Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

As of March 31, 2025, the operating partnership has determined that 13 of its joint ventures met the definition of a VIE and are consolidated:


Entity	Property	Ownership Interest
Hudson 1099 Stewart, L.P.	Hill7	55.0	%
Hudson One Ferry REIT, L.P.	Ferry Building	55.0	%
Sunset Bronson Entertainment Properties, LLC	Sunset Bronson Studios, ICON, CUE	51.0	%
Sunset Gower Entertainment Properties, LLC	Sunset Gower Studios	51.0	%
Sunset 1440 North Gower Street, LLC	Sunset Gower Studios	51.0	%
Sunset Las Palmas Entertainment Properties, LLC	Sunset Las Palmas Studios, Harlow	51.0	%
Sunset Services Holdings, LLC	None(1)	51.0	%
Sunset Studios Holdings, LLC	EPIC	51.0	%
Hudson Media and Entertainment Management, LLC	None(2)	51.0	%
Hudson 6040 Sunset, LLC	6040 Sunset	51.0	%
Sun Valley Peoria, LLC	Sunset Glenoaks Studios	50.0	%
Sun Valley Services, LLC	None(3)	50.0	%
Hudson 1918 Eighth, L.P.	1918 Eighth	55.0	%

__________________

1.Sunset Services Holdings, LLC is the taxable REIT subsidiary (“TRS”) which wholly owns Services Holdings, LLC, which owns 100% interests in Sunset Bronson Services, LLC, Sunset Gower Services, LLC and Sunset Las Palmas Services, LLC, which are the TRS subsidiaries related to Sunset Bronson Studios, Sunset Gower Studios and Sunset Las Palmas Studios, respectively.

2.Hudson Media and Entertainment Management, LLC manages the following properties: Sunset Gower Studios, Sunset Bronson Studios, Sunset Las Palmas Studios, 6040 Sunset, ICON, CUE, EPIC and Harlow (collectively “Hollywood Media Portfolio”), as well as Sunset Glenoaks Studios.

3.Sun Valley Services, LLC is the TRS related to Sunset Glenoaks Studios.

The following table summarizes the Company’s investments in unconsolidated joint ventures:

Property

Property Type

Submarket

Ownership Interest

Functional Currency

Sunset Waltham Cross Studios

Future Development

Broxbourne, United Kingdom

35%

Pound sterling

(1)

Bentall Centre

Operating Property

Downtown Vancouver

20%

Canadian dollar

(2)(3)

Sunset Pier 94 Studios

Development

Manhattan

51%

U.S. dollar

(3)(4)

__________________

1.The Company owns 35% of the ownership interests in each of the joint venture entities that own the Sunset Waltham Cross Studios development and the joint venture entities formed to serve as the general partner and management services company for the property-owning joint venture entity.

2.The Company serves as the operating member of this joint venture.

3.The Company has provided recourse carve-out guarantees on the joint ventures’ outstanding indebtedness in the amount of $90.2 million at Bentall Centre and $15.4 million at Sunset Pier 94 Studios, respectively. The likelihood of loss relating to the guarantees is remote as of March 31, 2025.

4.The Company owns 51% of the ownership interests in an upper-tier joint venture entity that owns 50.1% of the ownership interests in the lower-tier joint venture entity that owns the Sunset Pier 94 Studios development. The Company’s resulting economic interest in the development is 25.6%. The Company has provided various guarantees for the lower-tier joint venture’s construction loan, including a completion guarantee, recourse guarantee and guarantee of interest and carry. The likelihood of loss relating to the completion guarantee is remote as of March 31, 2025.

Schedule of Revenue Streams

The following table summarizes the Company’s revenue streams that are accounted for under ASC 606 for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025		2024
Ancillary revenues	$	18,556	$	24,200
Other revenues	$	7,354	$	4,354
Studio-related tenant recoveries	$	504	$	442
Management fee income	$	1,359	$	1,125
Management services reimbursement income	$	975	$	1,156

The following table summarizes the Company’s receivables that are accounted for under ASC 606 as of:


	March 31, 2025		December 31, 2024
Ancillary revenues	$	2,963	$	4,834
Other revenues	$	965	$	1,107

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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