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, 2020

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, 2020 (dollars in thousands):



				March 31, 2020 (1)
	Date Acquired	Nominal Ownership %		Total Assets		Encumbered Assets		Total Liabilities
Entity	Date Acquired	Nominal Ownership %	Location	Total Assets		Encumbered Assets		Total Liabilities
LW Redstone Company, LLC	3/23/2010	85%	Huntsville, Alabama	$	285,673	$	111,839	$	100,415
M Square Associates, LLC	6/26/2007	50%	College Park, Maryland	91,205		63,318		56,396
Stevens Investors, LLC	8/11/2015	95%	Washington, DC	135,861		135,175		64,621
				$	512,739	$	310,332	$	221,432


(1)	Excludes amounts eliminated in consolidation.

In March 2020, the LW Redstone Company, LLC joint venture agreement was amended to change the distribution terms to allow the venture to distribute financing proceeds to satisfy our partner’s cumulative preferred return and to provide our partner a priority preferred return on its invested capital.

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 Acquired	Nominal Ownership %	Number of Properties	Carrying Value of Investment (1)
Entity	Date Acquired	Nominal Ownership %	Number of Properties	March 31, 2020		December 31, 2019
GI-COPT DC Partnership LLC	7/21/2016	50%	6	$	37,275	$	37,816
BREIT COPT DC JV LLC	6/20/2019	10%	9	13,945		14,133
			15	$	51,220	$	51,949

(1) Included in the line entitled “investment in unconsolidated real estate joint ventures” on our consolidated balance sheets.