v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
REVENUES        
Revenues $ 188,298 $ 190,002 $ 370,150 $ 388,461
OPERATING EXPENSES        
General and administrative 12,002 27,776 24,577 46,259
Depreciation and amortization 82,133 94,751 162,855 187,836
Total operating expenses 197,809 230,580 392,637 455,406
OTHER (EXPENSES) INCOME        
Loss from unconsolidated real estate entities (959) (205) (1,396) (1,459)
Fee income 964 1,476 2,071 2,835
Interest expense (38,476) (48,137) (76,470) (91,642)
Interest income 566 2,123 2,215 2,558
Management services reimbursement income—unconsolidated real estate entities 1,098 1,123 2,222 2,098
Management services expense—unconsolidated real estate entities (1,098) (1,123) (2,222) (2,098)
Transaction-related expenses (682) (451) (783) (451)
Unrealized (loss) gain on non-real estate investments (840) 212 (2,802) (237)
(Loss) gain on sale of real estate, net 0 (16) 0 10,007
Impairment loss (50,440) 0 (50,440) (18,476)
Loss on extinguishment of debt 0 (1,637) 0 (3,495)
Loss on lease terminations and other (4,916) (93) (4,758) (85)
Total other expenses (94,783) (46,728) (132,363) (100,445)
Loss before income tax provision (104,294) (87,306) (154,850) (167,390)
Income tax provision (394) (454) (742) (648)
Net loss (104,688) (87,760) (155,592) (168,038)
Net loss attributable to non-controlling interest in consolidated real estate entities 1,847 6,675 3,457 14,142
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities 1,029 895 1,730 1,797
Net loss attributable to common units in the operating partnership 2,331 2,209 2,884 4,603
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (104,572) $ (83,149) $ (157,703) $ (157,857)
BASIC AND DILUTED PER SHARE AMOUNTS        
Net loss attributable to common stockholders—basic (in dollars per share) $ (1.62) $ (2.87) $ (2.45) $ (6.42)
Net loss attributable to common stockholders—diluted (in dollars per share) $ (1.62) $ (2.87) $ (2.45) $ (6.42)
Weighted average shares of common stock outstanding—basic (in shares) 64,475,383 28,952,286 64,468,745 24,599,362
Weighted average shares of common stock outstanding—diluted (in shares) 64,475,383 28,952,286 64,468,745 24,599,362
Series A preferred units        
OTHER (EXPENSES) INCOME        
Net income attributable to preferred units/share $ (44) $ (121) $ (88) $ (267)
Series C preferred stock        
OTHER (EXPENSES) INCOME        
Net income attributable to preferred units/share (5,047) (5,047) (10,094) (10,094)
Office        
REVENUES        
Rental revenues 149,599 150,533 294,827 308,926
Service and other revenues 3,522 5,300 6,968 12,118
Revenues 153,121 155,833 301,795 321,044
OPERATING EXPENSES        
Operating expenses 69,535 71,501 139,357 143,778
Studio        
REVENUES        
Rental revenues 13,489 13,889 27,286 27,541
Service and other revenues 21,688 20,280 41,069 39,876
Revenues 35,177 34,169 68,355 67,417
OPERATING EXPENSES        
Operating expenses $ 34,139 $ 36,552 $ 65,848 $ 77,533