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Segment Reporting
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
2025202420252024
Office segment
Core office revenues$150,623 $162,881 $465,488 $507,911 
Core office expenses
Utilities(9,007)(9,175)(21,045)(21,331)
Taxes(16,411)(18,866)(49,628)(55,702)
Administrative(7,223)(7,491)(22,123)(22,051)
Insurance(5,415)(6,802)(17,627)(20,032)
Other segment expenses(1)
(29,565)(33,107)(94,797)(98,492)
Total core office expenses(67,621)(75,441)(205,220)(217,608)
Office net operating income83,002 87,440 260,268 290,303 
Studio segment
Studio revenues32,038 33,451 99,455 114,360 
Studio expenses
Rent expense & real estate taxes(8,096)(8,376)(30,556)(24,934)
Cost of goods sold(3,865)(4,188)(13,770)(19,611)
Other segment expenses(2)
(20,421)(22,775)(65,589)(65,855)
Total studio expenses(32,382)(35,339)(109,915)(110,400)
Studio net operating income(344)(1,888)(10,460)3,960 
TOTAL SEGMENT PROFIT$82,658 $85,552 $249,808 $294,263 
_________________
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 September 30,Nine Months Ended September 30,
2025202420252024
Office segment
Core office revenues$150,623 $162,881 $465,488 $507,911 
Chargebacks3,956 4,061 10,135 10,145 
Total office revenues154,579 166,942 475,623 518,056 
Studio segment
Total studio revenues32,038 33,451 99,455 114,360 
Total revenues$186,617 $200,393 $575,078 $632,416 
The table below reconciles net loss to total profit from all segments:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
NET LOSS$(144,086)$(107,013)$(312,124)$(207,925)
General and administrative13,709 19,544 59,968 59,959 
Depreciation and amortization94,085 86,672 281,921 265,324 
Loss from unconsolidated real estate entities744 3,219 2,203 6,443 
Fee income(1,082)(1,437)(3,917)(3,933)
Interest expense41,726 45,005 133,368 133,253 
Interest income(2,212)(542)(4,770)(1,975)
Management services reimbursement income—unconsolidated real estate entities(1,084)(989)(3,182)(3,187)
Management services expense—unconsolidated real estate entities1,084 989 3,182 3,187 
Transaction-related expenses139 269 590 2,306 
Unrealized loss on non-real estate investments2,098 1,081 2,335 3,024 
Gain on sale of real estate, net— — (10,007)— 
Impairment loss— 36,543 18,476 36,543 
Loss on deconsolidation of real estate entity77,907 — 77,907 — 
Loss on extinguishment of debt207 — 3,702 — 
Other (income) expense(601)28 (516)(1,449)
Income tax provision24 2,183 672 2,693 
TOTAL PROFIT FROM ALL SEGMENTS$82,658 $85,552 $249,808 $294,263