Debt And Lease ExpirationsA major studio lease expiration paired with a significant loan maturity creates material uncertainty over future cash flows and may require difficult refinancing or asset-level adjustments.
Studio Market DemandSlower-than-expected recovery in studio production, particularly in key West Coast markets, risks prolonged soundstage vacancies and weaker leasing demand for studio assets.
Tenant ConcessionsUse of unusually large tenant incentives and extended free rent programs reduces effective rent collection and pressures property-level margins compared with peers.