|
Real Estate Joint Ventures (Tables)
|
12 Months Ended |
|
Dec. 31, 2011
|
| Real Estate Joint Ventures |
|
| Schedule of information related to the investment in unconsolidated real estate joint venture accounted for using the equity method of accounting |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Balance at(1) |
|
|
|
|
|
|
|
|
|
| December 31, 2011 |
|
December 31, 2010 |
|
Date
Acquired |
|
Ownership |
|
Nature of Activity |
|
Maximum
Exposure
to Loss(2) |
|
| $ |
(6,071 |
) |
$ |
(5,545 |
) |
9/29/2005 |
|
|
20 |
% |
Operates 16 buildings |
|
$ |
— |
|
-
(1)
- The carrying amount of our investment in this joint venture was lower than our share of the equity in the joint venture by $5.2 million at December 31, 2011 and 2010 due to our deferral of gain on the contribution by us of real estate into the joint venture upon its formation. A difference will continue to exist to the extent the nature of our continuing involvement in the joint venture remains the same.
-
(2)
- Derived from the sum of our investment balance and maximum additional unilateral capital contributions or loans required from us. Not reported above are additional amounts that we and our partner are required to fund when needed by this joint venture; these funding requirements are proportional to our respective ownership percentages. Also not reported above are additional unilateral contributions or loans from us, the amounts of which are uncertain, that we would be required to make if certain contingent events occur (see Note 21).
|
|
| Schedule of condensed balance sheets for unconsolidated real estate joint venture |
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2011 |
|
2010 |
|
|
Properties, net
|
|
$ |
59,792 |
|
$ |
61,521 |
|
|
Other assets
|
|
|
3,529 |
|
|
4,174 |
|
| |
|
|
|
|
|
|
Total assets
|
|
$ |
63,321 |
|
$ |
65,695 |
|
| |
|
|
|
|
|
|
Liabilities (primarily debt)
|
|
$ |
67,710 |
|
$ |
67,454 |
|
|
Owners' equity
|
|
|
(4,389 |
) |
|
(1,759 |
) |
| |
|
|
|
|
|
|
Total liabilities and owners' equity
|
|
$ |
63,321 |
|
$ |
65,695 |
|
|
| Schedule of condensed statements of operations for unconsolidated real estate joint venture |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended
December 31, |
|
|
|
2011 |
|
2010 |
|
2009 |
|
|
Revenues
|
|
$ |
7,577 |
|
$ |
8,405 |
|
$ |
9,031 |
|
|
Property operating expenses
|
|
|
(3,673 |
) |
|
(3,600 |
) |
|
(3,438 |
) |
|
Interest expense
|
|
|
(3,913 |
) |
|
(3,937 |
) |
|
(3,981 |
) |
|
Depreciation and amortization expense
|
|
|
(2,463 |
) |
|
(3,154 |
) |
|
(3,198 |
) |
| |
|
|
|
|
|
|
|
|
Net loss
|
|
$ |
(2,472 |
) |
$ |
(2,286 |
) |
$ |
(1,586 |
) |
|
|
| Schedule of information related to investments in consolidated real estate joint ventures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2011(1) |
|
|
|
Date
Acquired |
|
Ownership
% at
12/31/2011 |
|
Nature of Activity |
|
Total
Assets |
|
Pledged
Assets |
|
Total
Liabilities |
|
|
M Square Associates, LLC
|
|
6/26/2007 |
|
|
50.0 |
% |
Operating two buildings and developing others(2) |
|
$ |
59,941 |
|
$ |
47,901 |
|
$ |
44,265 |
|
|
LW Redstone Company, LLC
|
|
3/23/2010 |
|
|
85.0 |
% |
Developing business park(3) |
|
|
48,985 |
|
|
— |
|
|
9,014 |
|
|
Arundel Preserve #5, LLC
|
|
7/2/2007 |
|
|
50.0 |
% |
Operating one building(4) |
|
|
30,254 |
|
|
29,353 |
|
|
17,343 |
|
|
COPT-FD Indian Head, LLC
|
|
10/23/2006 |
|
|
75.0 |
% |
Developing land parcel(5) |
|
|
6,538 |
|
|
— |
|
|
2 |
|
|
MOR Forbes 2 LLC
|
|
12/24/2002 |
|
|
50.0 |
% |
Operating one building(6) |
|
|
3,884 |
|
|
— |
|
|
29 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
149,602 |
|
$ |
77,254 |
|
$ |
70,653 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
(1)
- Excludes amounts eliminated in consolidation.
-
(2)
- This joint venture's properties are in College Park, Maryland (in the Suburban Maryland region).
-
(3)
- This joint venture's property is in Huntsville, Alabama.
-
(4)
- This joint venture's property is in Hanover, Maryland (in the Baltimore/Washington Corridor).
-
(5)
- This joint venture's property is in Charles County, Maryland.
-
(6)
- This joint venture's property is in Lanham, Maryland (in the Suburban Maryland region).
|
|
|
|