Quarterly report [Sections 13 or 15(d)]

Real Estate Joint Ventures (Tables)

v3.26.1
Real Estate Joint Ventures (Tables)
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Information Related to Investments in Consolidated Real Estate Joint Ventures
The table below presents information pertaining to our investments in consolidated real estate joint ventures, which are each variable interest entities (dollars in thousands):
    Nominal Ownership %  
March 31, 2026
Date Formed Total
Assets		 Encumbered Assets Total Liabilities Mortgage Debt
Entity Location
LW Redstone Company, LLC (1) 3/23/2010 85% Huntsville, AL $ 776,748  $ 50,397  $ 65,121  $ — 
Stevens Investors, LLC 8/11/2015 95% Washington, DC 141,689  —  1,270  — 
M Square Associates, LLC 6/26/2007 50% College Park, MD 106,251  54,046  50,308  45,866 
  $ 1,024,688  $ 104,443  $ 116,699  $ 45,866 
(1)We fund all capital requirements. Our partner receives distributions of $1.2 million of annual operating cash flows, plus certain fees for leasing and development, and we receive the remainder.
Schedule of Information Related to Investments in Unconsolidated Real Estate Joint Ventures
The table below presents 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 March 31,
2026		 December 31,
2025
Redshift JV LLC 1/10/2023 10% 3  $ 20,196  $ 20,767 
BREIT COPT DC JV LLC 6/20/2019 10% 9  8,970  8,941 
Quark JV LLC 12/14/2022 10% 2  6,652  6,660 
B RE COPT DC JV III LLC 6/2/2021 10% 2  (707) (600)
B RE COPT DC JV II LLC (2) 10/30/2020 10% 8  (23,306) (22,243)
  24  $ 11,805  $ 13,525 
(1)Included $35.8 million and $36.4 million reported in “investment in unconsolidated real estate joint ventures” and $24.0 million and $22.8 million for investments with deficit balances reported in “other liabilities” on our consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively. Investments with deficit balances are attributable to JV distributions of nonrecourse debt refinancing proceeds in excess of our equity in B RE COPT DC JV III LLC and B RE COPT DC JV II LLC; we are obligated to fund our share of future cash flow requirements, if any, of these joint ventures.
(2)Our investment in B RE COPT DC JV II LLC was lower than our share of the joint venture’s equity by $6.4 million as of March 31, 2026 and $6.5 million as of December 31, 2025 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.