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Real Estate Joint Ventures | 9 Months Ended
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Sep. 30, 2012
Equity Method Investments and Joint Ventures [Abstract] |
Real Estate Joint Ventures | Real Estate Joint Ventures During the nine months ended September 30, 2012, we had an investment in one unconsolidated real estate joint venture accounted for using the equity method of accounting. Information pertaining to this joint venture investment is set forth below (dollars in thousands):
Investment Balance at (1) |  | Date |  |  |  | Nature of |  | Maximum Exposure
September 30, 2012 |  | December 31, 2011 |  | Acquired |  | Ownership |  | Activity |  | to Loss (2)
$ | (6,420 | ) |  | $ | (6,071 | ) |  | 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 September 30, 2012 and December 31, 2011 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 16). The following table sets forth condensed balance sheets for this unconsolidated real estate joint venture (in thousands):
| September 30, 2012 |  | December 31, 2011
Properties, net | $ | 58,763 |  |  | $ | 59,792 |
Other assets | 4,223 |  |  | 3,529 |
Total assets | $ | 62,986 |  |  | $ | 63,321 |
Liabilities (primarily debt) | $ | 69,120 |  |  | $ | 67,710 |
Owners’ equity | (6,134 | ) |  | (4,389 | )
Total liabilities and owners’ equity | $ | 62,986 |  |  | $ | 63,321 |
The following table sets forth condensed statements of operations for this unconsolidated real estate joint venture (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2012 |  | 2011 |  | 2012 |  | 2011
Revenues | $ | 1,778 |  |  | $ | 1,905 |  |  | $ | 5,497 |  |  | $ | 5,719 |
Property operating expenses | (758 | ) |  | (904 | ) |  | (2,219 | ) |  | (2,869 | )
Interest expense | (1,138 | ) |  | (984 | ) |  | (3,291 | ) |  | (2,983 | )
Depreciation and amortization expense | (568 | ) |  | (578 | ) |  | (1,732 | ) |  | (1,753 | )
Net loss | $ | (686 | ) |  | $ | (561 | ) |  | $ | (1,745 | ) |  | $ | (1,886 | )
In October 2012, the holder of mortgage debt encumbering all of the joint venture’s properties initiated foreclosure proceedings. The table below sets forth information pertaining to our investments in consolidated real estate joint ventures at September 30, 2012 (dollars in thousands):
|  |  |  | Ownership |  |  |  | September 30, 2012 | (1)
|  | Date |  | % at |  |  |  | Total |  | Pledged |  | Total
|  | Acquired |  | 9/30/2012 |  | Nature of Activity |  | Assets |  | Assets |  | Liabilities
LW Redstone Company, LLC |  | 3/23/2010 |  | 85% |  | Developing business park (2) |  | $ | 68,494 |  |  | $ | 16,146 |  |  | $ | 13,364 |
M Square Associates, LLC |  | 6/26/2007 |  | 50% |  | Operating two buildings and developing others (3) |  | 60,608 |  |  | 47,642 |  |  | 43,762 |
Arundel Preserve #5, LLC |  | 7/2/2007 |  | 50% |  | Operating one building (4) |  | 38,636 |  |  | 36,838 |  |  | 20,118 |
COPT-FD Indian Head, LLC |  | 10/23/2006 |  | 75% |  | Holding land parcel (5) |  | 6,538 |  |  | — |  |  | — |
MOR Forbes 2 LLC |  | 12/24/2002 |  | 50% |  | Operating one building (6) |  | 3,831 |  |  | — |  |  | 95 |
|  |  |  |  |  |  |  | $ | 178,107 |  |  | $ | 100,626 |  |  | $ | 77,339 |
(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 Suburban Maryland region). (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. In 2012, the joint venture exercised its option under a development agreement to require Charles County to repurchase the land parcel at its original acquisition cost. Under the terms of the agreement with Charles County, the repurchase is expected to occur by August 2014. (6) This joint venture’s property is in Lanham, Maryland (in the Suburban Maryland region). Our commitments and contingencies pertaining to our real estate joint ventures are disclosed in Note 16.

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