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Investment in Unconsolidated Real Estate Entities
 12 Months Ended
Dec. 31, 2024
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)
Bentall CentreOperating PropertyDowntown Vancouver20%Canadian dollar
(2)(3)
Sunset Pier 94 StudiosDevelopmentManhattan51%U.S dollar
(3)(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 guaranteed the joint ventures’ outstanding indebtedness in the amount of $90.1 million at Bentall Centre and $7.6 million at Sunset Pier 94 Studios, respectively. The likelihood of loss relating to the guarantees is remote as of December 31, 2024.
4.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 December 31, 2024.

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 income or 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 loss.

The Company held ownership interests in other immaterial unconsolidated joint ventures in the total of $0.1 million as of December 31, 2024 and 2023, respectively.
The table below presents the combined and condensed balance sheets for the Company’s unconsolidated joint ventures:
December 31, 2024
December 31,
2023(1)
ASSETS
Investment in real estate, net$1,089,951 $1,295,449 
Other assets41,177 40,790 
TOTAL ASSETS1,131,128 1,336,239 
LIABILITIES
Secured debt, net447,581 564,949 
Other liabilities49,115 46,947 
TOTAL LIABILITIES496,696 611,896 
Company’s capital(2)
193,732 225,898 
Partner's capital440,700 498,445 
TOTAL CAPITAL634,432 724,343 
TOTAL LIABILITIES AND CAPITAL$1,131,128 $1,336,239 
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1.Includes balances related to Sunset Glenoaks Studios, which was accounted for as an equity method investment as of December 31, 2023 but was accounted for as a consolidated entity as of December 31, 2024.
2.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:
Year Ended December 31,
202420232022
TOTAL REVENUES$72,754 $70,200 $83,441 
TOTAL EXPENSES(106,340)(88,876)(78,083)
NET (LOSS) INCOME$(33,586)$(18,676)$5,358