Segment Reporting

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Office segment
Office revenues	$	203,587	$	213,491	$	617,511	$	641,135
Office expenses	(80,521)		(78,340)		(231,342)		(230,529)
Office segment profit	123,066		135,151		386,169		410,606
Studio segment
Studio revenues	27,856		46,863		111,363		115,162
Studio expenses	(31,655)		(26,688)		(103,578)		(66,357)
Studio segment (loss) profit	(3,799)		20,175		7,785		48,805
TOTAL SEGMENT PROFIT	$	119,267	$	155,326	$	393,954	$	459,411
Segment revenues	$	231,443	$	260,354	$	728,874	$	756,297
Segment expenses	(112,176)		(105,028)		(334,920)		(296,886)
TOTAL SEGMENT PROFIT	$	119,267	$	155,326	$	393,954	$	459,411

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
NET LOSS	$	(35,752)	$	(6,792)	$	(82,046)	$	(10,861)
General and administrative	17,512		19,795		55,177		62,178
Depreciation and amortization	98,580		93,070		294,654		276,701
Loss (income) from unconsolidated real estate entities	759		352		2,219		(1,731)
Fee income	(340)		(911)		(5,026)		(3,122)
Interest expense	53,581		37,261		162,036		101,816
Interest income	(800)		(196)		(1,407)		(2,026)
Management services reimbursement income—unconsolidated real estate entities	(1,015)		(983)		(3,138)		(3,159)
Management services expense—unconsolidated real estate entities	1,015		983		3,138		3,159
Transaction-related expenses	—		9,331		(1,344)		10,713
Unrealized loss on non-real estate investments	2,265		894		2,269		1,062
(Gain) loss on sale of real estate	(16,108)		180		(23,154)		180
Impairment loss	—		4,795		—		28,548
Gain on extinguishment of debt	—		—		(10,000)		—
Other income	(5)		(1,147)		(139)		(1,138)
Income tax (benefit) provision	(425)		(1,306)		715		(2,909)
TOTAL PROFIT FROM ALL SEGMENTS	$	119,267	$	155,326	$	393,954	$	459,411