Quarterly report [Sections 13 or 15(d)]

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

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INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
As of June 30, 2025, the Company had an aggregate investment of approximately $53.6 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage multifamily rental properties. As of June 30, 2025, the unconsolidated joint ventures owned four multifamily properties totaling 1,195 apartment units. As of June 30, 2025, the Company’s unconsolidated interests range from 22.5 percent to 50.0 percent subject to specified priority allocations in certain of the joint ventures.
The amounts reflected in the following tables (except for the Company’s share of equity in earnings) are based on the historical financial information of the individual joint ventures. The Company does not record losses of the joint ventures in excess of its investment balances unless the Company is liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. The outside basis portion of the Company’s investments in joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed.
The debt of the Company’s unconsolidated joint ventures generally is non-recourse to the Company, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations.
The Company performed management, leasing, development and other services for the properties owned by the unconsolidated joint ventures, related parties to the Company, and recognized $0.8 million for such services in the three months ended June 30, 2025 and 2024, and $1.5 million and $1.6 million in the six months ended June 30, 2025 and 2024, respectively. The Company had $0.3 million and $0.5 million in accounts receivable due from its unconsolidated joint ventures as of June 30, 2025 and December 31, 2024, respectively.
As of June 30, 2025, the Company does not have any investments in unconsolidated joint ventures that are considered VIEs.
The following is a summary of the Company's unconsolidated joint ventures as of June 30, 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 June 30, 2025
June 30,
2025		 December 31,
2024		 Balance Maturity
Date		 Interest
Rate
Metropolitan at 40 Park (b) 130 units (b) $ —  $ 689  $ —  —  —  %
RiverTrace at Port Imperial 316 units 22.5  % 3,755  4,074  82,000  11/10/26   3.21  %
The Capstone at Port Imperial 360 units 40.0  % 18,310  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  % 31,553  31,509  86,267  07/01/33 4.82  %
Urby at Harborside (c) 762 units (c) —  52,832  —  —  —  %
PI North - Land (b) 829 potential units (b) —  1,678  —  —  —
Totals: $ 53,618  $ 111,301  $ 333,459 
(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. See Note 3: Investments in Rental Properties - Dispositions of Unconsolidated Joint Ventures.
(c)The Company owned an 85 percent interest with shared control over major decisions such as approval of budgets, property financing and leasing guidelines. In April 2025, the Company acquired the remaining 15 percent controlling interest in the joint venture and consolidated its full interest in the property. See Note 3: Investments in Rental Properties - Acquisition of Controlling Interest in Unconsolidated Joint Venture.
The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three and six months ended June 30, 2025 and 2024, respectively (dollars in thousands):
Three Months Ended
June 30,		 Six Months Ended
June 30,
Entity / Property Name 2025 2024 2025 2024
Metropolitan and Lofts at 40 Park (a) $ (112) $ (47) $ (361) $ (474)
RiverTrace at Port Imperial 149  132  309  291 
The Capstone at Port Imperial 188  (5) 349  44 
Riverpark at Harrison 54  68  108  136 
Station House 57  (133) 46  (171)
Urby at Harborside 190  3,084  3,917  3,587 
PI North - Land (a) —  (166) —  (226)
Company's equity in earnings (loss) of unconsolidated joint ventures (b) $ 526  $ 2,933  $ 4,368  $ 3,187 
(a)In January 2024, the joint venture sold the Lofts at 40 Park multifamily rental property. 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. See Note 3: Investments in Rental Properties - Dispositions of Unconsolidated Joint Ventures.
(b)Amounts are net of amortization of basis differences of $0.1 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively, and $0.3 million for the six months ended June 30, 2025 and 2024.