XML 26 R12.htm IDEA: XBRL DOCUMENT v3.21.2
Investment in Unconsolidated Real Estate Entity
 6 Months Ended
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, 2021December 31, 2020
ASSETS
Investment in real estate, net$880,266 $855,639 
Other assets42,943 51,118 
TOTAL ASSETS$923,209 $906,757 
LIABILITIES
Secured debt, net$517,377 $495,771 
Other liabilities39,060 52,828 
TOTAL LIABILITIES556,437 548,599 
Company’s capital(1)
83,460 80,778 
Partners’ capital283,312 277,380 
TOTAL CAPITAL366,772 358,158 
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,
2021202020212020
TOTAL REVENUES$20,041 $25,943 $39,427 $51,738 
TOTAL EXPENSES17,728 23,922 33,972 50,871 
NET INCOME$2,313 $2,021 $5,455 $867