Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

As of June 30, 2026, the operating partnership has determined that 10 of its joint ventures meet the definition of a VIE and are consolidated:


Entity	Property	Ownership Interest
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	%
Hudson 1918 Eighth, L.P.	1918 Eighth	55.0	%

__________________

1.Sunset Services Holdings, LLC is the taxable REIT subsidiary ("TRS") that owns the Company's interests in the TRS subsidiaries related to Sunset Bronson Studios, Sunset Gower Studios, Sunset Las Palmas Studios, and Sunset Pier 94 Studios.

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”).

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

35.0%

Pound sterling

(1)

Bentall Centre

Operating Property

Downtown Vancouver

20.0%

Canadian dollar

(2)(3)

Sunset Pier 94 Studios

Operating Property

Manhattan

51.0%

U.S. dollar

(2)(4)

Sunset Glenoaks Studios

Operating Property

Sun Valley

50.0%

U.S. dollar

(2)(5)

__________________

1.The Company owns 35.0% 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 a recourse carve-out guarantee on the joint venture’s outstanding indebtedness in the amount of $93.2 million. The likelihood of loss relating to the guarantee is remote as of June 30, 2026.

4.The Company owns 51.0% 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 Sunset Pier 94 Studios and the related TRS. The Company’s resulting economic interest in the property is 25.6%. The Company has provided various guarantees for the lower-tier joint venture’s construction loan, including a recourse carve-out guarantee in the amount of $42.2 million, a completion guarantee and a guarantee of interest and carry. The likelihood of loss relating to the completion guarantee is remote as of June 30, 2026.

5.The Company owns 50.0% of the ownership interests in the joint venture entity that owns Sunset Glenoaks Studios and the related TRS. The Company has provided a recourse carve-out guarantee on the joint venture’s outstanding indebtedness in the amount of $53.0 million. The likelihood of loss relating to the guarantee is remote as of June 30, 2026.

Schedule of Revenue Streams

The following table summarizes the Company’s revenue streams that are accounted for under ASC 606 for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Ancillary revenues	$	20,485	$	19,016	$	38,400	$	37,572
Other revenues	$	4,197	$	5,928	$	8,505	$	13,282
Studio-related tenant recoveries	$	528	$	636	$	1,132	$	1,140
Management fee income	$	964	$	1,476	$	2,071	$	2,835
Management services reimbursement income	$	1,098	$	1,123	$	2,222	$	2,098

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


	June 30, 2026		December 31, 2025
Ancillary revenues	$	9,539	$	5,609
Other revenues	$	1,216	$	961
Studio-related tenant recoveries	$	354	$	258

- 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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