Quarterly report pursuant to Section 13 or 15(d)

Real Estate Joint Ventures

v3.7.0.1
Real Estate Joint Ventures
3 Months Ended
Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]  
Real Estate Joint Ventures
Real Estate Joint Ventures

Consolidated Joint Ventures

The table below sets forth information pertaining to our investments in consolidated real estate joint ventures as of March 31, 2017 (dollars in thousands):
 
 
 
 
Nominal
 
 
 
 
 
 
 
 
 
 
 
 
Ownership
 
 
 
March 31, 2017 (1)
 
 
Date
 
% as of
 
 
 
Total
 
Encumbered
 
Total
 
 
Acquired
 
3/31/2017
 
Nature of Activity
 
Assets
 
Assets
 
Liabilities
LW Redstone Company, LLC
 
3/23/2010
 
85%
 
Development and operation of real estate (2)
 
$
157,293

 
$
78,251

 
$
50,804

M Square Associates, LLC
 
6/26/2007
 
50%
 
Development and operation of real estate (3)
 
65,158

 
46,124

 
45,712

Stevens Investors, LLC
 
8/11/2015
 
95%
 
Development of real estate (4)
 
42,176

 

 
7,252

 
 
 
 
 
 
 
 
$
264,627

 
$
124,375

 
$
103,768

(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. Our partner in this joint venture is entitled to receive an additional distribution from the joint venture of $6.7 million to be funded by us (expected by 2018) that was reported in other liabilities on our consolidated balance sheet as of March 31, 2017.

Unconsolidated Joint Venture

As of March 31, 2017, we owned a 50% interest in GI-COPT DC Partnership LLC (“GI-COPT”), a joint venture owning six triple-net leased, single-tenant data center properties in Virginia, that we account for using the equity method of accounting. As of March 31, 2017, we had an investment balance in GI-COPT of $25.4 million. Our balance was $17.8 million lower than our share of the joint venture’s equity due to a difference between our cost basis and our share of the underlying equity in the net assets upon formation of the joint venture; we are amortizing this basis difference into equity in income from unconsolidated entities over the lives of the underlying assets.