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Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table sets forth information with respect to the Company’s outstanding indebtedness:
September 30, 2025December 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 debt1,650,000 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 debt1,926,600 1,752,667 
Total unsecured and secured debt3,576,600 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 $222.5 million of principal is effectively fixed at 3.35% through the use of an interest rate cap.
17.Includes the option to extend the initial maturity date of April 9, 2027 three times for an additional one-year term each, permitting certain financial and other covenants are met.
18.Excludes deferred financing costs related to the Company’s unsecured revolving credit facility, which are reflected in prepaid expenses and other assets, net on the Consolidated Balance Sheets. Refer to Note 8 for details.
19.This amount relates to debt attributable to Allianz U.S. Private REIT LP (“Allianz”), the Company’s partner in the joint venture that owns the Ferry Building property.
20.Includes the option to extend the initial maturity date of October 9, 2028 twice for additional two-year terms each, permitting certain financial covenants are met.
Schedule of Maturities of Long-term Debt
The following table provides information regarding the Company’s future minimum principal payments due on the Company’s debt (after the impact of extension options, if applicable) as of September 30, 2025:
YearUnsecured and Secured DebtJoint Venture Partner Debt
Remaining 2025$— $— 
20261,069,767 — 
2027400,000 — 
2028451,000 — 
2029500,000 — 
Thereafter1,155,833 66,136 
TOTAL
$3,576,600 $66,136 
Schedule of Existing Covenants and their Covenant Levels
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 RatioCovenant LevelActual 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 LevelActual 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.
Schedule of Reconciliation of Gross Interest Expense and 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,
2025202420252024
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.