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Real Estate Joint Ventures
3 Months Ended
Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Real Estate Joint Ventures Real Estate Joint Ventures
Consolidated Real Estate Joint Ventures

The table below sets forth information pertaining to our investments in consolidated real estate joint ventures as of March 31, 2022 (dollars in thousands):
  Nominal Ownership % 
March 31, 2022 (1)
Date AcquiredTotal
Assets
Encumbered AssetsTotal Liabilities
EntityLocation
LW Redstone Company, LLC (2)3/23/201085%Huntsville, Alabama$512,373 $88,832 $95,225 
Stevens Investors, LLC (3)8/11/201595%Washington, DC167,047 — 875 
M Square Associates, LLC6/26/200750%College Park, Maryland103,368 60,202 52,730 
 $782,788 $149,034 $148,830 
(1)Excludes amounts eliminated in consolidation.
(2)We fund all capital requirements. Our partner generally receives distributions of the first $1.2 million of annual operating cash flows and we receive the remainder.
(3)As of March 31, 2022, we also had a $112.0 million construction loan to the joint venture, which is eliminated in consolidation, that carries an interest rate of LIBOR plus 2.35% and had a balance of $94.5 million; the loan matures on August 11, 2024, and we have priority for repayment in full of borrowings and accrued interest on the loan over partner distributions of any future refinancing proceeds or other available cash flows.

Unconsolidated Real Estate Joint Ventures

The table below sets forth information pertaining to our investments in unconsolidated real estate joint ventures accounted for using the equity method of accounting (dollars in thousands):
Date AcquiredNominal Ownership %Number of PropertiesCarrying Value of Investment (1)
EntityMarch 31, 2022December 31, 2021
B RE COPT DC JV II LLC (2)10/30/202010%$15,440 $15,579 
BREIT COPT DC JV LLC6/20/201910%12,190 12,460 
B RE COPT DC JV III LLC6/2/202110%11,810 11,850 
 19 $39,440 $39,889 
(1)Included in the line entitled “investment in unconsolidated real estate joint ventures” on our consolidated balance sheets.
(2)Our investment in B RE COPT DC JV II LLC was lower than our share of the joint venture’s equity by $7.2 million as of both March 31, 2022 and December 31, 2021 due to a difference between our cost basis and our share of the joint venture’s underlying equity in its net assets. We recognize adjustments to our share of the joint venture’s earnings and losses resulting from this basis difference in the underlying assets of the joint venture.