Quarterly report pursuant to Section 13 or 15(d)

Investments In Unconsolidated Joint Ventures (Tables)

v2.4.0.8
Investments In Unconsolidated Joint Ventures (Tables)
9 Months Ended
Sep. 30, 2014
Investments In Unconsolidated Joint Ventures [Abstract]  
Summary Of Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

Company's

 

 

Company's

 

 

Property Debt

 

 

Apartment Units

Effective

 

 

Carrying

 

 

 

Maturity

Interest

 

Entity / Property Name

or Square Feet (sf)

Ownership % (a)

 

 

Amount

 

 

Balance

Date

Rate

 

Multi-family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marbella RoseGarden, L.L.C./ Marbella  (b)

412 

units

24.27 

%

 

$

15,784 

 

$

95,000 

05/01/18

4.99 

%

 

RoseGarden Monaco Holdings, L.L.C./ Monaco (North and South)  (b)

523 

units

15.00 

%

 

 

2,438 

 

 

165,000 

02/01/21

4.19 

%

 

Rosewood Lafayette Holdings, L.L.C./ Highlands at Morristown Station  (b)

217 

units

25.00 

%

 

 

275 

 

 

38,846 

07/01/15

4.00 

%

 

PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial (b)

236 

units

50.00 

%

 

 

 -

 

 

57,500 

09/01/20

4.32 

%

 

Rosewood Morristown, L.L.C. / Metropolitan at 40 Park  (c) (d)

130 

units

12.50 

%

 

 

6,127 

 

 

46,217 

(e)

(e)

 

 

Overlook Ridge JV, L.L.C./ Quarrystone  (b) (f)

251 

units

50.00 

%

 

 

 -

 

 

69,580 

(g)

(g)

 

 

Overlook Ridge JV 2C/3B, L.L.C./Overlook Ridge 2C & 3B  (b) (f)

371 

units

50.00 

%

 

 

2,753 

 

 

47,872 

12/26/15

L+2.50

%

(h)

PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial   (b)

316 

units

25.00 

%

 

 

1,332 

 

 

79,053 

07/15/21

6.00 

%

(i)

Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C)  (b)

355 

units

7.50 

%

 

 

 -

 

 

79,266 

06/27/16

L+2.10

%

(j)

Crystal House Apartments Investors LLC / Crystal House  (k)

828 

units

25.00 

%

 

 

26,602 

 

 

165,000 

04/01/20

3.17 

%

 

Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7  (b)

176 

units

38.25 

%

 

 

2,306 

 

 

32,693 

12/04/15

L+2.50

%

(l)

PruRose Port Imperial South 13, LLC / Port Imperial Bldg 13  (b)

280 

units

20.00 

%

 

 

1,402 

 

 

37,355 

06/27/16

L+2.15

%

(m)

Roseland/Port Imperial Partners, L.P./ Riverwalk C  (b) (n)

363 

units

20.00 

%

 

 

1,849 

 

 

 -

-

-

 

 

RoseGarden Marbella South, L.L.C./ Marbella II 

311 

units

24.27 

%

 

 

9,612 

 

 

19,626 

03/30/17

L+2.25

%

(o)

Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B)  (b)

227 

units

7.50 

%

 

 

 -

 

 

30,830 

01/25/17

L+2.10

%

(p)

Riverpark at Harrison I, L.L.C./ Riverpark at Harrison 

141 

units

36.00 

%

 

 

4,556 

 

 

17,446 

06/27/16

L+2.35

%

(q)

Capitol Place Mezz LLC / Station Townhouses

377 

units

50.00 

%

 

 

48,682 

 

 

55,414 

07/01/33

4.82 

%

(r)

Harborside Unit A Urban Renewal, L.L.C. / URL Harborside  (ab)

763 

units

85.00 

%

 

 

28,080 

 

 

 -

08/01/29

5.197 

%

(aa)

RoseGarden Monaco, L.L.C./ San Remo Land

300 

potential units

41.67 

%

 

 

1,269 

 

 

 -

-

-

 

 

Grand Jersey Waterfront URA, L.L.C./ Liberty Landing

1,000 

potential units

50.00 

%

 

 

337 

 

 

 -

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Red Bank Corporate Plaza, L.L.C./ Red Bank

92,878 

sf

50.00 

%

 

 

3,880 

 

 

16,054 

05/17/16

L+3.00

%

(s)

12 Vreeland Associates, L.L.C./ 12 Vreeland Road

139,750 

sf

50.00 

%

 

 

5,680 

 

 

14,124 

07/01/23

2.87 

%

 

BNES Associates III / Offices at Crystal Lake

106,345 

sf

31.25 

%

 

 

2,026 

 

 

6,907 

11/01/23

4.76 

%

 

Hillsborough 206 Holdings, L.L.C./ Hillsborough 206

160,000 

sf

50.00 

%

 

 

1,962 

 

 

 -

-

-

 

 

KPG-P 100 IMW JV, LLC / 100 Independence Mall West

339,615 

sf

33.33 

%

 

 

339 

 

 

61,500 

09/09/16

L+7.00

%

(t)

Keystone-Penn

1,842,820 

sf

(u)

 

 

 

 -

 

 

201,606 

(v)

(v)

 

 

Keystone-TriState

1,266,384 

sf

(w)

 

 

 

5,725 

 

 

204,548 

(x)

(x)

 

 

KPG-MCG Curtis JV, L.L.C./ Curtis Center  (ac)

885,000 

sf

50.00 

%

 

 

60,440 

 

 

(ae)

(ae)

(ae)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations)

1,225,000 

sf

50.00 

%

 

 

3,922 

 

 

 -

-

-

 

 

Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial  (b)

30,745 

sf

20.00 

%

 

 

1,849 

 

 

 -

-

-

 

 

South Pier at Harborside / Hyatt Regency Jersey City on the Hudson

350 

rooms

50.00 

%

 

 

 -

 

 

65,974 

(y)

(y)

 

 

Stamford SM LLC / Senior Mezzanine Loan  (z)

n/a

n/a

80.00 

%

 

 

 -

 

 

 -

-

-

 

 

Other (ad)

 

 

 

 

 

 

540 

 

 

 -

-

-

 

 

Totals:

 

 

 

 

 

$

239,767 

 

$

1,607,411 

 

 

 

 

 

(a)

Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.

(b)

The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term.

(c)

Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 25 percent interest in a to-be-built 59-unit, five story multi-family rental development property ("Lofts at 40 Park"). 

(d)

The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the payment of the outstanding balance remaining on a note ($975 as of September 30, 2014), and is not expected to meaningfully participate in the venture's cash flows in the near term.

(e)

Property debt balance consists of: (i) a loan, collateralized by the Metropolitan at 40 Park, with a balance of $38,600 at September 30, 2014, bears interest at 3.25 percent, matures in September 2020 and is interest only through September 2015; (ii) a loan, collateralized by the Shops at 40 Park, with a balance of $6,500 at September 30, 2014, bears interest at 3.63 percent, matures in August 2018 and is interest-only through July 2015; and (iii) a loan, collateralized by the Lofts at 40 Park, with a balance of $1,117, bears interest at LIBOR plus 250 basis points and matures in September 2015.  The Shops at 40 Park mortgage loan also provides for additional borrowing proceeds of $1 million based on certain preferred thresholds being achieved.

(f)

On August 15, 2014, the Company acquired the equity interests of its joint venture partner in Overlook Ridge JV 2C/3B, L.L.C. for $2.97 million and LR Overlook Phase II, L.L.C., the property-owning entity owned by Overlook Ridge JV, L.L.C., which increased its ownership to 50 percent in two operating multi-family properties.  The Company also acquired the equity interests of its joint venture partner in LR Overlook Phase III, L.L.C. and  Overlook Ridge, L.L.C. for $0.6 million and $12.99 million respectively, which increased its ownership to 100 percent in developable land (See Note 3: Real Estate Transactions – Acquisitions).

(g)

Property debt balance consists of: (i) the senior loan, collateralized by the Quarrystone property, with a balance of $52,580 at September 30, 2014, bears interest at LIBOR plus 200 basis, matures in March 2016 and (ii) the junior loan, with a balance of $17,000, bears interest at LIBOR plus 90 basis points, matures in March 2016 and is collateralized by a $17,000 letter of credit provided by an affiliate of the partner.

(h)

The construction loan has a maximum borrowing amount of $55,500 and provides, subject to certain conditions, two one-year extension options with a fee of 25 basis points each.  The joint venture has a swap agreement that fixes the all-in rate to 3.0875 percent per annum on an initial notional amount of $1,840, increasing to $52,000, for the period from September 3, 2013 to November 2, 2015.

(i)

The construction loan has a maximum borrowing amount of $83,113.

(j)

The construction loan has a maximum borrowing amount of $91,000 and provides, subject to certain conditions, a one-year extension option with a fee of 25 basis points.

(k)

The Company also owns a 50 percent interest in a vacant land to accommodate the development of approximately 295 additional units of which 252 are currently approved.

(l)

The construction loan has a maximum borrowing amount of $42,500 and provides, subject to certain conditions, two two-year extension options with a fee of 12.5 basis points for the first two-year extension and 25 basis points for the second two-year extension.

(m)

The construction loan has a maximum borrowing amount of $73,350 and provides, subject to certain conditions, one-year extension option followed by a six-month extension option with a fee of 25 basis points each. The joint venture has a swap agreement that fixes the all-in rate to 2.79 percent per annum on an initial notional amount of $1,620, increasing to $69,500 for the period from July 1, 2013 to January 1, 2016.

(n)

The Company also owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J ("Port Imperial North Land") that can accommodate the development of 836 apartment units.

(o)

The construction loan has a maximum borrowing amount of $77,400 and provides, subject to certain conditions, two one-year extension options with a fee of 25 basis points for each year.

(p)

The construction loan has a maximum borrowing amount of $57,000 and provides, subject to certain conditions, a one-year extension option with a fee of 25 basis points.

(q)

The construction loan has a maximum borrowing amount of $23,400 and provides, subject to certain conditions, two one-year extension options with a fee of 20 basis points for each year.

(r)

The construction/permanent loan has a maximum borrowing amount of $100,700 with amortization starting in August 2017.

(s)

The joint venture has a swap agreement that fixes the all-in rate to 3.99375 percent per annum on an initial notional amount of $13,650 and then adjusting in accordance with an amortization schedule, which is effective from October 17, 2011 through loan maturity.

(t)

The mortgage loan has two one-year extension options, subject to certain conditions, and includes a $25 million construction reserve with a balance of $16.8 million at September 30, 2014.

(u)

The Company’s equity interests in the joint ventures will be subordinated to Keystone Entities receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a 10 percent IRR on its subordinate equity and then all profit will be split equally.

(v)

Principal balance of $127,600 bears interest at 5.114 percent and matures in August 27, 2023; principal balance of $63,581 bears interest at rates ranging from LIBOR+5.0 percent to LIBOR+5.75 percent and matures in August 27, 2016; principal balance of $10,425 bears interest at LIBOR+6.0 percent matures in August 27, 2015.

(w)

Includes the Company’s pari-passu interests of $6.5 million in five properties and Company’s subordinated equity interests to Keystone Entities receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a 10 percent IRR on its subordinate equity and then all profit will be split equally (See Note 3: Real Estate Transactions – Sales).

(x)

Principal balance of $41,240 bears interest at 4.95 percent and matures on July 1, 2017; principal balance of $70,608 bears interest at rates ranging from 5.65 percent to 6.75 percent and matures on September 9, 2017; principal balance of $14,250 bears interest at 4.88 percent and matures on July 6, 2024; principal balance of $63,400 bears interest at 4.93 percent and matures on July 6, 2044; principal balance of $15,050 bears interest at 4.71 percent and matures on August 6, 2044.

(y)

Balance includes: (i) mortgage loan, collateralized by the hotel property, with a balance of $61,850, bears interest at 6.15 percent and matures in November 2016, and (ii) loan with a balance of $4.1 million, bears interest at fixed rates ranging from 6.09 percent to 6.62 percent and matures in August 1, 2020.  The Company posted a $4.1 million letter of credit in support of this loan, half of which is indemnified by the partner.

(z)

The joint venture collected net proceeds of $47.2 million at maturity, of which the Company received its share of $37.8 million on August 6, 2014.  

(aa)

The construction/permanent loan has a maximum borrowing amount of $192,000.

(ab)See discussion in Recent Transactions following in this footnote.

(ac)Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12.  See discussion in Recent Transactions following in this footnote.

(ad)The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. 

(ae)See Note 10: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets.

 

Summary Of Financial Position Of Unconsolidated Joint Ventures

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2014 

 

 

2013 

Assets:

 

 

 

 

 

 

  Rental property, net

 

$

1,404,929 

 

$

755,049 

  Loan receivable

 

 

 -

 

 

45,050 

  Other assets

 

 

445,127 

 

 

582,990 

  Total assets

 

$

1,850,056 

 

$

1,383,089 

Liabilities and partners'/

 

 

 

 

 

 

members' capital:

 

 

 

 

 

 

  Mortgages and loans payable

 

$

992,434 

 

$

637,709 

  Other liabilities

 

 

221,414 

 

 

87,231 

  Partners'/members' capital

 

 

636,208 

 

 

658,149 

  Total liabilities and

 

 

 

 

 

 

  partners'/members' capital

 

$

1,850,056 

 

$

1,383,089 

 

Summary Of Company's Investment In Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

Entity / Property Name

 

2014 

 

 

2013 

Multi-family

 

 

 

 

 

Marbella RoseGarden, L.L.C./ Marbella 

$

15,784 

 

$

15,797 

RoseGarden Monaco Holdings, L.L.C./ Monaco (North and South)

 

2,438 

 

 

3,201 

Rosewood Lafayette Holdings, L.L.C./ Highlands at Morristown Station

 

275 

 

 

857 

PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial

 

 -

 

 

 -

Rosewood Morristown, L.L.C. / Metropolitan at 40 Park

 

6,127 

 

 

6,455 

Overlook Ridge JV, L.L.C./ Quarrystone

 

 -

 

 

 -

Overlook Ridge JV 2C/3B, L.L.C./Overlook Ridge 2C & 3B

 

2,753 

 

 

 -

PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial 

 

1,332 

 

 

3,117 

Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C)

 

 -

 

 

203 

Crystal House Apartments Investors LLC / Crystal House

 

26,602 

 

 

26,838 

Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7

 

2,306 

 

 

3,207 

PruRose Port Imperial South 13, LLC / Port Imperial Bldg 13

 

1,402 

 

 

2,206 

Roseland/Port Imperial Partners, L.P./ Riverwalk C

 

1,849 

 

 

2,068 

RoseGarden Marbella South, L.L.C./ Marbella II

 

9,612 

 

 

7,567 

Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B)

 

 -

 

 

24 

Riverpark at Harrison I, L.L.C./ Riverpark at Harrison 

 

4,556 

 

 

3,655 

Capitol Place Mezz LLC / Station Townhouses

 

48,682 

 

 

46,628 

Harborside Unit A Urban Renewal, L.L.C. / URL Harborside

 

28,080 

 

 

 -

RoseGarden Monaco, L.L.C./ San Remo Land

 

1,269 

 

 

1,224 

Grand Jersey Waterfront URA, L.L.C./ Liberty Landing

 

337 

 

 

337 

Office

 

 

 

 

 

Red Bank Corporate Plaza, L.L.C./ Red Bank

 

3,880 

 

 

4,046 

12 Vreeland Associates, L.L.C./ 12 Vreeland Road

 

5,680 

 

 

5,514 

BNES Associates III / Offices at Crystal Lake

 

2,026 

 

 

1,753 

Hillsborough 206 Holdings, L.L.C./ Hillsborough 206

 

1,962 

 

 

1,962 

KPG-P 100 IMW JV, LLC / 100 Independence Mall West

 

339 

 

 

1,887 

Keystone-Penn

 

 -

 

 

 -

Keystone-TriState

 

5,725 

 

 

 -

KPG-MCG Curtis JV, L.L.C. / Curtis Center

 

60,440 

 

 

 -

Other

 

 

 

 

 

Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations)

 

3,922 

 

 

3,702 

Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial

 

1,849 

 

 

1,930 

South Pier at Harborside / Hyatt Regency Jersey City on the Hudson (a)

 

 -

 

 

 -

Stamford SM LLC / Senior Mezzanine Loan

 

 -

 

 

36,258 

Other

 

540 

 

 

693 

Company's investment in unconsolidated joint ventures

$

239,767 

 

$

181,129 

 

(a)The negative investment balance for this joint venture of $2,582 and $1,706 as of September 30, 2014 and December 31, 2013, respectively, were included in accounts payable, accrued expenses and other liabilities.

 

 

Summary Of Results Of Operations Of Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           Three Months Ended

 

 

            Nine Months Ended

 

 

            September 30,

 

 

              September 30,

 

 

2014 

 

 

2013 

 

 

2014 

 

 

2013 

Total revenues

$

80,711 

 

$

99,117 

 

$

224,822 

 

$

202,810 

Operating and other expenses

 

(58,684)

 

 

(48,621)

 

 

(173,642)

 

 

(137,889)

Depreciation and amortization

 

(15,134)

 

 

(11,556)

 

 

(31,715)

 

 

(24,730)

Interest expense

 

(11,296)

 

 

(3,934)

 

 

(26,423)

 

 

(9,256)

Net income (loss)

$

(4,403)

 

$

35,006 

 

$

(6,958)

 

$

30,935 

 

Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                Three Months Ended

 

 

                 Nine Months Ended

 

 

                   September 30,

 

 

                      September 30,

Entity / Property Name

 

2014 

 

 

2013 

 

 

2014 

 

 

2013 

Multi-family

 

 

 

 

 

 

 

 

 

 

 

Marbella RoseGarden, L.L.C./ Marbella 

$

 

$

(170)

 

$

(13)

 

$

(446)

RoseGarden Monaco Holdings, L.L.C./ Monaco (North and South)

 

(249)

 

 

(416)

 

 

(764)

 

 

(1,238)

Rosewood Lafayette Holdings, L.L.C./ Highlands at Morristown Station

 

(221)

 

 

(295)

 

 

(639)

 

 

(869)

PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial

 

 -

 

 

 -

 

 

 -

 

 

(606)

Rosewood Morristown, L.L.C. / Metropolitan at 40 Park

 

(90)

 

 

(152)

 

 

(264)

 

 

(393)

Overlook Ridge JV, L.L.C./ Quarrystone

 

 -

 

 

 -

 

 

 -

 

 

 -

Overlook Ridge JV 2C/3B, L.L.C./Overlook Ridge 2C & 3B

 

(217)

 

 

53 

 

 

(155)

 

 

204 

PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial 

 

(615)

 

 

(198)

 

 

(1,766)

 

 

(576)

Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C)

 

 -

 

 

(87)

 

 

(203)

 

 

(255)

Crystal House Apartments Investors LLC / Crystal House

 

68 

 

 

(1,149)

 

 

(206)

 

 

(2,671)

Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7

 

(228)

 

 

(109)

 

 

(661)

 

 

(222)

PruRose Port Imperial South 13, LLC / Port Imperial Bldg 13

 

(220)

 

 

(181)

 

 

(638)

 

 

(459)

Roseland/Port Imperial Partners, L.P./ Riverwalk C

 

(173)

 

 

 -

 

 

(518)

 

 

 -

RoseGarden Marbella South, L.L.C./ Marbella II

 

 -

 

 

(20)

 

 

 -

 

 

(57)

Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B)

 

 -

 

 

(44)

 

 

(15)

 

 

(107)

Riverpark at Harrison I, L.L.C./ Riverpark at Harrison 

 

 -

 

 

 -

 

 

 -

 

 

 -

Capitol Place Mezz LLC / Station Townhouses

 

 -

 

 

 -

 

 

 -

 

 

 -

Harborside Unit A Urban Renewal, L.L.C. / URL Harborside

 

 -

 

 

 -

 

 

(212)

 

 

 -

RoseGarden Monaco, L.L.C./ San Remo Land

 

 -

 

 

 -

 

 

 -

 

 

 -

Grand Jersey Waterfront URA, L.L.C./ Liberty Landing

 

 -

 

 

 -

 

 

(54)

 

 

 -

Office

 

 

 

 

 

 

 

 

 

 

 

Red Bank Corporate Plaza, L.L.C./ Red Bank

 

101 

 

 

99 

 

 

306 

 

 

306 

12 Vreeland Associates, L.L.C./ 12 Vreeland Road

 

22 

 

 

(25)

 

 

165 

 

 

(1)

BNES Associates III / Offices at Crystal Lake

 

127 

 

 

(37)

 

 

273 

 

 

(108)

Hillsborough 206 Holdings, L.L.C./ Hillsborough 206

 

 -

 

 

 -

 

 

(5)

 

 

 -

KPG-P 100 IMW JV, LLC / 100 Independence Mall West

 

(412)

 

 

 -

 

 

(1,548)

 

 

 -

Keystone-Penn

 

 -

 

 

 -

 

 

 -

 

 

 -

Keystone-TriState

 

(733)

 

 

 -

 

 

(733)

 

 

 -

KPG-MCG Curtis JV, L.L.C./ Curtis Center

 

113 

 

 

 -

 

 

364 

 

 

 -

Other

 

 

 

 

 

 

 

 

 

 

 

Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations)

 

74 

 

 

24 

 

 

220 

 

 

52 

Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial

 

(34)

 

 

(62)

 

 

(81)

 

 

(194)

South Pier at Harborside / Hyatt Regency Jersey City on the Hudson

 

583 

 

 

835 

 

 

1,874 

 

 

1,380 

Stamford SM LLC / Senior Mezzanine Loan

 

493 

 

 

1,023 

 

 

2,337 

 

 

2,805 

Other

 

340 

 

 

682 

 

 

876 

 

 

1,396 

Company's equity in earnings (loss) of unconsolidated joint ventures

$

(1,268)

 

$

(229)

 

$

(2,060)

 

$

(2,059)