| 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 June 30, 2020 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 (1) |
|
|
Date Acquired |
|
Nominal Ownership % |
|
|
|
Total Assets |
|
Encumbered Assets |
|
Total Liabilities |
Entity |
|
|
|
Location |
|
|
|
LW Redstone Company, LLC |
|
3/23/2010 |
|
85% |
|
Huntsville, Alabama |
|
$ |
335,040 |
|
|
$ |
111,380 |
|
|
$ |
107,223 |
|
M Square Associates, LLC |
|
6/26/2007 |
|
50% |
|
College Park, Maryland |
|
92,946 |
|
|
62,725 |
|
|
56,153 |
|
Stevens Investors, LLC |
|
8/11/2015 |
|
95% |
|
Washington, DC |
|
141,952 |
|
|
141,234 |
|
|
69,982 |
|
|
|
|
|
|
|
|
|
$ |
569,938 |
|
|
$ |
315,339 |
|
|
$ |
233,358 |
|
|
|
(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 |
|
|
|
|
June 30, 2020 |
|
December 31, 2019 |
GI-COPT DC Partnership LLC |
|
7/21/2016 |
|
50% |
|
6 |
|
|
$ |
36,720 |
|
|
$ |
37,816 |
|
BREIT COPT DC JV LLC |
|
6/20/2019 |
|
10% |
|
9 |
|
|
13,737 |
|
|
14,133 |
|
|
|
|
|
|
|
15 |
|
|
$ |
50,457 |
|
|
$ |
51,949 |
|
(1) Included in the line entitled “investment in unconsolidated real estate joint ventures” on our consolidated balance sheets.
In May 2020, the GI-COPT DC Partnership LLC joint venture agreement was amended to reflect our agreement to initially fund the costs of expanding certain of the joint venture’s existing operating properties. Following our completion of, and the tenant’s commencement of rent payments on, the property expansion, the joint venture will reimburse us for the lesser of the actual development costs of the expansion or $6 million using proceeds from proportional capital contributions by us and our partner.
|