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Investment in Unconsolidated Real Estate Entities | 6 Months Ended
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Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Real Estate Entities | Investment in Unconsolidated Real Estate Entities The following table summarizes the Company’s investments in unconsolidated joint ventures:
Property | Property Type | Submarket | Ownership Interest | Functional Currency |
Sunset Waltham Cross Studios | Development | Broxbourne, United Kingdom | 35% | Pound sterling | (1)
Sunset Glenoaks Studios | Development | Los Angeles | 50% | U.S. dollar | (2)
Bentall Centre | Operating Property | Downtown Vancouver | 20% | Canadian dollar | (2)(4)
__________________ 1.On July 29, 2021, the Company purchased 35% of the ownership interests in the joint venture that owns the Sunset Waltham Cross Studios development. The Company also owns 35% of the ownership interests in the joint venture entities formed to serve as the general partner and management services company for the property-owning joint venture entity. 2.The Company serves as the operating member of this joint venture. 3.The Company has provided various guarantees for this joint venture’s construction loan, including a completion guarantee, equity guarantee and recourse carve-out guarantee. 4.The Company has guaranteed $102.7 million of this joint venture’s debt. The Company’s maximum exposure related to its unconsolidated joint ventures is limited to its investment. The Company’s investments in foreign real estate entities are subject to foreign currency fluctuation risk. Such investments are translated into U.S. dollars at the exchange rate in effect as of the financial statement date. The Company’s share of the income (loss) from foreign unconsolidated real estate entities is 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 Company held ownership interests in other immaterial unconsolidated joint ventures in the total of $0.3 million and $0.1 million as of June 30, 2022 and December 31, 2021, respectively. The table below presents the combined and condensed balance sheets for the Company’s unconsolidated joint ventures:
| June 30, 2022 |  | December 31, 2021
ASSETS |  |  |
Investment in real estate, net | $ | 1,054,064 |  |  | $ | 1,048,593 |
Other assets | 67,985 |  |  | 57,232 |
TOTAL ASSETS | $ | 1,122,049 |  |  | $ | 1,105,825 |
LIABILITIES |  |  |
Secured debt, net | $ | 524,041 |  |  | $ | 516,153 |
Other liabilities | 45,554 |  |  | 40,307 |
TOTAL LIABILITIES | 569,595 |  |  | 556,460 |
Company’s capital(1) | 153,358 |  |  | 148,914 |
Partner’s capital | 399,096 |  |  | 400,451 |
TOTAL CAPITAL | 552,454 |  |  | 549,365 |
TOTAL LIABILITIES AND CAPITAL | $ | 1,122,049 |  |  | $ | 1,105,825 |
__________________ 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 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 June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2021 |  | 2020
TOTAL REVENUES | $ | 26,915 |  |  | $ | 20,041 |  |  | $ | 46,447 |  |  | $ | 39,427 |
TOTAL EXPENSES | 17,873 |  |  | 17,728 |  |  | 35,651 |  |  | 33,972 |
NET INCOME | $ | 9,042 |  |  | $ | 2,313 |  |  | $ | 10,796 |  |  | $ | 5,455 |

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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 https://asc.fasb.org/topic&trid=2196965 + Details
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