Real Estate Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2022

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 as of December 31, 2022 pertaining to our investments in consolidated real estate joint ventures, which are each variable interest entities (dollars in thousands):


		Nominal Ownership %		December 31, 2022 (1)
	Date Acquired			Total Assets		Encumbered Assets		Total Liabilities		Mortgage Debt
Entity			Location
LW Redstone Company, LLC (2)	3/23/2010	85%	Huntsville, Alabama	$	595,565	$	88,646	$	118,375	$	52,014
Stevens Investors, LLC	8/11/2015	95%	Washington, D.C.	168,819		—		854		—
M Square Associates, LLC	6/26/2007	50%	College Park, Maryland	100,417		59,401		51,042		49,799
				$	864,801	$	148,047	$	170,271	$	101,813

(1)Excludes amounts eliminated in consolidation.

(2)As discussed below, we fund all capital requirements. Our partner 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 as of December 31,
Entity				2022 (1)		2021


BREIT COPT DC JV LLC	6/20/2019	10%	9	$	11,568	$	12,460
Quark	12/14/2022	10%	2	6,758		—
BRE-COPT 3	6/2/2021	10%	2	3,134		11,850
BRE-COPT 2 (2)	10/30/2020	10%	8	(1,459)		15,579
			21	$	20,001	$	39,889

(1)Included $21.5 million reported in “Investment in unconsolidated real estate joint ventures” and $1.5 million for investments with deficit balances reported in “other liabilities” on our consolidated balance sheet.

(2)Our investment in BRE-COPT 2 was lower than our share of the joint venture’s equity by $7.0 million as of December 31, 2022 and $7.2 million as of December 31, 2021 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.