Annual report pursuant to Section 13 and 15(d)

Real Estate Joint Ventures (Tables)

v2.4.0.8
Real Estate Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2013
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, 2013 (dollars in thousands):
 
 
 
Nominal
 
 
 
 
 
 
 
 
 
 
 
Ownership
 
 
 
December 31, 2013
(1)
 
Date
 
% as of
 
 
 
Total
 
Encumbered
 
Total
 
Acquired
 
12/31/2013
 
Nature of Activity
 
Assets
 
Assets
 
Liabilities
LW Redstone Company, LLC
3/23/2010
 
85%
 
Operates three buildings and developing others (2)
 
$
132,170

 
$
67,487

 
$
39,845

M Square Associates, LLC
6/26/2007
 
50%
 
Operates two buildings and developing others (3)
 
60,919

 
48,705

 
41,009

COPT-FD Indian Head, LLC
10/23/2006
 
75%
 
Holding land parcel (4)
 
6,436

 
—

 
—

 
 
 
 
 
 
 
$
199,525

 
$
116,192

 
$
80,854

(1) Excludes amounts eliminated in consolidation.
(2) This joint venture’s property is in Huntsville, Alabama.
(3) This joint venture’s properties are in College Park, Maryland (in the Baltimore/Washington Corridor).
(4) This joint venture’s property is in Charles County, Maryland. In 2012, the joint venture exercised its option under a development agreement to require Charles County to repurchase the land parcel at its original acquisition cost. Under the terms of the agreement with Charles County, the repurchase is expected to occur by August 2014.
Schedule of condensed balance sheets for unconsolidated real estate joint venture
The following table sets forth condensed balance sheets for this unconsolidated real estate joint venture as of December 31, 2012 (in thousands):
 
 
December 31,
 
 
2012
Properties, net
 
$
58,460

Other assets
 
4,376

Total assets
 
$
62,836

 
 
 
Liabilities (primarily debt)
 
$
72,693

Owners’ equity
 
(9,857
)
Total liabilities and owners’ equity
 
$
62,836

Schedule of condensed statements of operations for unconsolidated real estate joint venture
The following table sets forth condensed statements of operations for this unconsolidated real estate joint venture (in thousands):
 
 
For the Years Ended December 31,
 
 
2013
 
2012
 
2011
Revenues
 
$
6,519

 
$
7,316

 
$
7,577

Property operating expenses
 
(2,818
)
 
(2,829
)
 
(3,673
)
Interest expense
 
(10,463
)
 
(7,672
)
 
(3,913
)
Depreciation and amortization expense
 
(2,067
)
 
(2,283
)
 
(2,463
)
Gain on early extinguishment of debt
 
23,013

 
—

 
—

Net income (loss)
 
$
14,184

 
$
(5,468
)
 
$
(2,472
)