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

3 Months Ended

Mar. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

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, 2019 (dollars in thousands):



		Nominal ownership % as of 3/31/19		March 31, 2019 (1)
	Date Acquired			Total Assets		Encumbered Assets		Total Liabilities
	Date Acquired		Nature of Activity	Total Assets		Encumbered Assets		Total Liabilities
LW Redstone Company, LLC	3/23/2010	85%	Development and operation of real estate (2)	$	178,227	$	75,542	$	55,472
M Square Associates, LLC	6/26/2007	50%	Development and operation of real estate (3)	79,257		46,180		44,554
Stevens Investors, LLC	8/11/2015	95%	Development of real estate (4)	88,628		88,073		20,742
				$	346,112	$	209,795	$	120,768


(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.

Unconsolidated Real Estate Joint Venture

As of March 31, 2019, 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 shell properties in Virginia, that we account for using the equity method of accounting. As of March 31, 2019, we had an investment balance in GI-COPT of $39.4 million.