Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

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


	Three Months Ended March 31,
	2025		2024
Office segment
Core office revenues	$	162,168	$	171,967
Core office expenses
Utilities	(6,065)		(6,071)
Taxes	(16,973)		(18,575)
Administrative	(7,590)		(7,267)
Insurance	(6,664)		(6,426)
Other segment expenses(1)	(31,942)		(31,500)
Total core office expenses	(69,234)		(69,839)
Office net operating income	92,934		102,128
Studio segment
Studio revenues	33,248		38,948
Studio expenses
Rent expense & real estate taxes	(13,761)		(8,369)
Cost of goods sold	(4,804)		(7,762)
Other segment expenses(2)	(22,416)		(20,978)
Total studio expenses	(40,981)		(37,109)
Studio net operating income	(7,733)		1,839
TOTAL SEGMENT PROFIT	$	85,201	$	103,967

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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:

The table below reconciles net loss to total profit from all segments:


	Three Months Ended March 31,
	2025		2024
NET LOSS	$	(80,278)	$	(53,355)
General and administrative	18,483		19,710
Depreciation and amortization	93,085		91,854
Loss from unconsolidated real estate entities	1,254		743
Fee income	(1,359)		(1,125)
Interest expense	43,505		44,089
Interest income	(435)		(854)
Management services reimbursement income—unconsolidated real estate entities	(975)		(1,156)
Management services expense—unconsolidated real estate entities	975		1,156
Transaction-related expenses	—		2,150
Unrealized loss on non-real estate investments	449		898

Gain on sale of real estate, net	(10,023)		—
Impairment loss	18,476		—
Loss on extinguishment of debt	1,858		—
Other income	(8)		(143)
Income tax provision	194		—
TOTAL PROFIT FROM ALL SEGMENTS	$	85,201	$	103,967