Property Debt

Number of

Company's

Carrying Value

As of March 31, 2020

Apartment Units

Effective

March 31,

December 31,

Maturity

Interest

Entity / Property Name

or Rentable SF

Ownership % (a)

2020

2019

Balance

Date

Rate

Multi-family

Metropolitan at 40 Park (b) (c)

189 

units

25.00 

%

$

4,368 

$

7,257 

$

59,210 

(d)

(d)

RiverTrace at Port Imperial

316 

units

22.50 

%

7,190 

7,463 

82,000 

11/10/26

3.21 

%

Crystal House (e)

825 

units

25.00 

%

28,662 

28,823 

158,635 

06/01/20

3.50

%

PI North - Riverwalk C (f)

360 

units

40.00

%

35,653 

35,527 

41,773 

12/06/21

L+2.75

%

Riverpark at Harrison

141 

units

45.00 

%

956 

1,015 

29,117 

08/01/25

3.70 

%

Station House

378 

units

50.00 

%

35,209 

35,676 

96,438 

07/01/33

4.82 

%

Urby at Harborside (g)

762 

units

85.00 

%

78,532 

79,790 

192,000 

08/01/29

5.197 

%

PI North - Land (b) (h)

836 

potential units

20.00 

%

1,678 

1,678 

-

-

-

Liberty Landing

850 

potential units

50.00 

%

337 

337 

-

-

-

Hillsborough 206

160,000 

sf

50.00 

%

1,962 

1,962 

-

-

-

Office

12 Vreeland Road

139,750 

sf

50.00 

%

3,957 

3,846 

(i)

5,850 

07/01/23

2.87 

%

Offices at Crystal Lake

106,345 

sf

31.25 

%

3,541 

3,521 

3,128 

11/01/23

4.76 

%

Other

Riverwalk Retail (k)

30,745 

sf

20.00 

%

-

1,467 

-

-

-

Hyatt Regency Hotel Jersey City

351 

rooms

50.00 

%

-

-

100,000 

10/01/26

3.668 

%

Other (j)

529 

729 

-

-

-

Totals:

$

202,574 

$

209,091 

$

768,151 

(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 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59-unit, five story multi-family rental property ("Lofts at 40 Park").

(d)

Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $34,943, 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 $6,067, bore interest at LIBOR +2.25%, matured in October 2019. In October 2019, the loan was refinanced with a maturity date of October 2021, which bears interest at LIBOR +2.25%; (iii) a loan with a maximum borrowing amount of $18,200, which bears interest at LIBOR plus 150 basis points and matures in January 2023.

(e)

Included in this is the Company's unconsolidated 50 percent interest in a vacant land to accommodate the development of approximately 738 additional approved units. The joint venture is currently in discussions regarding a refinancing of the property debt.

(f)

The venture has a construction loan with a maximum borrowing amount of $112,000.

(g)

The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines.

(h)

The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 836 apartment units.

(i)

At December 31, 2019, the Company evaluated the recoverability of the carrying value of certain investments in unconsolidated joint venture, being considered for sale in the short or medium term. The Company determined that due to tenant turnover, lease-up assumptions, along with the Company's plans to exit its investment, it was necessary to reduce the carrying value of the investment to its estimated fair value. Accordingly, the Company recorded an impairment charge of $3.7 million at December 31, 2019.

(j)

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. 

(k)

On March 12, 2020, the Company acquired its equity partner's 80 percent interest and increased ownership to 100 percent. See Note 3: Recent Transactions - Consolidation.

Property Debt

Number of

Company's

Carrying Value

As of March 31, 2020

Apartment Units

Effective

March 31,

December 31,

Maturity

Interest

Entity / Property Name

or Rentable SF

Ownership % (a)

2020

2019

Balance

Date

Rate

Multi-family

Metropolitan at 40 Park (b) (c)

189 

units

25.00 

%

$

4,368 

$

7,257 

$

59,210 

(d)

(d)

RiverTrace at Port Imperial

316 

units

22.50 

%

7,190 

7,463 

82,000 

11/10/26

3.21 

%

Crystal House (e)

825 

units

25.00 

%

28,662 

28,823 

158,635 

06/01/20

3.50

%

PI North - Riverwalk C (f)

360 

units

40.00

%

35,653 

35,527 

41,773 

12/06/21

L+2.75

%

Riverpark at Harrison

141 

units

45.00 

%

956 

1,015 

29,117 

08/01/25

3.70 

%

Station House

378 

units

50.00 

%

35,209 

35,676 

96,438 

07/01/33

4.82 

%

Urby at Harborside (g)

762 

units

85.00 

%

78,532 

79,790 

192,000 

08/01/29

5.197 

%

PI North - Land (b) (h)

836 

potential units

20.00 

%

1,678 

1,678 

-

-

-

Liberty Landing

850 

potential units

50.00 

%

337 

337 

-

-

-

Hillsborough 206

160,000 

sf

50.00 

%

1,962 

1,962 

-

-

-

Office

12 Vreeland Road

139,750 

sf

50.00 

%

3,957 

3,846 

(i)

5,850 

07/01/23

2.87 

%

Offices at Crystal Lake

106,345 

sf

31.25 

%

3,541 

3,521 

3,128 

11/01/23

4.76 

%

Other

Riverwalk Retail (k)

30,745 

sf

20.00 

%

-

1,467 

-

-

-

Hyatt Regency Hotel Jersey City

351 

rooms

50.00 

%

-

-

100,000 

10/01/26

3.668 

%

Other (j)

529 

729 

-

-

-

Totals:

$

202,574 

$

209,091 

$

768,151 

(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 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59-unit, five story multi-family rental property ("Lofts at 40 Park").

(d)

Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $34,943, 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 $6,067, bore interest at LIBOR +2.25%, matured in October 2019. In October 2019, the loan was refinanced with a maturity date of October 2021, which bears interest at LIBOR +2.25%; (iii) a loan with a maximum borrowing amount of $18,200, which bears interest at LIBOR plus 150 basis points and matures in January 2023.

(e)

Included in this is the Company's unconsolidated 50 percent interest in a vacant land to accommodate the development of approximately 738 additional approved units. The joint venture is currently in discussions regarding a refinancing of the property debt.

(f)

The venture has a construction loan with a maximum borrowing amount of $112,000.

(g)

The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines.

(h)

The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 836 apartment units.

(i)

At December 31, 2019, the Company evaluated the recoverability of the carrying value of certain investments in unconsolidated joint venture, being considered for sale in the short or medium term. The Company determined that due to tenant turnover, lease-up assumptions, along with the Company's plans to exit its investment, it was necessary to reduce the carrying value of the investment to its estimated fair value. Accordingly, the Company recorded an impairment charge of $3.7 million at December 31, 2019.

(j)

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. 

(k)

On March 12, 2020, the Company acquired its equity partner's 80 percent interest and increased ownership to 100 percent. See Note 3: Recent Transactions - Consolidation.