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Real Estate Joint Ventures | 9 Months Ended
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Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract] |
Real Estate Joint Ventures | Real Estate Joint Ventures Consolidated Joint Ventures The table below sets forth information pertaining to our investments in consolidated real estate joint ventures as of September 30, 2016 (dollars in thousands):
|  |  |  | Nominal |  |  |  |  |  |  |  |
|  |  |  | Ownership |  |  |  | September 30, 2016 | (1)
|  | Date |  | % as of |  |  |  | Total |  | Encumbered |  | Total
|  | Acquired |  | 9/30/2016 |  | Nature of Activity |  | Assets |  | Assets |  | Liabilities
LW Redstone Company, LLC |  | 3/23/2010 |  | 85% |  | Development and operation of real estate (2) |  | $ | 157,168 |  |  | $ | 80,154 |  |  | $ | 53,056 |
M Square Associates, LLC |  | 6/26/2007 |  | 50% |  | Development and operation of real estate (3) |  | 66,053 |  |  | 47,006 |  |  | 45,807 |
Stevens Investors, LLC |  | 8/11/2015 |  | 95% |  | Development of real estate (4) |  | 40,282 |  |  | — |  |  | 7,680 |
|  |  |  |  |  |  |  | $ | 263,503 |  |  | $ | 127,160 |  |  | $ | 106,543 |
(1) Excludes amounts eliminated in consolidation. (2) This joint venture’s properties are in Huntsville, Alabama. (3) This joint venture’s properties are in College Park, Maryland. (4) This joint venture’s property is in Washington, DC. In January 2016, our partner in Stevens Investors, LLC contributed to the joint venture, for a value of $22.6 million, interests in contracts controlling land to be developed (including a purchase agreement and a ground lease). Our partner subsequently received a cash distribution from the joint venture of $13.4 million, which was funded by us. Our partner is also entitled to receive an additional distribution from the joint venture of $6.7 million to be funded by us (expected in 2017) that was reported in other liabilities on our consolidated balance sheet as of September 30, 2016. Unconsolidated Joint Venture As described further in Note 4, on July 21, 2016, we sold a 50% interest in six triple-net leased, single-tenant data center properties in Virginia by contributing them into GI-COPT, a newly-formed joint venture. We account for our 50% interest in the joint venture using the equity method of accounting. As of September 30, 2016, we had an investment balance in GI-COPT of $25.7 million. Our balance is $18.5 million lower than our share of the joint venture’s equity due to a difference between our cost basis and our share of the underlying equity in the net assets upon formation of the joint venture; we are amortizing this basis difference into equity in income from unconsolidated entities over the lives of the underlying assets. Under the terms of the joint venture agreement, we and our partner receive returns in proportion to our investments in the joint venture.

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