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Investment in Unconsolidated Real Estate Entities
 6 Months Ended
Jun. 30, 2023
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.The Company owns 35% of the ownership interests in each of the joint venture entities that own the Sunset Waltham Cross Studios and 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. The likelihood of loss relating to the completion guarantee is remote as of June 30, 2023.
4.The Company has guaranteed the joint venture’s outstanding indebtedness in the amount of $100.5 million.

The Company’s maximum exposure related to its unconsolidated joint ventures is limited to its investment and the guarantees provided in relation to the joint ventures’ indebtedness. 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 (loss) income 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 income as a separate component of total equity and are excluded from net (loss) 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, 2023 and December 31, 2022, respectively.
The table below presents the combined and condensed balance sheets for the Company’s unconsolidated joint ventures:
June 30, 2023December 31, 2022
ASSETS
Investment in real estate, net$1,203,890 $1,093,448 
Other assets76,288 62,870 
TOTAL ASSETS$1,280,178 $1,156,318 
LIABILITIES
Secured debt, net$572,877 $527,985 
Other liabilities45,964 49,027 
TOTAL LIABILITIES618,841 577,012 
Company’s capital(1)
202,725 170,656 
Partner’s capital458,612 408,650 
TOTAL CAPITAL661,337 579,306 
TOTAL LIABILITIES AND CAPITAL$1,280,178 $1,156,318 
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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 (loss) 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,
2023202220232022
TOTAL REVENUES$19,271 $26,915 $37,742 $46,447 
TOTAL EXPENSES22,600 17,873 44,677 35,651 
NET (LOSS) INCOME$(3,329)$9,042 $(6,935)$10,796