Property

Property Type

Submarket

Ownership Interest

Functional Currency

Sunset Waltham Cross Studios

Future Development

Broxbourne, United Kingdom

35%

Pound sterling

(1)

Bentall Centre

Operating Property

Downtown Vancouver

20%

Canadian dollar

(2)(3)

Sunset Pier 94 Studios

Development

Manhattan

51%

U.S. dollar

(3)(4)

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.

3.The Company has provided recourse carve-out guarantees on the joint ventures’ outstanding indebtedness in the amount of $90.2 million at Bentall Centre and $15.4 million at Sunset Pier 94 Studios, respectively. The likelihood of loss relating to the guarantees is remote as of March 31, 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 completion guarantee, recourse guarantee and guarantee of interest and carry. The likelihood of loss relating to the completion guarantee is remote as of March 31, 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 $0.4 million and $0.1 million as of March 31, 2025 and December 31, 2024, respectively.


	March 31, 2025		December 31, 2024
ASSETS
Investment in real estate, net	$	1,103,075	$	1,089,951
Other assets	41,270		41,177
TOTAL ASSETS	$	1,144,345	$	1,131,128

LIABILITIES
Secured debt, net	$	448,341	$	447,581
Other liabilities	51,602		49,115
TOTAL LIABILITIES	499,943		496,696

Company’s capital(1)	197,450		193,732
Partners’ capital	446,952		440,700
TOTAL CAPITAL	644,402		634,432

TOTAL LIABILITIES AND CAPITAL	$	1,144,345	$	1,131,128

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 from unconsolidated real estate entities line item on the Consolidated Statements of Operations.