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Segment Reporting (Tables)

9 Months Ended

Sep. 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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
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 income			83,002						87,440						260,268						290,303
Studio segment
Studio revenues			32,038						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,
			2025						2024						2025						2024
Office segment
Core office revenues			$	150,623					$	162,881					$	465,488					$	507,911
Chargebacks			3,956						4,061						10,135						10,145
Total office revenues			154,579						166,942						475,623						518,056
Studio segment
Total studio revenues			32,038						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,
			2025						2024						2025						2024
NET LOSS			$	(144,086)					$	(107,013)					$	(312,124)					$	(207,925)
General and administrative			13,709						19,544						59,968						59,959
Depreciation and amortization			94,085						86,672						281,921						265,324
Loss from unconsolidated real estate entities			744						3,219						2,203						6,443
Fee income			(1,082)						(1,437)						(3,917)						(3,933)
Interest expense			41,726						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 entities			1,084						989						3,182						3,187
Transaction-related expenses			139						269						590						2,306
Unrealized loss on non-real estate investments			2,098						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 entity			77,907						—						77,907						—
Loss on extinguishment of debt			207						—						3,702						—
Other (income) expense			(601)						28						(516)						(1,449)
Income tax provision			24						2,183						672						2,693
TOTAL PROFIT FROM ALL SEGMENTS			$	82,658					$	85,552					$	249,808					$	294,263

X

- 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

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- References

No definition available.

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