Annual report pursuant to Section 13 and 15(d)

Real Estate Joint Ventures (Tables)

v3.22.0.1
Real Estate Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of information related to investments in consolidated real estate joint ventures
The table below sets forth information pertaining to our investments in consolidated real estate joint ventures as of December 31, 2021 (dollars in thousands):
    Nominal Ownership %  
December 31, 2021 (1)
Date Acquired Total
Assets		 Encumbered Assets Total Liabilities
Entity Location
LW Redstone Company, LLC (2) 3/23/2010 85% Huntsville, Alabama $ 478,739  $ 89,589  $ 93,730 
Stevens Investors, LLC 8/11/2015 95% Washington, D.C. 165,806  —  1,406 
M Square Associates, LLC 6/26/2007 50% College Park, Maryland 101,515  60,795  52,589 
  $ 746,060  $ 150,384  $ 147,725 
(1)Excludes amounts eliminated in consolidation.
(2)As discussed below, we fund all capital requirements. Our partner generally receives distributions of the first $1.2 million of annual operating cash flows and we receive the remainder.
Schedule of information related to investments in 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 December 31, 2021 December 31, 2020
BRE-COPT 2 (2)
 10/30/2020 10% 8  $ 15,579  $ 15,988 
BREIT-COPT 6/20/2019 10% 9  12,460  13,315 
BRE-COPT 3 6/2/2021 10% 2  11,850  — 
  19  $ 39,889  $ 29,303 
(1)Included in the line entitled “investment in unconsolidated real estate joint ventures” on our consolidated balance sheets.
(2)Our investment in BRE-COPT 2 was lower than our share of the joint venture’s equity by $7.2 million as of December 31, 2021 and $7.4 million as of December 31, 2020 due to a difference between our cost basis and our share of the joint venture’s underlying equity in its net assets. We recognize adjustments to our share of the joint venture’s earnings and losses resulting from this basis difference in the underlying assets of the joint venture.