Quarterly report [Sections 13 or 15(d)]

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)

v3.25.1
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule Of Unconsolidated Joint Ventures
The following is a summary of the Company's unconsolidated joint ventures as of March 31, 2025 and December 31, 2024 (dollars in thousands):
Property Debt
Entity / Property Name Number of
Apartment Units		 Company's
Effective
Ownership % (a)		 Carrying Value As of March, 31, 2025
March 31,
2025		 December 31,
2024		 Balance Maturity
Date		 Interest
Rate
Multifamily
Metropolitan at 40 Park (b) 130 units 25.0  % $ 441  $ 689  $ 34,100  10/10/25 SOFR+ 2.85  %
RiverTrace at Port Imperial 316 units 22.5  % 3,917  4,074  82,000  11/10/26   3.21  %
The Capstone at Port Imperial 360 units 40.0  % 19,810  20,519  135,000  12/22/25
SOFR+
 1.20  %
Riverpark at Harrison 141 units 45.0  % —  —  30,192  07/01/35 3.19  %
Station House 378 units 50.0  % 31,497  31,509  86,812  07/01/33 4.82  %
Urby at Harborside (c) 762 units 85.0  % 54,264  52,832  181,810  08/01/29 5.20  %
PI North - Land (b) 829 potential units 20.0  % 1,678  1,678  —  —  —
Totals: $ 111,607  $ 111,301  $ 549,914 
(a)Company's effective ownership percentage represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.
(b)The Company's ownership interests in these ventures 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. In April 2025, the Company sold its interest in The Metropolitan at 40 Park multifamily rental property in Morristown, New Jersey and PI North developable land parcels in West New York, New Jersey. Refer to Note 3 - Investments in Rental Properties - Dispositions of Unconsolidated Joint Ventures.
(c)The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. In April 2025, the Company acquired the remaining 15% interest in the joint venture. Refer to Note 3 - Investments in Rental Properties - Acquisitions of Unconsolidated Joint Venture Interests.
Schedule Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures
The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three months ended March 31, 2025 and 2024, respectively (dollars in thousands):
Three Months Ended
March 31,
Entity / Property Name 2025 2024
Multifamily
Metropolitan and Lofts at 40 Park (a) $ (249) $ (427)
RiverTrace at Port Imperial 160  159 
The Capstone at Port Imperial 161  49 
Riverpark at Harrison 54  68 
Station House (11) (38)
Urby at Harborside 3,727  503 
PI North - Land —  (60)
Company's equity in earnings (loss) of unconsolidated joint ventures (b) $ 3,842  $ 254 
(a)In January 2024, the joint venture sold the Lofts at 40 Park multifamily rental property for $30.3 million and the Company recorded a gain on the sale for its interest of approximately $7.1 million.
(b)Amounts are net of amortization of basis differences of $154 thousand for each of the three months ended March 31, 2025 and 2024.