Quarterly report pursuant to Section 13 or 15(d)

Real Estate Joint Ventures (Tables)

v3.24.3
Real Estate Joint Ventures (Tables)
 9 Months Ended
Sep. 30, 2024
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 September 30, 2024 pertaining to our investments in consolidated real estate joint ventures, which are each variable interest entities (dollars in thousands):
    Nominal Ownership %  
September 30, 2024
Date Formed Total
Assets		 Encumbered Assets Total Liabilities Mortgage Debt
Entity Location
LW Redstone Company, LLC (1) 3/23/2010 85% Huntsville, Alabama $ 740,718  $ 35,023  $ 74,670  $ 22,227 
Stevens Investors, LLC 8/11/2015 95% Washington, D.C. 130,342  —  2,599  — 
M Square Associates, LLC 6/26/2007 50% College Park, Maryland 97,273  56,446  49,272  47,741 
  $ 968,333  $ 91,469  $ 126,541  $ 69,968 
(1)We fund all capital requirements. Our partner receives distributions of $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 Formed Nominal Ownership % Number of Properties Carrying Value of Investment (1)
Entity September 30,
2024		 December 31,
2023
Redshift JV LLC 1/10/2023 10% 3  $ 20,955  $ 21,053 
BREIT COPT DC JV LLC 6/20/2019 10% 9  9,781  10,629 
Quark JV LLC 12/14/2022 10% 2  6,711  6,727 
B RE COPT DC JV III LLC 6/2/2021 10% 2  2,273  2,643 
B RE COPT DC JV II LLC (2) 10/30/2020 10% 8  (3,370) (2,777)
  24  $ 36,350  $ 38,275 
(1)Included $39.7 million and $41.1 million reported in “investment in unconsolidated real estate joint ventures” and $3.4 million and $2.8 million for investments with deficit balances reported in “other liabilities” on our consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively.
(2)Our investment in B RE COPT DC JV II LLC was lower than our share of the joint venture’s equity by $6.7 million as of September 30, 2024 and $6.8 million as of December 31, 2023 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.