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Investment in Unconsolidated Real Estate Entities
 12 Months Ended
Dec. 31, 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:
PropertyProperty TypeSubmarketOwnership InterestFunctional Currency
Sunset Waltham Cross Studios
DevelopmentBroxbourne, United Kingdom35%Pound sterling
(1)
Sunset Glenoaks Studios
DevelopmentLos Angeles50%U.S. dollar
(2)(3)
Bentall CentreOperating PropertyDowntown Vancouver20%Canadian dollar
(2)(4)
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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 the joint venture’s construction loan, including a completion guarantee, equity guarantee and recourse carve-out guarantee.
4.The Company has guaranteed the joint venture’s outstanding indebtedness in the amount of $98.1 million.

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 joint ventures in the total of $0.1 million as of December 31, 2022 and 2021, respectively.

The table below presents the combined and condensed balance sheets for the Company’s unconsolidated joint ventures:
December 31, 2022December 31, 2021
ASSETS
Investment in real estate, net$1,093,448 $1,048,593 
Other assets62,870 57,232 
TOTAL ASSETS1,156,318 1,105,825 
LIABILITIES
Secured debt, net527,985 516,153 
Other liabilities49,027 40,307 
TOTAL LIABILITIES577,012 556,460 
Company’s capital(1)
170,656 148,914 
Partner's capital408,650 400,451 
TOTAL CAPITAL579,306 549,365 
TOTAL LIABILITIES AND CAPITAL$1,156,318 $1,105,825 
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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 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,
202220212020
TOTAL REVENUES$83,441 $80,901 $69,592 
TOTAL EXPENSES(78,083)(70,934)(65,983)
NET INCOME$5,358 $9,967 $3,609