| 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 September 30, 2019 (dollars in thousands):
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September 30, 2019 (1) |
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Date Acquired |
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Nominal Ownership % |
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Total Assets |
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Encumbered Assets |
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Total Liabilities |
Entity |
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Location |
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LW Redstone Company, LLC |
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3/23/2010 |
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85% |
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Huntsville, Alabama |
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$ |
219,914 |
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$ |
74,333 |
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$ |
69,519 |
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M Square Associates, LLC |
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6/26/2007 |
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50% |
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College Park, Maryland |
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84,662 |
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64,539 |
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57,315 |
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Stevens Investors, LLC |
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8/11/2015 |
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95% |
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Washington, DC |
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111,994 |
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111,467 |
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42,464 |
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$ |
416,570 |
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$ |
250,339 |
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$ |
169,298 |
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(1) |
Excludes amounts eliminated in consolidation. |
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):
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Date Acquired |
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Nominal Ownership % |
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Number of Properties |
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Carrying Value of Investment (1) |
Entity |
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September 30, 2019 |
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December 31, 2018 |
GI-COPT DC Partnership LLC |
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7/21/2016 |
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50% |
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6 |
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$ |
38,273 |
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$ |
39,845 |
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BREIT COPT DC JV LLC |
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6/20/2019 |
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10% |
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7 |
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11,135 |
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— |
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13 |
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$ |
49,408 |
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$ |
39,845 |
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(1) Included in the line entitled “investment in unconsolidated real estate joint ventures” on our consolidated balance sheets.
These joint ventures operate triple-net leased, single-tenant data center shell properties in Virginia.
As described further in Note 4, on June 20, 2019, we sold a 90% interest in seven triple-net leased, single-tenant data center shell properties in Virginia and retained a 10% interest in the properties through BREIT-COPT, a newly-formed joint venture. We concluded that the joint venture is a variable interest entity. Under the terms of the joint venture agreement, we and our partner receive returns in proportion to our investments, and our maximum exposure to losses is limited to our investment, subject to certain indemnification obligations with respect to nonrecourse debt secured by the properties. The nature of our involvement in the activities of the joint venture does not give us power over decisions that significantly affect its economic performance.
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