Quarterly report [Sections 13 or 15(d)]

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

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INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
As of March 31, 2026 and December 31, 2025, the Company had an aggregate investment of approximately $51.9 million and $52.2 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 March 31, 2026, the unconsolidated joint ventures owned four multifamily properties totaling 1,195 apartment units, and the Company’s unconsolidated interests range 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 $0.5 million and $0.7 million for such services in the three months ended March 31, 2026 and 2025, respectively. The Company had $0.1 million and $0.3 million in accounts receivable due from its unconsolidated joint ventures as of March 31, 2026 and December 31, 2025, respectively.
As of March 31, 2026, 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 March 31, 2026 and December 31, 2025 (dollars in thousands):
Property Debt
Entity / Property Name Number of
Apartment Units		 Company's
Effective
Ownership %		 Carrying Value As of March 31, 2026
March 31,
2026		 December 31,
2025		 Balance Maturity
Date		 Interest
Rate
RiverTrace at Port Imperial 316 units 22.5  % 3,449  3,353  82,000  11/10/26   3.21  %
The Capstone at Port Imperial 360 units 40.0  % 17,150  17,513  135,000  12/22/26
SOFR+
 1.20  %
Riverpark at Harrison 141 units 45.0  % —  —  29,795  07/01/35 3.19  %
Station House 378 units 50.0  % 31,326  31,322  84,593  07/01/33 4.82  %
Totals: $ 51,925  $ 52,188  $ 331,388 
The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three months ended March 31, 2026 and 2025, respectively (dollars in thousands):
Three Months Ended
March 31,
Entity / Property Name 2026 2025
Metropolitan at 40 Park (a) $ —  $ (249)
RiverTrace at Port Imperial 141  160 
The Capstone at Port Imperial 261  161 
Riverpark at Harrison 54  54 
Station House 4  (11)
Urby at Harborside (b) —  3,727 
Company's equity in earnings (loss) of unconsolidated joint ventures (c) $ 460  $ 3,842 
(a)In April 2025, the Company sold its interest in The Metropolitan at 40 Park multifamily rental property in Morristown, New Jersey.
(b)In April 2025, the Company acquired the remaining 15 percent controlling interest in the joint venture which owns Sable (previously referred to as "Urby at Harborside") and consolidated its full interest in the property.
(c)Amounts are net of amortization of basis differences of $0.1 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively.