COPT Defense Properties Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Real Estate Joint Ventures

Real Estate Joint Ventures

9 Months Ended

Sep. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

The table below sets forth information pertaining to our investments in consolidated real estate joint ventures as of September 30, 2014 (dollars in thousands):



		Nominal
		Ownership		September 30, 2014				(1)
	Date	% as of		Total		Encumbered		Total
	Acquired	9/30/2014	Nature of Activity	Assets		Assets		Liabilities
LW Redstone Company, LLC	3/23/2010	85%	Operates four buildings and developing others (2)	$	139,314	$	67,100	$	42,134
M Square Associates, LLC	6/26/2007	50%	Operates two buildings and developing others (3)	60,115		47,815		39,810
				$	199,429	$	114,915	$	81,944


(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).

During the periods included herein, we also owned an investment in COPT-FD Indian Head, LLC, a joint venture owning property in Charles County, Maryland. On August 7, 2014, the joint venture’s property was repurchased by Charles County under the terms of a development agreement for $6.4 million, after which the proceeds were distributed to the partners. The joint venture has no remaining business operations or assets.

Our commitments and contingencies pertaining to our real estate joint ventures are disclosed in Note 17.