COPT Defense Properties Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Real Estate Joint Ventures

Real Estate Joint Ventures

6 Months Ended

Jun. 30, 2016

Equity Method Investments and Joint Ventures [Abstract]

The table below sets forth information pertaining to our investments in consolidated real estate joint ventures as of June 30, 2016 (dollars in thousands):



		Nominal
		Ownership		June 30, 2016				(1)
	Date	% as of		Total		Encumbered		Total
	Acquired	6/30/2016	Nature of Activity	Assets		Assets		Liabilities
LW Redstone Company, LLC	3/23/2010	85%	Development and operation of real estate (2)	$	151,416	$	81,094	$	52,362
M Square Associates, LLC	6/26/2007	50%	Development and operation of real estate (3)	65,788		47,399		46,205
Stevens Investors, LLC	8/11/2015	95%	Development of real estate (4)	38,859		—		7,446
				$	256,063	$	128,493	$	106,013

(1) Excludes amounts eliminated in consolidation.

(2) This joint venture’s properties are in Huntsville, Alabama.

(3) This joint venture’s properties are in College Park, Maryland.

(4) This joint venture’s property is in Washington, DC.

In January 2016, our partner in Stevens Investors, LLC contributed to the joint venture, for a value of $22.6 million, interests in contracts controlling land to be developed (including a purchase agreement and a ground lease). Our partner subsequently received a cash distribution from the joint venture of $13.4 million, which was funded by us. Our partner is also entitled to receive an additional distribution from the joint venture of $6.7 million to be funded by us (expected later in 2016 or 2017) that was reported in other liabilities on our consolidated balance sheet as of June 30, 2016.