XML 30 R12.htm IDEA: XBRL DOCUMENT
v3.20.4

Investment in Unconsolidated Real Estate Entities | 12 Months Ended
--- | ---
Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Real Estate Entities | Investment in Unconsolidated Real Estate Entities As of December 24, 2020, the Company owns 50% of the ownership interests in the joint venture which owns the Sunset LA development in Los Angeles, California. The Company serves as the operating member. On June 5, 2019, the Company purchased, through a joint venture with Blackstone 1 LP, the 20% ownership interest in the Bentall Centre office property and retail complex in Vancouver, Canada. The Company serves as the operating partner. Bentall Centre’s functional currency is the local currency, or Canadian dollars. 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 (loss) 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 $100.0 million of debt which the Company has guaranteed. The table below presents the combined and condensed balance sheets for the Company’s unconsolidated joint ventures:
| December 31, 2020 |  | December 31, 2019
ASSETS |  |  |
Investment in real estate, net | $ | 855,639 |  |  | $ | 794,321 |
Other assets | 51,118 |  |  | 51,597 |
TOTAL ASSETS | 906,757 |  |  | 845,918 |
LIABILITIES |  |  |
Secured debt, net | 495,771 |  |  | 480,127 |
Other liabilities | 52,828 |  |  | 42,672 |
TOTAL LIABILITIES | 548,599 |  |  | 522,799 |
Company’s capital(1) | 80,778 |  |  | 64,624 |
Partner's capital | 277,380 |  |  | 258,495 |
TOTAL CAPITAL | 358,158 |  |  | 323,119 |
TOTAL LIABILITIES AND CAPITAL | $ | 906,757 |  |  | $ | 845,918 |
_____________ 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 the income (loss) from unconsolidated real estate entities line item on the Consolidated Statements of Operations. The table below presents the combined and condensed statements of operations for the Company’s unconsolidated joint ventures:
| Year Ended |  | June 5, 2019 through
| December 31, 2020 |  | December 31, 2019
TOTAL REVENUES | $ | 69,592 |  |  | $ | 41,687 |
TOTAL EXPENSES | (65,983) |  |  | (46,434) |
NET INCOME (LOSS) | $ | 3,609 |  |  | $ | (4,747) |

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration