Real Estate Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 (dollars in thousands):


		Nominal Ownership %		December 31, 2021 (1)
	Date Acquired			Total Assets		Encumbered Assets		Total Liabilities
Entity			Location
LW Redstone Company, LLC (2)	3/23/2010	85%	Huntsville, Alabama	$	478,739	$	89,589	$	93,730
Stevens Investors, LLC	8/11/2015	95%	Washington, D.C.	165,806		—		1,406
M Square Associates, LLC	6/26/2007	50%	College Park, Maryland	101,515		60,795		52,589
				$	746,060	$	150,384	$	147,725

(1)Excludes amounts eliminated in consolidation.

(2)As discussed below, we fund all capital requirements. Our partner generally receives distributions of the first $1.2 million of annual operating cash flows and we receive the remainder.

Schedule of information related to investments in unconsolidated real estate joint ventures

The table below sets forth information pertaining to our investments in unconsolidated real estate joint ventures accounted for using the equity method of accounting (dollars in thousands):



	Date Acquired	Nominal Ownership %	Number of Properties	Carrying Value of Investment (1)
Entity				December 31, 2021		December 31, 2020
BRE-COPT 2 (2)	10/30/2020	10%	8	$	15,579	$	15,988
BREIT-COPT	6/20/2019	10%	9	12,460		13,315
BRE-COPT 3	6/2/2021	10%	2	11,850		—
			19	$	39,889	$	29,303

(1)Included in the line entitled “investment in unconsolidated real estate joint ventures” on our consolidated balance sheets.

(2)Our investment in BRE-COPT 2 was lower than our share of the joint venture’s equity by $7.2 million as of December 31, 2021 and $7.4 million as of December 31, 2020 due to a difference between our cost basis and our share of the joint venture’s underlying equity in its net assets. We recognize adjustments to our share of the joint venture’s earnings and losses resulting from this basis difference in the underlying assets of the joint venture.