | 3.98% |  | 7/6/2026 |  |
3.95% Registered senior notes | 400,000 |  |  | 400,000 |  |  | 3.95% |  | 11/1/2027 |  |
4.65% Registered senior notes | 500,000 |  |  | 500,000 |  |  | 4.65% |  | 4/1/2029 |  |
3.25% Registered senior notes | 400,000 |  |  | 400,000 |  |  | 3.25% |  | 1/15/2030 |  |
5.95% Registered senior notes(6) | 350,000 |  |  | 350,000 |  |  | 5.95% |  | 2/15/2028 |  |
Total unsecured debt | 1,650,000 |  |  | 2,435,000 |  |  |  |  |  |  |
Secured debt |  |  |  |  |  |  |  |  |
Hollywood Media Portfolio CMBS(7) | 1,100,000 |  |  | 1,100,000 |  |  | SOFR + 1.10% |  | 8/9/2026 |  |
Acquired Hollywood Media Portfolio CMBS debt | (30,233) |  |  | (30,233) |  |  | SOFR + 2.11% |  | 8/9/2026 |  |
Hollywood Media Portfolio CMBS, net(8)(9) | 1,069,767 |  |  | 1,069,767 |  |  |  |  |  |  |
Element LA | — |  |  | 168,000 |  |  | 4.59% |  | 11/6/2025 |  |
1918 Eighth CMBS(10) | 285,000 |  |  | 314,300 |  |  | 6.16% |  | 9/11/2030 |  |
Hill7 CMBS(11) | 101,000 |  |  | 101,000 |  |  | 3.38% |  | 11/6/2028 |  |
Sunset Glenoaks Studios(12)(13) | — |  |  | 99,600 |  |  | SOFR + 3.10% |  | 1/9/2027 | (14) |
Office Portfolio CMBS(15)(16) | 470,833 |  |  | — |  |  | SOFR + 3.76% |  | 4/9/2030 | (17) |
Total secured debt | 1,926,600 |  |  | 1,752,667 |  |  |  |  |  |  |
Total unsecured and secured debt | 3,576,600 |  |  | 4,187,667 |  |  |  |  |  |  |
Unamortized deferred financing costs/loan discounts(18) | (21,492) |  |  | (10,823) |  |  |  |  |  |  |
TOTAL UNSECURED AND SECURED DEBT, NET | $ | 3,555,108 |  |  | $ | 4,176,844 |  |  |  |  |  |  |
JOINT VENTURE PARTNER DEBT(19) | $ | 66,136 |  |  | $ | 66,136 |  |  | 4.50% |  | 10/9/2032 | (20) |
_________________ 1.Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed. Interest rates are as of September 30, 2025, which may be different than the interest rates as of December 31, 2024 for the corresponding indebtedness. 2.Maturity dates include the effect of extension options. 3.The annual facility fee rate ranges from 0.15% or 0.30% based on the operating partnership’s leverage ratio. The Company has an option to make an irrevocable election to change the interest rate depending on the Company’s credit rating or a specified base rate plus an applicable margin. As of September 30, 2025, no such election had been made and the unsecured revolving credit facility bore interest at SOFR + 1.41%. 4.The Company has a total capacity of $795.3 million available under its unsecured revolving credit facility, which may be increased up to a total of $2.0 billion either in the form of an increase to an existing unsecured revolving credit facility or a new loan, including a term loan, subject to the satisfaction of certain conditions and lender commitments. 5.$333.3 million of the revolving commitments have an initial maturity date of December 21, 2025 with an option to extend the initial maturity date twice for an additional six-month term each at the sole discretion of the Company. $462.0 million of the revolving commitments have an initial maturity date of December 31, 2028 with an option to extend the initial maturity date twice for an additional six-month term each at the sole discretion of the Company. 6.An amount equal to the net proceeds from the 5.95% registered senior notes has been allocated to new or existing eligible green projects. 7.This loan is secured by eight properties: Sunset Gower Studios, Sunset Las Palmas Studios, Sunset Bronson Studios, 6040 Sunset, Harlow, ICON, CUE and EPIC. 8.The Company purchased bonds comprising the loan in the amount of $30.2 million. 9.The floating interest rate on $539.0 million of principal has been capped at 6.01% through the use of an interest rate cap. The floating interest rate on $351.2 million of principal is effectively fixed at 3.31% through the use of an interest rate swap. The floating interest rate on $179.6 million of principal is effectively fixed at 4.13% through the use of an interest rate swap. 10.This loan is interest-only through its term. 11.This loan bears interest only at 3.38% until November 6, 2026, at which time the interest rate will increase and monthly debt service will include principal payments with a balloon payment at maturity. 12.This loan has a total capacity of $100.6 million and an initial interest rate of SOFR + 3.10% per annum until the construction at Sunset Glenoaks Studios is complete and certain performance targets have been met, at which time the effective interest rate will decrease to SOFR + 2.50%. This loan is interest-only through its term. The floating interest rate on the full principal amount has been effectively capped at 4.50% through the use of an interest rate cap. 13.Sunset Glenoaks Studios was consolidated as of December 31, 2024 and unconsolidated as of September 30, 2025. Therefore, the September 30, 2025 balance is reported at $0. 14.Includes the option to extend the initial maturity date of January 9, 2025 twice for an additional one-year term each permitting certain financial covenants are met. The first extension option was executed on October 30, 2024. 15.This loan is secured by six office properties: Element LA, 11601 Wilshire, 5th & Bell, 450 Alaskan, 1740 Technology and 275 Brannan. 16.The loan requires monthly payments of principal and interest. The floating interest rate on $250.0 million of principal has been effectively fixed at 3.41% through the use of an interest rate swap. The floating interest rate on $222.5 million of principal is effectively fixed at 3.35% through the use of an interest rate cap. 17.Includes the option to extend the initial maturity date of April 9, 2027 three times for an additional one-year term each, permitting certain financial and other covenants are met. 18.Excludes deferred financing costs related to the Company’s unsecured revolving credit facility, which are reflected in prepaid expenses and other assets, net on the Consolidated Balance Sheets. Refer to Note 8 for details. 19.This amount relates to debt attributable to Allianz U.S. Private REIT LP (“Allianz”), the Company’s partner in the joint venture that owns the Ferry Building property. 20.Includes the option to extend the initial maturity date of October 9, 2028 twice for additional two-year terms each, permitting certain financial covenants are met. Current Year Activity During the nine months ended September 30, 2025, there were $320.0 million of repayments on the unsecured revolving credit facility, net of borrowings. The Company generally uses the unsecured revolving credit facility to finance the acquisition of properties and businesses, to provide funds for tenant improvements and capital expenditures and to provide for working capital and other corporate purposes. During the nine months ended September 30, 2025, the Company secured the Office Portfolio CMBS loan (a commercial mortgage-backed securities loan) with an aggregate principal amount of $475.0 million. This loan is secured by six office properties, bears interest at SOFR + 3.76% and matures on April 9, 2027, with three optional one-year extensions permitting certain financial and other covenants are met. The Company used the proceeds from the loan to repay $259.0 million on its unsecured revolving credit facility and to repay the $168.0 million loan secured by the Element LA property. The early repayment of the Element LA loan resulted in a $1.9 million loss on extinguishment of debt on the Consolidated Statements of Operations. During the nine months ended September 30, 2025, the Company amended its unsecured revolving credit facility agreement to adjust certain definitions and covenant calculations beginning with the period ending December 31, 2024. The amendment also resulted in a decrease in the total capacity from $900.0 million to $775.0 million. The Company then amended the agreement a second time, which resulted in an increase in the total capacity to $795.3 million and extended the maturity date for $462.0 million of the total commitments to December 31, 2028, with two optional six-month extensions at the sole discretion of the Company. During the nine months ended September 30, 2025, the Company fully repaid its Series B, Series C and Series D notes. The early repayment of the notes resulted in a $1.6 million loss on extinguishment of debt on the Consolidated Statements of Operations. During the nine months ended September 30, 2025, the Company refinanced its 1918 Eighth loan with a CMBS loan secured by the 1918 Eighth property with an aggregate principal balance of $285.0 million. The refinanced loan bears interest at a weighted average rate of 6.16% and matures on September 11, 2030. The refinance of the loan resulted in a $0.2 million loss on extinguishment of debt on the Consolidated Statements of Operations. Indebtedness The Company presents its financial statements on a consolidated basis. Notwithstanding such presentation, except to the extent expressly indicated, the Company’s separate property-owning subsidiaries are not obligors of or under the debt of their respective affiliates and each property-owning subsidiary’s separate liabilities do not constitute obligations of its respective affiliates. Loan agreements include events of default that the Company believes are usual for loans and transactions of this type. As of the date of this filing, there have been no events of default associated with the Company’s loans. The following table provides information regarding the Company’s future minimum principal payments due on the Company’s debt (after the impact of extension options, if applicable) as of September 30, 2025:
Year |  | Unsecured and Secured Debt |  | Joint Venture Partner Debt
Remaining 2025 |  | $ | — |  |  | $ | — |
2026 |  | 1,069,767 |  |  | — |
2027 |  | 400,000 |  |  | — |
2028 |  | 451,000 |  |  | — |
2029 |  | 500,000 |  |  | — |
Thereafter |  | 1,155,833 |  |  | 66,136 |
TOTAL |  | $ | 3,576,600 |  |  | $ | 66,136 |
Debt Covenants The operating partnership’s ability to borrow under its unsecured loan arrangements remains subject to ongoing compliance with financial and other covenants as defined in the respective agreements. Certain financial covenant ratios are subject to change in the occurrence of material acquisitions as defined in the respective agreements. Other covenants include certain limitations on dividend payouts and distributions, limits on certain types of investments outside of the operating partnership’s primary business and other customary affirmative and negative covenants. The following table summarizes existing covenants and their covenant levels as of September 30, 2025 related to our unsecured revolving credit facility and term loans:
Covenant Ratio |  | Covenant Level |  | Actual Performance
Total liabilities to total asset value |  | ≤ 60% |  | 43.7%
Unsecured indebtedness to unencumbered asset value |  | ≤ 60% |  | 35.1%
Adjusted EBITDA to fixed charges |  | ≥ 1.5x |  | 1.7x
Secured indebtedness to total asset value |  | ≤ 45% |  | 24.9%
Unencumbered NOI to unsecured interest expense |  | ≥ 1.75x |  | 2.3x
The following table summarizes existing covenants and their covenant levels related to the registered senior notes as of September 30, 2025:
Covenant Ratio(1) |  | Covenant Level |  | Actual Performance
Debt to total assets |  | ≤ 60% |  | 40.4%
Total unencumbered assets to unsecured debt |  | ≥ 150% |  | 323.1%
Consolidated income available for debt service to annual debt service charge |  | ≥ 1.5x |  | 1.9x
Secured debt to total assets |  | ≤ 40% |  | 22.7%
_________________ 1.The covenant and actual performance metrics above represent terms and definitions reflected in the indentures governing the 3.25% Senior Notes, 3.95% Senior Notes, 4.65% Senior Notes and 5.95% Senior Notes. The operating partnership was in compliance with its financial covenants as of September 30, 2025. Repayment Guarantees Although the rest of the operating partnership’s loans are secured and non-recourse, the operating partnership provides limited customary secured debt guarantees for items such as voluntary bankruptcy, fraud, misapplication of payments and environmental liabilities. The Company and certain of its subsidiaries guarantee the operating partnership’s unsecured debt. The likelihood of loss relating to this guarantee is remote as of September 30, 2025. Interest Expense The following table represents a reconciliation from gross interest expense to interest expense on the Consolidated Statements of Operations:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Gross interest expense(1) | $ | 48,743 |  |  | $ | 53,539 |  |  | $ | 151,007 |  |  | $ | 157,272 |
Capitalized interest | (9,589) |  |  | (10,521) |  |  | (29,941) |  |  | (29,915) |
Non-cash interest expense(2) | 2,572 |  |  | 1,987 |  |  | 12,302 |  |  | 5,896 |
INTEREST EXPENSE | $ | 41,726 |  |  | $ | 45,005 |  |  | $ | 133,368 |  |  | $ | 133,253 |
_________________ 1.Includes interest on the Company’s debt and hedging activities. 2.Includes the amortization of deferred financing costs and fair market value adjustments for our mark-to-market interest rate derivatives.

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