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Investment in Unconsolidated Real Estate Entities
 12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Real Estate Entities Investment in Unconsolidated Real Estate Entities
On July 29, 2021, the Company purchased 35% of the ownership interest in the joint venture that owns the Sunset Waltham Cross Studios development. The Company also owns 35% of the ownership interest in the joint venture entities formed to serve as the general partner and management services company for the property-owning joint venture entity. The joint venture entities’ functional currency is the local currency, or the pound sterling. The maximum exposure related to this unconsolidated joint venture is limited to the Company’s investment.

On December 24, 2020, the Company purchased 50% of the ownership interests in the joint venture that owns the Sunset Glenoaks Studios development in Los Angeles, California. The Company serves as the operating member. The maximum exposure related to this unconsolidated joint venture is limited to the Company’s investment.

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 $103.6 million of debt which the Company has guaranteed.

The Company holds ownership interests in other immaterial joint ventures in the total of $0.1 million and $0.4 million as of December 31, 2021 and 2020, respectively.

The table below presents the combined and condensed balance sheets for the Company’s unconsolidated joint ventures:
December 31, 2021December 31, 2020
ASSETS
Investment in real estate, net$1,048,593 $855,639 
Other assets57,232 51,118 
TOTAL ASSETS1,105,825 906,757 
LIABILITIES
Secured debt, net516,153 495,771 
Other liabilities40,307 52,828 
TOTAL LIABILITIES556,460 548,599 
Company’s capital(1)
148,914 80,778 
Partner's capital400,451 277,380 
TOTAL CAPITAL549,365 358,158 
TOTAL LIABILITIES AND CAPITAL$1,105,825 $906,757 
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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 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 December 31,June 5, 2019 through
December 31, 2019
20212020
TOTAL REVENUES$80,901 $69,592 $41,687 
TOTAL EXPENSES(70,934)(65,983)(46,434)
NET INCOME (LOSS)$9,967 $3,609 $(4,747)