Annual report [Section 13 and 15(d), not S-K Item 405]

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

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INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
As of December 31, 2025 and 2024, the Company had an aggregate investment of approximately $52 million and $111 million, respectively, 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 December 31, 2025, the unconsolidated joint ventures owned four multifamily properties totaling 1,195 apartment units, and the Company’s unconsolidated interests ranged from 22.5 percent to 50 percent.
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 $2.5 million, $3.2 million and $3.9 million
for such services in the years ended December 31, 2025, 2024 and 2023, respectively. The Company had $0.3 million and $0.5 million in accounts receivable due from its unconsolidated joint ventures as of December 31, 2025 and 2024.
As of December 31, 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 December 31, 2025 and 2024 (dollars in thousands):
  Number of Apartment Units Company's  Carrying Value Property Debt
As of December 31, 2025
Entity / Property Name December 31, 2025 Effective
Ownership %		 December 31,
2025		 December 31,
2024		  Balance Maturity
Date		   Interest
Rate
Multifamily
Metropolitan and Lofts at 40 Park (a) 130 units (a) $ —  $ 689  $ —  — — 
RiverTrace at Port Imperial 316 units 22.50  % 3,353  4,074  82,000  11/10/26   3.21  %
The Capstone at Port Imperial 360 units 40.00  % 17,513  20,519  135,000  12/22/26
(c)
 SOFR+ 1.20  %
Riverpark at Harrison 141 units 45.00  % —  —  29,948  07/01/35   3.19  %
Station House 378 units 50.00  % 31,322  31,509  85,158  07/01/33   4.82  %
Urby Harborside (b) 762 units (b) —  52,832  —  —   — 
PI North - Land (a) 829 potential units (a) —  1,678  —  —   — 
Totals $ 52,188  $ 111,301  $ 332,106 
(a)In April 2025, the Company sold its interests 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 Property - Dispositions of Unconsolidated Joint Ventures.
(b)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 Property - Acquisition of Controlling Interest in Unconsolidated Joint Venture.
(c)In December 2025, the maturity date of the mortgage loan encumbering the property was extended one year.
The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
  Year Ended December 31,
Entity / Property Name 2025 2024 2023
Multifamily
Metropolitan and Lofts at 40 Park (a) $ (361) $ (1,143) $ (1,239)
RiverTrace at Port Imperial 680  782  546 
The Capstone at Port Imperial 768  235  (294)
Riverpark at Harrison 216  270  540 
Station House 38  (201) (299)
Urby Harborside 3,916  4,161  4,110 
PI North - Land (a) —  (276) (240)
Liberty Landing —  —  (22)
Other
Other —  106  — 
Company's equity in earnings (loss) of unconsolidated joint ventures (b) $ 5,257  $ 3,934  $ 3,102 
(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 Property - Dispositions of Unconsolidated Joint Ventures.

(b)    Amounts are net of amortization of basis differences of $0.4 million, $0.6 million and $0.6 million for the year ended December 31, 2025, 2024 and 2023, respectively.
The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2025 and 2024 (dollars in thousands):

December 31, 2025
December 31, 2024
Others (b) Urby Harborside (a)
Others (b)
Assets:
Rental Property, net $ 412,552  $ 236,589  $ 456,604 
Other assets 10,974  6,108  28,574 
Total assets $ 423,526  $ 242,697  $ 485,178 
Liabilities and partners'/members' capital:
Mortgages and loans payable $ 332,106  $ 182,604  $ 368,642 
Other liabilities 6,209  2,260  7,155 
Partners'/members' capital 85,211  57,833  109,381 
Total liabilities and partners'/members' capital $ 423,526  $ 242,697  $ 485,178 

The following is a summary of the results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):

Year ended December 31, 2025
Year ended December 31, 2024
Year ended December 31, 2023
Urby Harborside (a) Others (b) Urby Harborside (a) Others (b) Urby Harborside (a) Others (b)
Total revenues $ 13,864  $ 54,596  $ 37,714  $ 72,076  $ 35,656  $ 58,616 
Operating and other expenses (3,795) (20,970) (13,897) (23,361) (11,826) (24,219)
Depreciation and amortization (2,444) (12,310) (8,804) (13,417) (8,754) (13,587)
Interest expense (2,953) (15,289) (9,926) (18,262) (10,049) (20,439)
Net income (loss) $ 4,672  $ 6,027  $ 5,087  $ 17,036  $ 5,027  $ 371 

(a)In April 2025, the Company acquired the remaining 15 percent controlling interest in the joint venture and consolidated its full interest in the property. The summary of results from operations for the year ended December 31, 2025 represents results through April 2025, prior to consolidation. See Note 3: Investments in Rental Property - Acquisition of Controlling Interest in Unconsolidated Joint Venture.

(b)The summarized financial information has been aggregated for the remaining unconsolidated joint ventures, as none of these equity method investees were significant on a stand-alone basis. As noted above, the Urby Harborside joint venture was consolidated in April 2025.