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Investment in Unconsolidated Real Estate Entities
 9 Months Ended
Sep. 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
DevelopmentSun Valley50%U.S. dollar
(2)(3)
Bentall CentreOperating PropertyDowntown Vancouver20%Canadian dollar
(2)(4)
Sunset Pier 94 StudiosDevelopmentManhattan51%U.S dollar
(4)(5)
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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 September 30, 2023.
4.The Company has guaranteed the joint ventures’ outstanding indebtedness in the amount of $98.4 million at Bentall Centre and $26 thousand at Sunset Pier 94 Studios, respectively.
5.As of August 28, 2023, the Company owns 51% of the ownership interests in an upper-tier joint venture entity that owns 50.1% of the ownership interests in the lower-tier joint venture entity that owns the Sunset Pier 94 Studios development. The Company’s resulting economic interest in the development is 25.6%. The Company has provided various guarantees for the lower-tier joint venture’s construction loan, including a completion guarantee, recourse guarantee and guaranty of interest and carry. The likelihood of loss relating to the completion guarantee is remote as of September 30, 2023.

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 $0.2 million and $0.1 million as of September 30, 2023 and December 31, 2022, respectively.

The table below presents the combined and condensed balance sheets for the Company’s unconsolidated joint ventures:
September 30, 2023December 31, 2022
ASSETS
Investment in real estate, net$1,201,957 $1,093,448 
Other assets113,597 62,870 
TOTAL ASSETS$1,315,554 $1,156,318 
LIABILITIES
Secured debt, net$572,762 $527,985 
Other liabilities64,850 49,027 
TOTAL LIABILITIES637,612 577,012 
Company’s capital(1)
213,165 170,656 
Partner’s capital464,777 408,650 
TOTAL CAPITAL677,942 579,306 
TOTAL LIABILITIES AND CAPITAL$1,315,554 $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 September 30,Nine Months Ended September 30,
2023202220232022
TOTAL REVENUES$18,478 $18,515 $56,220 $64,962 
TOTAL EXPENSES22,427 20,151 67,104 55,802 
NET (LOSS) INCOME$(3,949)$(1,636)$(10,884)$9,160