Quarterly report pursuant to Section 13 or 15(d)

Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details)

v3.8.0.1
Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details)
3 Months Ended 6 Months Ended 9 Months Ended
Sep. 29, 2017
USD ($)
Sep. 21, 2017
USD ($)
Mar. 31, 2017
USD ($)
Feb. 15, 2017
USD ($)
Feb. 03, 2017
USD ($)
Sep. 30, 2017
USD ($)
ft²
item
Jun. 30, 2017
USD ($)
Sep. 30, 2017
USD ($)
ft²
item
Sep. 30, 2016
USD ($)
Apr. 30, 2017
Feb. 28, 2017
shares
Feb. 02, 2017
Dec. 31, 2016
USD ($)
Schedule of Equity Method Investments [Line Items]                          
Carrying Amount           $ 238,440,000   $ 238,440,000         $ 320,047,000
Cash consideration             $ 2,000,000            
Accounts payable, accrued expenses and other liabilities           182,929,000   182,929,000         159,874,000
Purchase price of property               67,797,000 $ 94,017,000        
Proceeds from the sale of investments in unconsolidated joint ventures               107,009,000 6,420,000        
Debt           2,856,676,000   2,856,676,000         2,357,055,000
Gain (loss) on sale of investment in unconsolidated joint venture           $ 10,568,000   $ 23,131,000 $ 5,670,000        
Minimum [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Company's Effective Ownership %           12.50%   12.50%          
Maximum [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Company's Effective Ownership %           85.00%   85.00%          
RoseGarden Monaco Holdings, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Company's Effective Ownership %                     13.80%    
Preferred units shares issued | shares                     9,122    
Percentage of interest in venture                   100.00%      
Crystal House Apartments Investors LLC [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Percentage of interest in developable land           50.00%   50.00%          
Number of units available for development | item           295   295          
Number of approved units available for development | item           252   252          
RoseGarden Marbella South, L.L.C. [Member] | Construction Loan [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of extension options | item               2          
Loan extension period     1 year         1 year          
Extension fee               0.25%          
Maximum borrowing capacity     $ 75,000,000     $ 77,400,000   $ 77,400,000          
Harborside Unit A Urban Renewal, LLC [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Company's Effective Ownership %           85.00%   85.00%          
Harborside Unit A Urban Renewal, LLC [Member] | Construction/Permanent Loan [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Maximum borrowing capacity           $ 192,000,000   $ 192,000,000          
RoseGarden Monaco, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Gain (loss) on sale of investment in unconsolidated joint venture   $ (1,400,000)                      
Plaza VIII & IX Associates, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Company's Effective Ownership %                       50.00%  
KPG-MCG Curtis JV, LLC [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Proceeds from the sale of investments in unconsolidated joint ventures $ 102,500,000                        
Debt 75,000,000                        
Gain (loss) on sale of investment in unconsolidated joint venture $ 12,000,000                        
The Shops At 40 Park Property [Member] | Rosewood Morristown, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Rentable Square Feet (sf) | ft²           50,973   50,973          
Property Debt, Balance           $ 6,213,000   $ 6,213,000          
Property Debt, Maturity Date               Aug. 01, 2018          
Property Debt, Interest Rate           3.63%   3.63%          
Residual ownership interest           12.50%   12.50%          
Lofts At 40 Park Property [Member] | Rosewood Morristown, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item           59   59          
Indirect ownership interest           25.00%   25.00%          
Number of stories | item           5   5          
Lofts At 40 Park Property [Member] | Rosewood Morristown, L.L.C. [Member] | Construction Loan [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Property Debt, Balance         $ 6,337,000                
Property Debt, Maturity Date         Feb. 01, 2020                
Property Debt, Interest Rate, Spread Over LIBOR         2.50%                
Metropolitan Property [Member] | Rosewood Morristown, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Property Debt, Balance           $ 37,044,000   $ 37,044,000          
Property Debt, Maturity Date               Sep. 01, 2020          
Property Debt, Interest Rate           3.25%   3.25%          
Port Imperial North Land [Member] | Roseland/Port Imperial Partners, L.P. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item           836   836          
Residual ownership interest           20.00%   20.00%          
Unconsolidated Joint Venture Multi-Family Properties [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item           3,275   3,275          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella RoseGarden, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item           412   412          
Company's Effective Ownership % [1]           24.27%   24.27%          
Carrying Amount           $ 14,738,000   $ 14,738,000         15,150,000
Property Debt, Balance           $ 95,000,000   $ 95,000,000          
Property Debt, Maturity Date               May 01, 2018          
Property Debt, Interest Rate           4.99%   4.99%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | RoseGarden Monaco Holdings, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item [2]           523   523          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Rosewood Morristown, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item [3],[4]           130   130          
Company's Effective Ownership % [1],[3],[4]           12.50%   12.50%          
Carrying Amount [3],[4]           $ 6,911,000   $ 6,911,000         7,145,000
Property Debt, Balance [3],[4],[5]           $ 49,594,000   $ 49,594,000          
Property Debt, Interest Rate [3],[4]                      
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverwalk G Urban Renewal, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item           316   316          
Company's Effective Ownership % [1]           22.50%   22.50%          
Carrying Amount           $ 9,090,000   $ 9,090,000         9,707,000
Property Debt, Balance           $ 82,000,000   $ 82,000,000          
Property Debt, Maturity Date               Nov. 10, 2026          
Property Debt, Interest Rate           3.21%   3.21%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Elmajo Urban Renewal Associates, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item           355   355          
Company's Effective Ownership % [1]           7.50%   7.50%          
Percentage of interest in venture       7.50%                  
Gain (loss) on sale of investment in unconsolidated joint venture       $ 5,100,000                  
Unconsolidated Joint Venture Multi-Family Properties [Member] | Crystal House Apartments Investors LLC [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item [6]           825   825          
Company's Effective Ownership % [1],[6]           25.00%   25.00%          
Carrying Amount [6]           $ 30,914,000   $ 30,914,000         30,565,000
Property Debt, Balance [6]           $ 165,000,000   $ 165,000,000          
Property Debt, Maturity Date [6]               Apr. 01, 2020          
Property Debt, Interest Rate [6]           3.17%   3.17%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Roseland/Port Imperial Partners, L.P. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item [3],[7]           360   360          
Company's Effective Ownership % [1],[3],[7]           20.00%   20.00%          
Carrying Amount [3],[7]           $ 2,311,000   $ 2,311,000         1,678,000
Unconsolidated Joint Venture Multi-Family Properties [Member] | RoseGarden Marbella South, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item           311   311          
Company's Effective Ownership % [1]           24.27%   24.27%          
Carrying Amount           $ 16,812,000   $ 16,812,000         18,050,000
Property Debt, Balance           $ 74,690,000   $ 74,690,000          
Property Debt, Maturity Date               Mar. 30, 2018          
Property Debt, Interest Rate, LIBOR [8]               L+2.25          
Property Debt, Interest Rate, Spread Over LIBOR [8]               2.25%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Estuary Urban Renewal Unit B, LLC [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item [9]           227   227          
Company's Effective Ownership % [1],[9]           7.50%   7.50%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverpark At Harrison I, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item           141   141          
Company's Effective Ownership % [1]           45.00%   45.00%          
Carrying Amount           $ 1,711,000   $ 1,711,000         2,085,000
Property Debt, Balance           $ 30,000,000   $ 30,000,000          
Property Debt, Maturity Date               Aug. 01, 2025          
Property Debt, Interest Rate           3.70%   3.70%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Capitol Place Mezz LLC [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item           378   378          
Company's Effective Ownership % [1]           50.00%   50.00%          
Carrying Amount           $ 40,772,000   $ 40,772,000         43,073,000
Property Debt, Balance           $ 100,449,000   $ 100,449,000          
Property Debt, Maturity Date               Jul. 01, 2033          
Property Debt, Interest Rate           4.82%   4.82%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Harborside Unit A Urban Renewal, LLC [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item           762   762          
Company's Effective Ownership % [1]           85.00%   85.00%          
Carrying Amount           $ 95,611,000   $ 95,611,000         100,188,000
Property Debt, Balance           $ 187,893,000   $ 187,893,000          
Property Debt, Maturity Date               Aug. 01, 2029          
Property Debt, Interest Rate [10]           5.197%   5.197%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | RoseGarden Monaco, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item [11]           250   250          
Company's Effective Ownership % [1],[11]           41.67%   41.67%          
Carrying Amount [11]                         1,400,000
Unconsolidated Joint Venture Multi-Family Properties [Member] | Grand Jersey Waterfront URA, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item           850   850          
Company's Effective Ownership % [1]           50.00%   50.00%          
Carrying Amount           $ 337,000   $ 337,000         337,000
Unconsolidated Joint Venture Multi-Family Properties [Member] | Hillsborough 206 Holdings, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Rentable Square Feet (sf) | ft²           160,000   160,000          
Company's Effective Ownership % [1]           50.00%   50.00%          
Carrying Amount           $ 1,962,000   $ 1,962,000         1,962,000
Unconsolidated Joint Venture Multi-Family Properties [Member] | Plaza VIII & IX Associates, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Rentable Square Feet (sf) | ft² [12]           1,225,000   1,225,000          
Company's Effective Ownership % [1],[12]           50.00%   50.00%          
Carrying Amount [12]                         4,448,000
Unconsolidated Joint Venture Multi-Family Properties [Member] | Elmajo Urban Renewal Associates, LLC And Estuary Urban Renewal Associates, LLC [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Percentage of interest in venture       7.50%                  
Proceeds from the sale of investments in unconsolidated joint ventures       $ 5,100,000                  
Gain (loss) on sale of investment in unconsolidated joint venture       $ 5,100,000                  
Unconsolidated Joint Venture Office Buildings [Member] | Red Bank Corporate Plaza, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Rentable Square Feet (sf) | ft²           92,878   92,878          
Company's Effective Ownership % [1]           50.00%   50.00%          
Carrying Amount           $ 4,669,000   $ 4,669,000         4,339,000
Property Debt, Balance           $ 14,026,000   $ 14,026,000          
Property Debt, Maturity Date               May 17, 2018          
Property Debt, Interest Rate, LIBOR               L+3.00          
Property Debt, Interest Rate, Spread Over LIBOR               3.00%          
Unconsolidated Joint Venture Office Buildings [Member] | 12 Vreeland Associates, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Rentable Square Feet (sf) | ft²           139,750   139,750          
Company's Effective Ownership % [1]           50.00%   50.00%          
Carrying Amount           $ 6,554,000   $ 6,554,000         6,237,000
Property Debt, Balance           $ 9,885,000   $ 9,885,000          
Property Debt, Maturity Date               Jul. 01, 2023          
Property Debt, Interest Rate           2.87%   2.87%          
Unconsolidated Joint Venture Office Buildings [Member] | BNES Associates III [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Rentable Square Feet (sf) | ft²           106,345   106,345          
Company's Effective Ownership % [1]           31.25%   31.25%          
Carrying Amount           $ 3,199,000   $ 3,199,000         3,124,000
Property Debt, Balance           $ 4,969,000   $ 4,969,000          
Property Debt, Maturity Date               Nov. 01, 2023          
Property Debt, Interest Rate           4.76%   4.76%          
Unconsolidated Joint Venture Office Buildings [Member] | KPG-P 100 IMW JV, LLC [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Rentable Square Feet (sf) | ft² [13]           339,615   339,615          
Unconsolidated Joint Venture Office Buildings [Member] | Keystone-Penn [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Rentable Square Feet (sf) | ft² [13]           1,842,820   1,842,820          
Company's Effective Ownership % [1],[13]                      
Property Debt, Interest Rate, LIBOR [13]               -          
Unconsolidated Joint Venture Office Buildings [Member] | Keystone-TriState [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Rentable Square Feet (sf) | ft² [13]           1,266,384   1,266,384          
Company's Effective Ownership % [1],[13]                      
Carrying Amount [13]                         2,285,000
Property Debt, Interest Rate [13]                      
Unconsolidated Joint Venture Office Buildings [Member] | KPG-MCG Curtis JV, LLC [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Rentable Square Feet (sf) | ft² [14]           885,000   885,000          
Company's Effective Ownership % [1],[14]           50.00%   50.00%          
Carrying Amount [14]                         65,400,000
Property Debt, Balance [14]                      
Property Debt, Interest Rate [14]                      
Unconsolidated Joint Venture Other Property [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Carrying Amount           $ 238,440,000   $ 238,440,000         320,047,000
Property Debt, Balance           $ 912,617,000   $ 912,617,000          
Unconsolidated Joint Venture Other Property [Member] | Roseland/North Retail, L.L.C. [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Rentable Square Feet (sf) | ft²           30,745   30,745          
Company's Effective Ownership % [1]           20.00%   20.00%          
Carrying Amount           $ 1,646,000   $ 1,646,000         1,706,000
Unconsolidated Joint Venture Other Property [Member] | South Pier At Harborside [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Number of Apartment Units | item           350   350          
Company's Effective Ownership % [1]           50.00%   50.00%          
Carrying Amount           $ 223,000   $ 223,000         163,000
Property Debt, Balance           $ 99,111,000   $ 99,111,000          
Property Debt, Maturity Date               Oct. 01, 2026          
Property Debt, Interest Rate           3.668%   3.668%          
Unconsolidated Joint Venture Other Property [Member] | Other [Member]                          
Schedule of Equity Method Investments [Line Items]                          
Carrying Amount [15]           $ 980,000   $ 980,000         $ 1,005,000
[1] Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.
[2] On February 28, 2017, 9,122 Series A-1 Units were issued to the joint venture partner as noncash consideration for the partner's approximate 13.8 percent ownership interest in the joint venture. In April 2017, the Company acquired the remaining joint venture interests and increased its ownership interest to 100 percent. See Note 3: Recent Transactions - Consolidation.
[3] 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.
[4] 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").
[5] Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $37,044, bears interest at 3.25 percent, matures in September 2020; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,213, bears interest at 3.63 percent, matures in August 2018. On February 3, 2017, the venture obtained a construction loan for the Lofts at 40 Park with a balance of $6,337, which bears interest at LIBOR plus 250 basis points and matures in February 2020.
[6] 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.
[7] The Company also owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 836 apartment units.
[8] The construction loan had a maximum borrowing amount of $77,400 and provided, subject to certain conditions, two one-year extension options with a fee of 25 basis points for each year. On March 31, 2017, the Company exercised its first one-year extension option and concurrently the maximum borrowing amount was reduced to $75,000.
[9] On February 15, 2017, the Company sold its 7.5 percent interest in Elmajo Urban Renewal Associates, LLC and Estuary Urban Renewal Unit B, LLC joint ventures that own operating multi-family properties, located in Weehawken, New Jersey for a combined sales price of $5.1 million.
[10] The construction/permanent loan has a maximum borrowing amount of $192,000. The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The development project was placed in service in second quarter 2017.
[11] On September 21, 2017, the joint venture agreement was terminated. Accordingly, the Company wrote off the carrying value of its investment in the joint venture and recorded a loss of $1.4 million on the disposition of its joint venture interest.
[12] On February 3, 2017, the Company acquired the equity interest of its partner. See Note 3: Recent Transactions - Consolidation.
[13] On January 31, 2017, the Company sold its equity interest in the joint venture. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity.
[14] Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. On September 29,2017, the Company sold its equity interest to its joint venture partner, which included the retirement of the Company's share in the debt of $75 million. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity.
[15] 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.