Table of Contents reimbursement agreement or continuing agreement for standby letters of credit past the end of a fiscal quarter (other than certain foreign subsidiary borrowings up to $50.0 million) due to the financial covenants contained in those agreements. In May 2019, we entered into an agreement that provides for an additional $200.0 million in availability of standby letters of credit. Other Letter of Credit Arrangements In addition, we have also entered into various other letter of credit arrangements, the purpose of which is to guarantee payment under certain leases entered into by certain of our consolidated VIEs. There was $77.7 million of stand-by letters of credit outstanding under these other arrangements at June 30, 2019. Noncontrolling Interests During 2019, we invested $50.0 million for a 17.4% interest in a consolidated joint venture that simultaneously closed on the acquisition of an $852.8 million real estate investment located in New York City (the “424 Fifth Venture”) which includes $2.8 million of capitalized transaction costs. The 424 Fifth Venture was initially capitalized with a $50.0 million investment from us, $237.5 million of equity from other investors and a debt facility of up to $900.0 million, of which $626.0 million was drawn as of June 30, 2019. The 424 Fifth Venture loans are secured by the assets and equity of the 424 Fifth Venture, and are non-recourse to us, subject to certain customary performance guarantees standard for real estate and construction financing and a liquidity guaranty, and are fully recourse to us and the WPI Fund only in the event of the borrower’s bankruptcy or certain other specified springing recourse events typical in real estate financings. During 2018, ChinaCo issued stock as part of the consideration for the acquisition of naked Hub and raised an additional $500.0 million of funds through the sale of Series B Preferred Stock. We also received $44.7 million and $6.0 million in capital contributions from the issuance of an equity interest in the Creator Fund during the year ended December 31, 2018 and the six months ended June 30, 2019, respectively, and received $3.2 million from the issuance of a redeemable equity interest in WeWork Waller Creek during the year ended December 31, 2018. During the six months ended June 30, 2019, we acquired an additional 2.5% interest in Waller Creek for $3.3 million. During 2017, we received a total of $900.0 million in cash and an additional $600.0 million in commitments to be funded over a three-year period in exchange for a noncontrolling interest in ChinaCo, JapanCo and PacificCo. During 2018, we received $200.0 million of the $600.0 million in commitments, and an additional $200.0 million is scheduled to be received during each of 2019 and 2020. Lease Obligations The future undiscounted fixed minimum lease cost payment obligations under operating and finance leases signed as of June 30, 2019 were $47.2 billion. A majority of our leases are held by individual special purpose entities. As of June 30, 2019, we provided credit support in respect of leases in the form of corporate guarantees of $4.5 billion, outstanding standby letters of credit of $1.1 billion, cash security deposits to landlords in the amount of $268.3 million, and surety bonds issued of $183.9 million, although we may be obligated to make all required rental payments. In addition, individual property lease security obligations on any given lease typically decrease over the life of the lease, although we continually enter into new leases in the ordinary course of our business. Capital Expenditures and Tenant Improvement Allowances Capital expenditures are primarily for the design and build-out of our spaces, and include leasehold improvements, equipment and furniture. Our leases often contain provisions regarding tenant improvement allowances, which are contractual rights to reimbursements paid by landlords for a portion of the costs we incur in designing and developing our workspaces. Tenant improvement allowance receivables are reflected in our consolidated financial statements upon lease commencement as our practice and intent is to spend the full amount of the tenant improvement allowance that is contractually provided under the terms of the contract. We have also incurred certain capital expenditures that are expected to be reimbursed by the landlords as tenant improvement allowances but for which the applicable milestones have not yet been achieved and, therefore, the landlords have not been billed. The timing of the achievement of the applicable milestones and billing of landlords will impact when payments will be received. 117