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INVESTMENT IN UNCONSOLIDATED ENTITY | 6 Months Ended
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Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENT IN UNCONSOLIDATED ENTITY | 4. INVESTMENT IN UNCONSOLIDATED ENTITY The following table details the Company’s equity method investments in unconsolidated entities. Refer to Note 2 - Basis of Presentation and Summary of Significant Accounting Policies for more details (dollars in thousands):
|  |  |  |  |  |  |  |  |  | Carrying Value
Property |  | Asset Type |  | Location |  | Date of Acquisition |  | Ownership Interest |  | June 30, 2022 |  | December 31, 2021
1910 Sunset Boulevard (1) |  | Office |  | Los Angeles, CA |  | February 11, 2022 |  | 44% |  | $ | 22,788 |  |  | $ | — |
______________________ (1)1910 Sunset Boulevard is an office building with 97,002 square feet of office space and 2,760 square feet of retail space. The Unconsolidated Joint Venture plans to undertake a capital improvement program to renovate and modernize the building into creative office space as well as a limited number of multifamily units. The Company did not receive any distributions from the Unconsolidated Joint Venture during the six months ended June 30, 2022.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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