Property

Property Type

Submarket

Ownership Interest

Functional Currency

Sunset Waltham Cross Studios

Future Development

Broxbourne, United Kingdom

35.0%

Pound sterling

(1)

Bentall Centre

Operating Property

Downtown Vancouver

20.0%

Canadian dollar

(2)(3)

Sunset Pier 94 Studios

Operating Property

Manhattan

51.0%

U.S. dollar

(2)(4)

Sunset Glenoaks Studios

Operating Property

Sun Valley

50.0%

U.S. dollar

(2)(5)

1.The Company owns 35.0% 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 a recourse carve-out guarantee on the joint venture’s outstanding indebtedness in the amount of $93.2 million. The likelihood of loss relating to the guarantee is remote as of June 30, 2026.

4.The Company owns 51.0% 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 Sunset Pier 94 Studios and the related TRS. The Company’s resulting economic interest in the property 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 $42.2 million, a completion guarantee and a guarantee of interest and carry. The likelihood of loss relating to the completion guarantee is remote as of June 30, 2026.

5.The Company owns 50.0% 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 $53.0 million. The likelihood of loss relating to the guarantee is remote as of June 30, 2026.

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 $0.3 million and $0.1 million as of June 30, 2026 and December 31, 2025, respectively.


	June 30, 2026		December 31, 2025
ASSETS
Investment in real estate, net	$	1,185,908	$	1,216,273
Other assets	67,517		62,998
TOTAL ASSETS	$	1,253,425	$	1,279,271

LIABILITIES
Secured debt, net	$	570,753	$	583,173
Other liabilities	50,764		58,700
TOTAL LIABILITIES	621,517		641,873

Company’s capital(1)	181,591		184,912
Partners’ capital	450,317		452,486
TOTAL CAPITAL	631,908		637,398

TOTAL LIABILITIES AND CAPITAL	$	1,253,425	$	1,279,271

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.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025(1)		2026		2025(1)
TOTAL REVENUES	$	17,739	$	16,586	$	36,817	$	32,266

TOTAL EXPENSES	24,689		17,461		48,036		39,158

NET LOSS	$	(6,950)	$	(875)	$	(11,219)	$	(6,892)

1.The results of Sunset Glenoaks Studios are excluded for the three and six months ended June 30, 2025, as the entity was accounted for as a consolidated joint venture during those periods.