Annual report pursuant to Section 13 and 15(d)

Real Estate Joint Ventures (Tables)

v3.22.4
Real Estate Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2022
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 as of December 31, 2022 pertaining to our investments in consolidated real estate joint ventures, which are each variable interest entities (dollars in thousands):
    Nominal Ownership %  
December 31, 2022 (1)
Date Acquired Total
Assets		 Encumbered Assets Total Liabilities Mortgage Debt
Entity Location
LW Redstone Company, LLC (2) 3/23/2010 85% Huntsville, Alabama $ 595,565  $ 88,646  $ 118,375  $ 52,014 
Stevens Investors, LLC 8/11/2015 95% Washington, D.C. 168,819  —  854  — 
M Square Associates, LLC 6/26/2007 50% College Park, Maryland 100,417  59,401  51,042  49,799 
  $ 864,801  $ 148,047  $ 170,271  $ 101,813 
(1)Excludes amounts eliminated in consolidation.
(2)As discussed below, we fund all capital requirements. Our partner 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 as of December 31,
Entity
2022 (1)
 2021
BREIT COPT DC JV LLC 6/20/2019 10% 9  $ 11,568  $ 12,460 
Quark 12/14/2022 10% 2  6,758  — 
BRE-COPT 3 6/2/2021 10% 2  3,134  11,850 
BRE-COPT 2 (2)
 10/30/2020 10% 8  (1,459) 15,579 
  21  $ 20,001  $ 39,889 
(1)Included $21.5 million reported in “Investment in unconsolidated real estate joint ventures” and $1.5 million for investments with deficit balances reported in “other liabilities” on our consolidated balance sheet.
(2)Our investment in BRE-COPT 2 was lower than our share of the joint venture’s equity by $7.0 million as of December 31, 2022 and $7.2 million as of December 31, 2021 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.