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Investment in Unconsolidated Real Estate Entity | 6 Months Ended
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Jun. 30, 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 Glenoaks Studios 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 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 $104.2 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:
| June 30, 2021 |  | December 31, 2020
ASSETS |  |  |
Investment in real estate, net | $ | 880,266 |  |  | $ | 855,639 |
Other assets | 42,943 |  |  | 51,118 |
TOTAL ASSETS | $ | 923,209 |  |  | $ | 906,757 |
LIABILITIES |  |  |
Secured debt, net | $ | 517,377 |  |  | $ | 495,771 |
Other liabilities | 39,060 |  |  | 52,828 |
TOTAL LIABILITIES | 556,437 |  |  | 548,599 |
Company’s capital(1) | 83,460 |  |  | 80,778 |
Partners’ capital | 283,312 |  |  | 277,380 |
TOTAL CAPITAL | 366,772 |  |  | 358,158 |
TOTAL LIABILITIES AND CAPITAL | $ | 923,209 |  |  | $ | 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 income from unconsolidated real estate entities 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 June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
TOTAL REVENUES | $ | 20,041 |  |  | $ | 25,943 |  |  | $ | 39,427 |  |  | $ | 51,738 |
TOTAL EXPENSES | 17,728 |  |  | 23,922 |  |  | 33,972 |  |  | 50,871 |
NET INCOME | $ | 2,313 |  |  | $ | 2,021 |  |  | $ | 5,455 |  |  | $ | 867 |

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- References No definition available. + Details
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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 + Details
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