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Real Estate Joint Ventures (Tables) | 6 Months Ended
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Jun. 30, 2011
Real Estate Joint Ventures |
Schedule of information related to the investment in unconsolidated real estate joint venture accounted for using the equity method of accounting |
|  |  |  |  |  |  |  |  |  | Maximum |
Investment Balance at (1) |  | Date |  |  |  | Nature of |  | Exposure |
June 30, 2011 |  | December 31, 2010 |  | Acquired |  | Ownership |  | Activity |  | to Loss (2) |
$ | (5,841 | ) | $ | (5,545 | ) | 9/29/2005 |  | 20 | % | Operates 16 buildings |  | $ | — |
(1) |  | The carrying amount of our investment in this joint venture was lower than our share of the equity in the joint venture by $5.2 million at June 30, 2011 and December 31, 2010 due to our deferral of gain on the contribution by us of real estate into the joint venture upon its formation. A difference will continue to exist to the extent the nature of our continuing involvement in the joint venture remains the same.
(2) |  | Derived from the sum of our investment balance and maximum additional unilateral capital contributions or loans required from us. Not reported above are additional amounts that we and our partner are required to fund when needed by this joint venture; these funding requirements are proportional to our respective ownership percentages. Also not reported above are additional unilateral contributions or loans from us, the amounts of which are uncertain, that we would be required to make if certain contingent events occur (see Note 15).
Schedule of condensed balance sheets for unconsolidated real estate joint venture |
|  | June 30, |  | December 31, |
|  | 2011 |  | 2010 |
Properties, net |  | $ | 60,745 |  | $ | 61,521 |
Other assets |  | 3,435 |  | 4,174 |
Total assets |  | $ | 64,180 |  | $ | 65,695 |
Liabilities (primarily debt) |  | $ | 67,422 |  | $ | 67,454 |
Owners’ equity |  | (3,242 | ) | (1,759 | )
Total liabilities and owners’ equity |  | $ | 64,180 |  | $ | 65,695 |
Schedule of condensed statements of operations for unconsolidated real estate joint venture |
|  | For the Three Months |  | For the Six Months |
|  | Ended June 30, |  | Ended June 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Revenues |  | $ | 1,890 |  | $ | 2,089 |  | $ | 3,814 |  | $ | 4,189 |
Property operating expenses |  | (979 | ) | (832 | ) | (1,965 | ) | (1,826 | )
Interest expense |  | (988 | ) | (966 | ) | (1,999 | ) | (1,947 | )
Depreciation and amortization expense |  | (567 | ) | (857 | ) | (1,175 | ) | (1,735 | )
Net loss |  | $ | (644 | ) | $ | (566 | ) | $ | (1,325 | ) | $ | (1,319 | )
Schedule of information related to investments in consolidated real estate joint ventures |
|  |  |  | Ownership |  |  |  | June 30, 2011 (1) |
|  | Date |  | % at |  | Nature of |  | Total |  | Pledged |  | Total |
|  | Acquired |  | 6/30/2011 |  | Activity |  | Assets |  | Assets |  | Liabilities |
M Square Associates, LLC |  | 6/26/2007 |  | 50 | % | Operating two buildings and developing others (2) |  | $ | 59,363 |  | $ | 48,749 |  | $ | 43,896 |
LW Redstone Company, LLC |  | 3/23/2010 |  | 85 | % | Developing land parcel (3) |  | 30,065 |  | — |  | 3,028 |
Arundel Preserve #5, LLC |  | 7/2/2007 |  | 50 | % | Operating one building (4) |  | 29,711 |  | 28,699 |  | 17,038 |
COPT-FD Indian Head, LLC |  | 10/23/2006 |  | 75 | % | Developing land parcel (5) |  | 6,492 |  | — |  | — |
MOR Forbes 2 LLC |  | 12/24/2002 |  | 50 | % | Operating one building (6) |  | 4,002 |  | — |  | 46 |
|  |  |  |  |  |  |  | $ | 129,633 |  | $ | 77,448 |  | $ | 64,008 |
(1) Excludes amounts eliminated in consolidation. (2) This joint venture’s properties are in College Park, Maryland (in the Suburban Maryland region). (3) This joint venture’s property is in Huntsville, Alabama. (4) This joint venture’s property is in Hanover, Maryland (in the Baltimore/Washington Corridor). (5) This joint venture’s property is in Charles County, Maryland. (6) This joint venture’s property is in Lanham, Maryland (in the Suburban Maryland region).

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- Definition Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 + Details
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