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Investment in Unconsolidated Real Estate Entity
 6 Months Ended
Jun. 30, 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 1 LP, 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 $93.1 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 June 30, 2020 and December 31, 2019:
June 30, 2020December 31, 2019
ASSETS
Investment in real estate, net$787,635  $794,321  
Other assets30,268  51,597  
TOTAL ASSETS817,903  845,918  
LIABILITIES
Secured debt, net461,303  480,127  
Other liabilities46,891  42,672  
TOTAL LIABILITIES508,194  522,799  
Company’s capital(1)
61,942  64,624  
Partner’s capital247,767  258,495  
TOTAL CAPITAL309,709  323,119  
TOTAL LIABILITIES AND CAPITAL$817,903  $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 income (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 and six months ended June 30, 2020 and the June 5, 2019 acquisition date through June 30, 2019:
Three Months Ended June 30, 2020
June 5, 2019 through June 30, 2019
Six Months Ended June 30, 2020
June 5, 2019 through June 30, 2019
TOTAL REVENUES$25,943  $7,778  $51,738  $7,778  
TOTAL EXPENSES23,922  8,318  50,871  8,318  
NET INCOME (LOSS)$2,021  $(540) $867  $(540)