v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Operating Activity
The table below presents the operating activity of the Company’s reportable segments:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Office segment
Core office revenues$149,887 $152,696 $295,750 $314,865 
Core office expenses
Utilities(6,435)(5,973)(12,521)(12,038)
Taxes(14,195)(16,244)(29,802)(33,217)
Administrative(7,263)(7,310)(14,665)(14,900)
Insurance(4,157)(5,548)(9,370)(12,212)
Other segment expenses(1)
(34,251)(33,289)(66,954)(65,232)
Total core office expenses(66,301)(68,364)(133,312)(137,599)
Office net operating income83,586 84,332 162,438 177,266 
Studio segment
Studio revenues35,177 34,169 68,355 67,417 
Studio expenses
Rent expense & real estate taxes(6,874)(8,699)(14,057)(22,460)
Cost of goods sold(7,443)(5,101)(13,448)(9,905)
Other segment expenses(2)
(19,822)(22,752)(38,343)(45,168)
Total studio expenses(34,139)(36,552)(65,848)(77,533)
Studio net operating income1,038 (2,383)2,507 (10,116)
TOTAL SEGMENT PROFIT$84,624 $81,949 $164,945 $167,150 
_________________
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:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Office segment
Core office revenues$149,887 $152,696 $295,750 $314,865 
Chargebacks3,234 3,137 6,045 6,179 
Total office revenues153,121 155,833 301,795 321,044 
Studio segment
Total studio revenues35,177 34,169 68,355 67,417 
Total revenues$188,298 $190,002 $370,150 $388,461 
The table below reconciles net loss to total profit from all segments:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
NET LOSS$(104,688)$(87,760)$(155,592)$(168,038)
General and administrative12,002 27,776 24,577 46,259 
Depreciation and amortization82,133 94,751 162,855 187,836 
Loss from unconsolidated real estate entities959 205 1,396 1,459 
Fee income(964)(1,476)(2,071)(2,835)
Interest expense38,476 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 entities1,098 1,123 2,222 2,098 
Transaction-related expenses682 451 783 451 
Unrealized loss (gain) on non-real estate investments840 (212)2,802 237 
Loss (gain) on sale of real estate, net— 16 — (10,007)
Impairment loss50,440 — 50,440 18,476 
Loss on extinguishment of debt— 1,637 — 3,495 
Loss on lease terminations and other4,916 93 4,758 85 
Income tax provision394 454 742 648 
TOTAL PROFIT FROM ALL SEGMENTS$84,624 $81,949 $164,945 $167,150