Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

Segment ReportingThe 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. 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.

The table below presents the operating activity of the Company’s reportable segments:

	Three Months Ended March 31,
	2023		2022
Office segment
Office revenues	$	206,633	$	211,400
Office expenses	(74,054)		(73,631)
Office segment profit	132,579		137,769
Studio segment
Studio revenues	45,630		33,113
Studio expenses	(37,244)		(18,983)
Studio segment profit	8,386		14,130
TOTAL SEGMENT PROFIT	$	140,965	$	151,899
Segment revenues	$	252,263	$	244,513
Segment expenses	(111,298)		(92,614)
TOTAL SEGMENT PROFIT	$	140,965	$	151,899

The table below is a reconciliation of the total profit from all segments to net loss:

	Three Months Ended March 31,
	2023		2022
NET LOSS	$	(14,817)	$	(7,615)
General and administrative	18,724		20,512
Depreciation and amortization	97,139		92,193
Loss (income) from unconsolidated real estate entities	745		(303)
Fee income	(2,402)		(1,071)
Interest expense	53,807		30,836
Interest income	(371)		(910)
Management services reimbursement income—unconsolidated real estate entities	(1,064)		(1,108)
Management services expense—unconsolidated real estate entities	1,064		1,108
Transaction-related expenses	1,186		256
Unrealized gain on non-real estate investments	(839)		(1,650)
Gain on sale of real estate	(7,046)		—
Impairment loss	—		20,503
Other income	(5,161)		(852)
TOTAL PROFIT FROM ALL SEGMENTS	$	140,965	$	151,899