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Investment in Unconsolidated Real Estate Entity

3 Months Ended

Mar. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Real Estate Entity

Investment in Unconsolidated Real Estate Entities

As of December 24, 2020, the Company owns 50% of the ownership interest in the joint venture which owns the Sunset LA development in Los Angeles, California. The Company serves as the operating member.

The Company owns 20% of the ownership interest in the joint venture that owns Bentall Centre office property and retail complex in Vancouver, Canada (“Bentall Centre”). 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 income (loss) 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 the Company’s investment and $101.6 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 as of:

			March 31, 2021						December 31, 2020
ASSETS
Investment in real estate, net			$	866,132					$	855,639
Other assets			43,109						51,118
TOTAL ASSETS			$	909,241					$	906,757
LIABILITIES
Secured debt, net			$	504,315					$	495,771
Other liabilities			39,942						52,828
TOTAL LIABILITIES			544,257						548,599
Company’s capital(1)			82,143						80,778
Partners’ capital			282,841						277,380
TOTAL CAPITAL			364,984						358,158
TOTAL LIABILITIES AND CAPITAL			$	909,241					$	906,757

__________________ 

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:

			Three Months Ended March 31,
			2021						2020
TOTAL REVENUES			$	19,386					$	25,795
TOTAL EXPENSES			16,244						26,949
NET INCOME (LOSS)			$	3,142					$	(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 323
-URI http://asc.fasb.org/topic&trid=2196965

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