Annual report pursuant to Section 13 and 15(d)

Real Estate Joint Ventures (Tables)

v2.4.1.9
Real Estate Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2014
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, 2014 (dollars in thousands):
 
 
 
Nominal
 
 
 
 
 
 
 
 
 
 
 
Ownership
 
 
 
December 31, 2014
(1)
 
Date
 
% as of
 
 
 
Total
 
Encumbered
 
Total
 
Acquired
 
12/31/2014
 
Nature of Activity
 
Assets
 
Assets
 
Liabilities
LW Redstone Company, LLC
3/23/2010
 
85%
 
Operates four buildings and developing others (2)
 
$
143,534

 
$
66,620

 
$
41,659

M Square Associates, LLC
6/26/2007
 
50%
 
Operates two buildings and developing others (3)
 
59,414

 
48,856

 
39,077

 
 
 
 
 
 
 
$
202,948

 
$
115,476

 
$
80,736

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

 
$
7,316

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

 
—

Net income (loss)
 
 
$
14,184

 
$
(5,468
)