Property Debt

Number of

Company's

Carrying Amount

As of December 31, 2014

Apartment Units

Effective

As of December 31,

Maturity

Interest

Entity / Property Name

or Square Feet (sf)

Ownership % (a)

Balance

Date

Rate

Multi-family

Marbella RoseGarden, L.L.C./ Marbella  (b)

units

%

$

$

$

05/01/18

%

RoseGarden Monaco Holdings, L.L.C./ Monaco   (b)

units

%

02/01/21

%

Rosewood Lafayette Holdings, L.L.C./ Highlands at Morristown Station  (b)

units

%

07/01/15

%

PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial (b)

units

%

 -

 -

09/01/20

%

Rosewood Morristown, L.L.C. / Metropolitan at 40 Park  (c) (d)

units

%

(e)

(e)

Overlook Ridge JV, L.L.C./ Quarrystone at Overlook Ridge  (b) (f)

units

%

 -

 -

(g)

(g)

Overlook Ridge JV 2C/3B, L.L.C./The Chase at Overlook Ridge  (b) (f)

units

%

 -

12/26/15

L+2.50

%

(h)

PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial   (b)

units

%

07/15/21

%

(i)

Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (b)

units

%

 -

06/27/16

L+2.10

%

(j)

Crystal House Apartments Investors LLC / Crystal House  (k)

units

%

04/01/20

%

Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7  (b)

units

%

12/04/15

L+2.50

%

(l)

PruRose Port Imperial South 13, LLC / RiverParc at Port Imperial  (b)

units

%

06/27/16

L+2.15

%

(m)

Roseland/Port Imperial Partners, L.P./ Riverwalk C  (b) (n)

units

%

 -

-

-

RoseGarden Marbella South, L.L.C./ Marbella II 

units

%

03/30/17

L+2.25

%

(o)

Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B)  (b)

units

%

 -

01/25/17

L+2.10

%

(p)

Riverpark at Harrison I, L.L.C./ Riverpark at Harrison 

units

%

06/27/16

L+2.35

%

(q)

Capitol Place Mezz LLC / Station Townhouses

units

%

07/01/33

%

(r)

Harborside Unit A Urban Renewal, L.L.C. / URL Harborside  (ab)

units

%

 -

 -

08/01/29

%

(aa)

RoseGarden Monaco, L.L.C./ San Remo Land

potential units

%

 -

-

-

Grand Jersey Waterfront URA, L.L.C./ Liberty Landing

potential units

%

 -

-

-

Office

Red Bank Corporate Plaza, L.L.C./ Red Bank

sf

%

05/17/16

L+3.00

%

(s)

12 Vreeland Associates, L.L.C./ 12 Vreeland Road

sf

%

07/01/23

%

BNES Associates III / Offices at Crystal Lake

sf

%

11/01/23

%

Hillsborough 206 Holdings, L.L.C./ Hillsborough 206

sf

%

 -

-

-

KPG-P 100 IMW JV, LLC / 100 Independence Mall West

sf

%

 -

09/09/16

L+7.00

%

(t)

Keystone-Penn

sf

(u)

 -

 -

(v)

(v)

Keystone-TriState

sf

(w)

 -

(x)

(x)

KPG-MCG Curtis JV, L.L.C./ Curtis Center  (ac)

sf

%

 -

(ae)

(ae)

(ae)

Other

Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations)

sf

%

 -

-

-

Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial  (b)

sf

%

 -

-

-

South Pier at Harborside / Hyatt Regency Jersey City on the Hudson

rooms

%

(af)

(af)

(y)

(y)

Stamford SM LLC / Senior Mezzanine Loan  (z)

n/a

n/a

%

 -

 -

-

-

Other (ad)

 -

-

-

Totals:

$

$

$

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

(d)

The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the payment of the outstanding balance remaining on a note ($975 as of December 31, 2014), and is not expected to meaningfully participate in the venture's cash flows in the near term.

(e)

Property debt balance consists of: (i) a loan, collateralized by the Metropolitan at 40 Park, with a balance of $38,600 at December 31, 2014, bears interest at 3.25 percent, matures in September 2020 and is interest only through September 2015; (ii) a loan, collateralized by the Shops at 40 Park, with a balance of $6,500 at December 31, 2014, bears interest at 3.63 percent, matures in August 2018 and is interest-only through July 2015; and (iii) a loan, collateralized by the Lofts at 40 Park, with a balance of $1,117, bears interest at LIBOR plus 250 basis points and matures in September 2015.  The Shops at 40 Park mortgage loan also provides for additional borrowing proceeds of $1 million based on certain preferred thresholds being achieved.

(f)

On August 15, 2014, the Company acquired the equity interests of its joint venture partner in Overlook Ridge JV 2C/3B, L.L.C. for $2.97 million and LR Overlook Phase II, L.L.C., the property-owning entity owned by Overlook Ridge JV, L.L.C., which increased its ownership to 50 percent in two operating multi-family properties.  The Company also acquired the equity interests of its joint venture partner in LR Overlook Phase III, L.L.C. and  Overlook Ridge, L.L.C. for $0.6 million and $12.99 million respectively, which increased its ownership to 100 percent in developable land (See Note 3: Real Estate Transactions – Acquisitions).

(g)

Property debt balance consists of: (i) the senior loan, collateralized by the Quarrystone property, with a balance of $52,501 at December 31, 2014, bears interest at LIBOR plus 200 basis, matures in March 2016 and (ii) the junior loan, with a balance of $17,000, bears interest at LIBOR plus 90 basis points, matures in March 2016 and is collateralized by a $17,000 letter of credit provided by an affiliate of the partner.

(h)

The construction loan has a maximum borrowing amount of $55,500 and provides, subject to certain conditions, two one-year extension options with a fee of 25 basis points each.  The joint venture has a swap agreement that fixes the all-in rate to 3.0875 percent per annum on an initial notional amount of $1,840, increasing to $52,000, for the period from September 3, 2013 to November 2, 2015.

(i)

The construction loan with a maximum borrowing amount of $83,113 was converted to a permanent loan on December 26,2014 with a maximum borrowing amount of $80,249    

(j)

The construction loan has a maximum borrowing amount of $91,000 and provides, subject to certain conditions, a one-year extension option with a fee of 25 basis points.

(k)

The Company also owns a 50 percent interest in a vacant land parcel to accommodate the development of approximately 295 additional units of which 252 are currently approved.

(l)

The construction loan has a maximum borrowing amount of $42,500 and provides, subject to certain conditions, two two-year extension options with a fee of 12.5 basis points for the first two-year extension and 25 basis points for the second two-year extension.

(m)

The construction loan has a maximum borrowing amount of $73,350 and provides, subject to certain conditions, one-year extension option followed by a six-month extension option with a fee of 25 basis points each. The joint venture has a swap agreement that fixes the all-in rate to 2.79 percent per annum on an initial notional amount of $1,620, increasing to $69,500 for the period from July 1, 2013 to January 1, 2016.

(n)

The Company also owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J ("Port Imperial North Land") that can accommodate the development of 836 apartment units.

(o)

The construction loan has a maximum borrowing amount of $77,400 and provides, subject to certain conditions, two one-year extension options with a fee of 25 basis points for each year.

(p)

The construction loan has a maximum borrowing amount of $57,000 and provides, subject to certain conditions, a one-year extension option with a fee of 25 basis points. 

(q)

The construction loan has a maximum borrowing amount of $23,400 and provides, subject to certain conditions, two one-year extension options with a fee of 20 basis points for each year. 

(r)

The construction/permanent loan has a maximum borrowing amount of $100,700 with amortization starting in August 2017.

(s)

The joint venture has a swap agreement that fixes the all-in rate to 3.99375 percent per annum on an initial notional amount of $13,650 and then adjusting in accordance with an amortization schedule, which is effective from October 17, 2011 through loan maturity.

(t)

The mortgage loan has two one-year extension options, subject to certain conditions, and includes a $25 million construction escrow with a balance of $15.8 million to be drawn at December 31, 2014.

(u)

The Company’s equity interests in the joint ventures will be subordinated to Keystone Entities receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a 10 percent IRR on its subordinate equity and then all profit will be split equally.

(v)

Principal balance of $127,600 bears interest at 5.114 percent and matures in August 27, 2023; principal balance of $65,786 bears interest at rates ranging from LIBOR+5.0 percent to LIBOR+5.75 percent and matures in August 27, 2016; principal balance of $10,425 bears interest at LIBOR+6.0 percent matures in August 27, 2015.

(w)

Includes the Company’s pari-passu interests of $6.2 million in five properties and Company’s subordinated equity interests to Keystone Entities receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a 10 percent IRR on its subordinate equity and then all profit will be split equally (See Note 3: Real Estate Transactions – Sales).

(x)

Principal balance of $41,240 bears interest at 4.95 percent and matures on July 1, 2017; principal balance of $70,903 bears interest at rates ranging from 5.65 percent to 6.75 percent and matures on September 9, 2017; principal balance of $14,250 bears interest at 4.88 percent and matures on July 6, 2024; principal balance of $63,400 bears interest at 4.93 percent and matures on July 6, 2044; principal balance of $15,050 bears interest at 4.71 percent and matures on August 6, 2044.

(y)

Balance includes: (i) mortgage loan, collateralized by the hotel property, with a balance of $61,519, bears interest at 6.15 percent and matures in November 2016, and (ii) loan with a balance of $4.1 million, bears interest at fixed rates ranging from 6.09 percent to 6.62 percent and matures in August 1, 2020.  The Company posted a $4.1 million letter of credit in support of this loan, half of which is indemnified by the partner.

(z)

The joint venture collected net proceeds of $47.2 million at maturity, of which the Company received its share of $37.8 million on August 6, 2014.  

(aa)

The construction/permanent loan has a maximum borrowing amount of $192,000.

Year Ended December 31,

Entity / Property Name

Multi-family

Marbella RoseGarden, L.L.C./ Marbella 

$

$

$

RoseGarden Monaco Holdings, L.L.C./ Monaco

Rosewood Lafayette Holdings, L.L.C./ Highlands at Morristown Station

PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial

 -

Rosewood Morristown, L.L.C. / Metropolitan at 40 Park

Overlook Ridge JV, L.L.C./ Quarrystone at Overlook Ridge

 -

 -

 -

Overlook Ridge JV 2C/3B, L.L.C./The Chase at Overlook Ridge

PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial 

Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C)

Crystal House Apartments Investors LLC / Crystal House

 -

Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7

PruRose Port Imperial South 13, LLC / RiverParc at Port Imperial 

Roseland/Port Imperial Partners, L.P./ Riverwalk C

 -

RoseGarden Marbella South, L.L.C./ Marbella II

 -

Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B)

 -

Riverpark at Harrison I, L.L.C./ Riverpark at Harrison 

 -

 -

Capitol Place Mezz LLC / Station Townhouses

 -

 -

Harborside Unit A Urban Renewal, L.L.C. / URL Harborside

 -

 -

RoseGarden Monaco, L.L.C./ San Remo Land

 -

 -

 -

Grand Jersey Waterfront URA, L.L.C./ Liberty Landing

 -

Office

Red Bank Corporate Plaza, L.L.C./ Red Bank

12 Vreeland Associates, L.L.C./ 12 Vreeland Road

BNES Associates III / Offices at Crystal Lake

Hillsborough 206 Holdings, L.L.C./ Hillsborough 206

 -

KPG-P 100 IMW JV, LLC / 100 Independence Mall West

 -

Keystone-Penn

 -

 -

 -

Keystone-TriState

 -

 -

KPG-MCG Curtis JV, L.L.C./ Curtis Center

 -

 -

Other

Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations)

Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial

South Pier at Harborside / Hyatt Regency Jersey City on the Hudson

Stamford SM LLC / Senior Mezzanine Loan

Other

Company's equity in earnings (loss) of unconsolidated joint ventures

$

$

$

Year Ended December 31,

Total revenues

$

$

$

Operating and other expenses

Depreciation and amortization

Interest expense

Net income (loss)

$

$

$