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Investment in Unconsolidated Real Estate Entity

3 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Real Estate Entity

Investment in Unconsolidated Real Estate Entity

On June 5, 2019, the Company purchased, through a joint venture with Blackstone, the Bentall Centre office properties and retail complex in Vancouver, Canada. The Company owns 20% of this joint venture and serves as the operating partner.

The unconsolidated real estate entity’s functional currency is the local currency. The Company has exposure to risks related to foreign currency fluctuations. The assets and liabilities are translated into U.S. dollars at the exchange rate in effect as of the financial statement date. Income statement accounts of our foreign subsidiaries are translated using the monthly-average exchange rate for the periods presented. Gains or losses resulting from the translation are classified in accumulated other comprehensive income as a separate component of total equity and are excluded from net income.

The maximum exposure related to this unconsolidated joint venture is limited to our investment and $89.6 million of debt which the Company has guaranteed.

The summarized balance sheets of the Company’s unconsolidated real estate entity represent the combined entities for our Bentall Centre properties as of March 31, 2020 and December 31, 2019:

						March 31, 2020						December 31, 2019
ASSETS
Investment in real estate, net						$	758,013					$	794,321
Other assets						24,299						51,597
TOTAL ASSETS						782,312						845,918
LIABILITIES
Secured debt, net						443,650						480,127
Other liabilities						41,487						42,672
TOTAL LIABILITIES						485,137						522,799
Company’s capital(1)						59,435						64,624
Partner’s capital						237,740						258,495
TOTAL CAPITAL						297,175						323,119
TOTAL LIABILITIES AND CAPITAL						$	782,312					$	845,918

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1.To the extent the Company’s cost basis is different from the basis reflected at the joint venture level, the basis is amortized over the life of the related asset and is included in loss from unconsolidated real estate entity on the Consolidated Statements of Operations.

The summarized statement of operations of the Company’s unconsolidated real estate entity represent the combined entities for our Bentall Centre properties for the three months ended March 31, 2020:

						Three Months Ended March 31,
						2020
TOTAL REVENUES						$	25,795
TOTAL EXPENSES						26,949
NET LOSS						$	(1,154)

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- References

No definition available.

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- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SX 210.3A-04)
-URI http://asc.fasb.org/extlink&oid=116822174&loc=d3e355119-122828

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-URI http://asc.fasb.org/topic&trid=2196965

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