Quarterly report pursuant to Section 13 or 15(d)

Investments In Unconsolidated Joint Ventures (Tables)

v3.3.0.814
Investments In Unconsolidated Joint Ventures (Tables)
9 Months Ended
Sep. 30, 2015
Investments In Unconsolidated Joint Ventures [Abstract]  
Summary Of Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Debt

 

 

Number of

Company's

 

 

Carrying Value

 

 

As of September 30, 2015

 

 

Apartment Units

Effective

 

 

September 30,

 

 

December 31,

 

 

 

Maturity

Interest

 

Entity / Property Name

or Square Feet (sf)

Ownership % (a)

 

 

2015 

 

 

2014 

 

 

Balance

Date

Rate

 

Multi-family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

412 

units

24.27 

%

 

$

15,686 

 

$

15,779 

 

$

95,000 

05/01/18

4.99 

%

 

RoseGarden Monaco Holdings, L.L.C./ Monaco   (b)

523 

units

15.00 

%

 

 

1,237 

 

 

2,161 

 

 

165,000 

02/01/21

4.19 

%

 

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

217 

units

25.00 

%

 

 

 -

 

 

62 

 

 

 -

 -

-

 

 

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  (d) (e)

130 

units

12.50 

%

 

 

5,810 

 

 

6,029 

 

 

46,206 

(f)

(f)

 

 

Overlook Ridge JV 2C/3B, L.L.C./The Chase at Overlook Ridge  (b)

371 

units

50.00 

%

 

 

2,261 

 

 

2,524 

 

 

52,662 

12/26/15

L+2.50

%

(g)

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

316 

units

25.00 

%

 

 

274 

 

 

955 

 

 

79,380 

07/15/21

6.00 

%

(h)

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

355 

units

7.50 

%

 

 

 -

 

 

 -

 

 

128,100 

03/01/30

4.00 

%

(i)

Crystal House Apartments Investors LLC / Crystal House  (j)

798 

units

25.00 

%

 

 

27,716 

 

 

27,051 

 

 

165,000 

04/01/20

3.17 

%

 

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

176 

units

38.25 

%

 

 

 -

 

 

1,747 

 

 

42,336 

12/04/15

L+2.50

%

(k)

PruRose Port Imperial South 13, LLC / RiverParc at Port Imperial  (b)

280 

units

20.00 

%

 

 

 -

 

 

1,087 

 

 

69,916 

06/27/16

L+2.15

%

(l)

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

363 

units

20.00 

%

 

 

1,678 

 

 

1,800 

 

 

 -

-

-

 

 

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

311 

units

24.27 

%

 

 

15,946 

 

 

11,282 

 

 

63,627 

03/30/17

L+2.25

%

(n)

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

227 

units

7.50 

%

 

 

 -

 

 

 -

 

 

81,900 

03/01/30

4.00 

%

(o)

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

141 

units

45.00 

%

 

 

2,575 

 

 

4,744 

 

 

30,000 

08/01/25

3.70 

%

(p)

Capitol Place Mezz LLC / Station Townhouses

378 

units

50.00 

%

 

 

47,156 

 

 

49,327 

 

 

94,671 

07/01/33

4.82 

%

(q)

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

763 

units

85.00 

%

 

 

95,978 

 

 

34,954 

 

 

22,916 

08/01/29

5.197 

%

(r)

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

250 

potential units

41.67 

%

 

 

1,325 

 

 

1,283 

 

 

 -

-

-

 

 

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

850 

potential units

50.00 

%

 

 

337 

 

 

337 

 

 

 -

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

92,878 

sf

50.00 

%

 

 

4,073 

 

 

3,963 

 

 

15,310 

05/17/16

L+3.00

%

(s)

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

139,750 

sf

50.00 

%

 

 

5,730 

 

 

5,620 

 

 

12,912 

07/01/23

2.87 

%

 

BNES Associates III / Offices at Crystal Lake

106,345 

sf

31.25 

%

 

 

2,126 

 

 

1,993 

 

 

6,292 

11/01/23

4.76 

%

 

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

160,000 

sf

50.00 

%

 

 

1,962 

 

 

1,962 

 

 

 -

-

-

 

 

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

339,615 

sf

33.33 

%

 

 

 -

 

 

 -

 

 

61,500 

09/09/16

L+7.00

%

(t)

Keystone-Penn

1,842,820 

sf

(u)

 

 

 

 -

 

 

 -

 

 

223,546 

(v)

(v)

 

 

Keystone-TriState

1,266,384 

sf

(w)

 

 

 

4,376 

 

 

6,140 

 

 

206,878 

(x)

(x)

 

 

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

885,000 

sf

50.00 

%

 

 

56,441 

 

 

59,911 

 

 

(z)

(z)

(z)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

1,225,000 

sf

50.00 

%

 

 

3,969 

 

 

4,022 

 

 

 -

-

-

 

 

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

30,745 

sf

20.00 

%

 

 

1,776 

 

 

1,828 

 

 

 -

-

-

 

 

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

350 

rooms

50.00 

%

 

 

(aa)

 

 

(aa)

 

 

64,092 

(ab)

(ab)

 

 

Stamford SM LLC / Senior Mezzanine Loan  (ac)

n/a

n/a

80.00 

%

 

 

 -

 

 

 -

 

 

 -

-

-

 

 

Other (ad)

 

 

 

 

 

 

1,054 

 

 

907 

 

 

 -

-

-

 

 

Totals:

 

 

 

 

 

$

299,486 

 

$

247,468 

 

$

1,784,744 

 

 

 

 

 

 

 

 

 

 

 

(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)      

See discussion in Recent Transactions following in this footnote for disposition of Company's interest in the unconsolidated joint ventures.

(d)      

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"). 

(e)      

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, 2015), and is not expected to meaningfully participate in the venture's cash flows in the near term.

(f)      

Property debt balance consists of: (i) a loan, collateralized by the Metropolitan at 40 Park, with a balance of $38,600, bears interest at 3.25 percent, matures in September 2020 and is interest only through September 2015; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,489, bears interest at 3.63 percent, matures in August 2018; 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 2016.  The Shops at 40 Park mortgage loan also provides for additional borrowing proceeds of $1 million based on certain preferred thresholds being achieved.

(g)      

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.

(h)       

The permanent loan has a maximum borrowing amount of $80,249.

(i)       

The construction loan with a maximum borrowing amount of $91,000 converted to a permanent loan on February 27, 2015.  

(j)      

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.

(k)       

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.

(l)     

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.

(m)      

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.

(n)      

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.

(o)      

The construction loan with a maximum borrowing amount of $57,000 converted to a permanent loan on February 27, 2015.

(p)      

The construction loan with a maximum borrowing amount of $23,400 converted to a permanent loan on July 14, 2015.  See discussion in Recent Transactions following in this footnote.

(q)       

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

(r)    

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

(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 escrow with a balance of $0.5 million to be drawn at September 30, 2015.

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

(v)      

Principal balance of $127,600 bears interest at 5.114 percent and matures in August 27, 2023; principal balance of $85,521 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 $4.4 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.

(x)      

Principal balance of $41,849 bears interest at 4.95 percent and matures on July 1, 2017; principal balance of $72,329 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)

Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. 

(z)

See Note 9: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets.

(aa)

The negative carrying value for this venture of $1,419 and $1,854 as of September 30, 2015 and December 31, 2014, respectively, were included in accounts payable, accrued expenses and other liabilities.

(ab)      

Balance includes: (i) mortgage loan, collateralized by the hotel property, with a balance of $60,498, bears interest at 6.15 percent and matures in November 2016, and (ii) loan with a balance of $3,594, bears interest at fixed rates ranging from 6.09 percent to 6.62 percent and matures in August 1, 2020.  The Company posted a $3.6 million letter of credit in support of this loan, half of which is indemnified by the partner.

(ac)      

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.

(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. 

 

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

 

2015 

 

 

2014 

 

 

2015 

 

 

2014 

Multi-family

 

 

 

 

 

 

 

 

 

 

 

Marbella RoseGarden, L.L.C./ Marbella 

$

64 

 

$

 

$

186 

 

$

(13)

RoseGarden Monaco Holdings, L.L.C./ Monaco

 

(295)

 

 

(249)

 

 

(924)

 

 

(764)

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

 

 -

 

 

(221)

 

 

(62)

 

 

(639)

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

 

 -

 

 

 -

 

 

 -

 

 

 -

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

 

(93)

 

 

(90)

 

 

(277)

 

 

(264)

Overlook Ridge JV 2C/3B, L.L.C./The Chase at Overlook Ridge

 

(16)

 

 

(217)

 

 

(263)

 

 

(155)

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

 

(151)

 

 

(615)

 

 

(681)

 

 

(1,766)

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

 

 -

 

 

 -

 

 

 -

 

 

(203)

Crystal House Apartments Investors LLC / Crystal House

 

(44)

 

 

68 

 

 

(41)

 

 

(206)

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

 

(379)

 

 

(228)

 

 

(1,736)

 

 

(661)

PruRose Port Imperial South 13, LLC / RiverParc at Port Imperial 

 

(257)

 

 

(220)

 

 

(988)

 

 

(638)

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

 

(85)

 

 

(173)

 

 

(394)

 

 

(518)

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

 

 -

 

 

 -

 

 

 -

 

 

 -

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

 

 -

 

 

 -

 

 

 -

 

 

(15)

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

 

(54)

 

 

 -

 

 

(377)

 

 

 -

Capitol Place Mezz LLC / Station Townhouses

 

(1,454)

 

 

 -

 

 

(2,642)

 

 

 -

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

 

(12)

 

 

 -

 

 

(32)

 

 

(54)

Office

 

 

 

 

 

 

 

 

 

 

 

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

 

110 

 

 

101 

 

 

332 

 

 

306 

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

 

38 

 

 

22 

 

 

110 

 

 

165 

BNES Associates III / Offices at Crystal Lake

 

13 

 

 

127 

 

 

133 

 

 

273 

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

 

 -

 

 

 -

 

 

(5)

 

 

(5)

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

 

(37)

 

 

(412)

 

 

(800)

 

 

(1,548)

Keystone-Penn

 

3,663 

 

 

 -

 

 

3,663 

 

 

 -

Keystone-TriState

 

(173)

 

 

(733)

 

 

(1,763)

 

 

(733)

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

 

327 

 

 

113 

 

 

755 

 

 

364 

Other

 

 

 

 

 

 

 

 

 

 

 

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

 

102 

 

 

74 

 

 

258 

 

 

220 

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

 

(17)

 

 

(34)

 

 

(52)

 

 

(81)

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

 

1,151 

 

 

583 

 

 

1,934 

 

 

1,874 

Stamford SM LLC / Senior Mezzanine Loan

 

 -

 

 

493 

 

 

 -

 

 

2,337 

Other

 

734 

 

 

340 

 

 

943 

 

 

876 

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

$

3,135 

 

$

(1,268)

 

$

(2,723)

 

$

(2,060)

 

Summary Of Financial Position Of Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

2015 

 

 

2014 

Assets:

 

 

 

 

 

 

  Rental property, net

 

$

1,602,899 

 

$

1,534,812 

  Other assets

 

 

460,762 

 

 

398,222 

  Total assets

 

$

2,063,661 

 

$

1,933,034 

Liabilities and partners'/

 

 

 

 

 

 

members' capital:

 

 

 

 

 

 

  Mortgages and loans payable

 

$

1,246,582 

 

$

1,060,020 

  Other liabilities

 

 

228,045 

 

 

211,340 

  Partners'/members' capital

 

 

589,034 

 

 

661,674 

  Total liabilities and

 

 

 

 

 

 

  partners'/members' capital

 

$

2,063,661 

 

$

1,933,034 

 

Summary Of Results Of Operations Of Unconsolidated Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        Three Months Ended

 

 

        Nine Months Ended

 

 

 

 September 30,

 

 

 

 September 30,

 

 

2015 

 

 

2014 

 

 

2015 

 

 

2014 

Total revenues

$

82,586 

 

$

80,711 

 

$

238,138 

 

$

224,822 

Operating and other expenses

 

(55,969)

 

 

(58,684)

 

 

(169,278)

 

 

(173,642)

Depreciation and amortization

 

(16,823)

 

 

(15,134)

 

 

(51,632)

 

 

(31,715)

Interest expense

 

(14,622)

 

 

(11,296)

 

 

(39,280)

 

 

(26,423)

Net loss

$

(4,828)

 

$

(4,403)

 

$

(22,052)

 

$

(6,958)