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Investment in Unconsolidated Real Estate Entity
 9 Months Ended
Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Real Estate Entity Investment in Unconsolidated Real Estate Entity
On June 5, 2019, the Company purchased, through a joint venture with Blackstone 1 LP, the Bentall Centre office properties and retail complex in Vancouver, Canada. The Company owns 20% of this joint venture and serves as the operating partner.

The unconsolidated real estate entity’s functional currency is the local currency, or Canadian dollars. The Company has exposure to risks related to foreign currency fluctuations. The assets and liabilities are translated into U.S. dollars at the exchange rate in effect as of the financial statement date. Income statement accounts of our foreign subsidiaries are translated using the monthly-average exchange rate for the periods presented. Gains or losses resulting from the translation are classified in accumulated other comprehensive income as a separate component of total equity and are excluded from net (loss) income.

The maximum exposure related to this unconsolidated joint venture is limited to our investment and $95.2 million of debt which the Company has guaranteed.
The summarized balance sheet of the Company’s unconsolidated real estate entity represent the combined entities for our Bentall Centre properties as of September 30, 2020 and December 31, 2019:
September 30, 2020December 31, 2019
ASSETS
Investment in real estate, net$782,338 $794,321 
Other assets51,075 51,597 
TOTAL ASSETS$833,413 $845,918 
LIABILITIES
Secured debt, net$471,949 $480,127 
Other liabilities46,535 42,672 
TOTAL LIABILITIES518,484 522,799 
Company’s capital(1)
62,986 64,624 
Partner’s capital251,943 258,495 
TOTAL CAPITAL314,929 323,119 
TOTAL LIABILITIES AND CAPITAL$833,413 $845,918 
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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 income (loss) from unconsolidated real estate entity on the Consolidated Statements of Operations.

The summarized statement of operations of the Company’s unconsolidated real estate entity represent the combined entities for our Bentall Centre properties for the three and nine months ended September 30, 2020 and the June 5, 2019 acquisition date through September 30, 2019:
Three Months Ended September 30, 2020Three Months Ended September 30, 2019Nine Months Ended September 30, 2020
June 5, 2019 through September 30, 2019
TOTAL REVENUES$25,551 $28,042 $77,229 $35,820 
TOTAL EXPENSES26,081 29,831 76,892 38,149 
NET (LOSS) INCOME$(530)$(1,789)$337 $(2,329)