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Investment in Unconsolidated Real Estate Entities
 9 Months Ended
Sep. 30, 2025
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
Future DevelopmentBroxbourne, United Kingdom35%Pound sterling
(1)
Bentall CentreOperating PropertyDowntown Vancouver20%Canadian dollar
(2)(3)
Sunset Pier 94 StudiosDevelopmentManhattan51%U.S. dollar
(4)
Sunset Glenoaks StudiosOperating PropertySun Valley50%U.S. dollar
(2)(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 development 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 a recourse carve-out guarantee on the joint venture’s outstanding indebtedness in the amount of $94.2 million. The likelihood of loss relating to the guarantee is remote as of September 30, 2025.
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 recourse carve-out guarantee in the amount of $30.9 million, a completion guarantee and a guarantee of interest and carry. The likelihood of loss relating to the completion guarantee is remote as of September 30, 2025.
5.The Company owns 50% of the ownership interests in the joint venture entity that owns Sunset Glenoaks Studios and the related TRS. The Company has provided a recourse carve-out guarantee on the joint venture’s outstanding indebtedness in the amount of $50.3 million. The likelihood of loss relating to the guarantee is remote as of September 30, 2025.

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 gain 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 $0.2 million and $0.1 million as of September 30, 2025 and December 31, 2024, respectively.

The table below presents the combined and condensed balance sheets for the Company’s unconsolidated joint ventures:
September 30, 2025
December 31, 2024(1)
ASSETS
Investment in real estate, net$1,199,135 $1,089,951 
Other assets69,319 41,177 
TOTAL ASSETS$1,268,454 $1,131,128 
LIABILITIES
Secured debt, net$569,267 $447,581 
Other liabilities56,623 49,115 
TOTAL LIABILITIES625,890 496,696 
Company’s capital(2)
188,391 193,732 
Partners’ capital454,173 440,700 
TOTAL CAPITAL642,564 634,432 
TOTAL LIABILITIES AND CAPITAL$1,268,454 $1,131,128 
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1.Does not include balances related to Sunset Glenoaks Studios, which was accounted for as a consolidated entity as of December 31, 2024, but accounted for as an equity method investment as of September 30, 2025.
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 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,
2025202420252024
TOTAL REVENUES$17,511 $17,010 $49,777 $56,075 
TOTAL EXPENSES20,984 32,358 60,142 86,054 
NET LOSS(1)
$(3,473)$(15,348)$(10,365)$(29,979)
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1.The results of Sunset Glenoaks Studios are excluded for the period of time during which it was accounted for as a consolidated joint venture. See Note 2 for details.