XML 17 R4.htm IDEA: XBRL DOCUMENT v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
REVENUES        
Revenues $ 190,002 $ 218,000 $ 388,461 $ 432,023
OPERATING EXPENSES        
General and administrative 27,776 20,705 46,259 40,415
Depreciation and amortization 94,751 86,798 187,836 178,652
Total operating expenses 230,580 220,759 455,406 442,379
OTHER (EXPENSES) INCOME        
Loss from unconsolidated real estate entities (205) (2,481) (1,459) (3,224)
Fee income 1,476 1,371 2,835 2,496
Interest expense (48,137) (44,159) (91,642) (88,248)
Interest income 2,123 579 2,558 1,433
Management services reimbursement income—unconsolidated real estate entities 1,123 1,042 2,098 2,198
Management services expense—unconsolidated real estate entities (1,123) (1,042) (2,098) (2,198)
Transaction-related expenses (451) 113 (451) (2,037)
Unrealized gain (loss) on non-real estate investments 212 (1,045) (237) (1,943)
Loss on extinguishment of debt (1,637) 0 (3,495) 0
(Loss) gain on sale of real estate, net (16) 0 10,007 0
Impairment loss 0 0 (18,476) 0
Other (expense) income (93) 1,334 (85) 1,477
Total other expenses (46,728) (44,288) (100,445) (90,046)
Loss before income tax provision (87,306) (47,047) (167,390) (100,402)
Income tax provision (454) (510) (648) (510)
Net loss (87,760) (47,557) (168,038) (100,912)
Net income attributable to participating securities 0 (207) 0 (409)
Net loss attributable to non-controlling interest in consolidated real estate entities 6,675 3,751 14,142 7,920
Net loss attributable to redeemable non-controlling interest in consolidated real estate entities 895 961 1,797 2,118
Net loss attributable to common units in the operating partnership 2,209 1,225 4,603 2,454
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (83,149) $ (47,027) $ (157,857) $ (99,229)
BASIC AND DILUTED PER SHARE AMOUNTS        
Net loss attributable to common stockholders—basic (in dollars per share) $ (0.41) $ (0.33) $ (0.92) $ (0.70)
Net loss attributable to common stockholders—diluted (in dollars per share) $ (0.41) $ (0.33) $ (0.92) $ (0.70)
Weighted average shares of common stock outstanding—basic (in shares) 202,666,003 141,181,450 172,195,534 141,151,893
Weighted average shares of common stock outstanding—diluted (in shares) 202,666,003 141,181,450 172,195,534 141,151,893
Series A preferred units        
OTHER (EXPENSES) INCOME        
Net income attributable to preferred units/share $ (121) $ (153) $ (267) $ (306)
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 150,533 172,596 308,926 344,023
Service and other revenues 5,300 3,443 12,118 7,091
Revenues 155,833 176,039 321,044 351,114
OPERATING EXPENSES        
Operating expenses 71,501 75,304 143,778 148,251
Studio        
REVENUES        
Rental revenues 13,889 14,441 27,541 28,041
Service and other revenues 20,280 27,520 39,876 52,868
Revenues 34,169 41,961 67,417 80,909
OPERATING EXPENSES        
Operating expenses $ 36,552 $ 37,952 $ 77,533 $ 75,061