Property Debt



Number of

Company's

Carrying Value

As of December 31, 2016



Apartment Units

Effective

December 31,

December 31,

Maturity

Interest

Entity / Property Name

or Rentable Square Feet (sf)

Ownership % (a)

2016

2015

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

units

%

(d)

(d)

Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial  (e)

units

%

(f)

 -

11/10/26

%

(f)

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

units

%

 -

 -

03/01/30

%

Crystal House Apartments Investors LLC / Crystal House  (g)

units

%

04/01/20

%

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

units

%

 -

-

-

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

units

%

03/30/17

L+2.25

%

(i)

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

units

%

 -

 -

03/01/30

%

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

units

%

08/01/25

%

Capitol Place Mezz LLC / Station Townhouses

units

%

07/01/33

%

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

units

%

08/01/29

%

(j)

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

potential units

%

 -

-

-

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

potential units

%

 -

-

-

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

sf

%

 -

-

-

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

sf

%

 -

-

-



Office

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

sf

%

05/17/17

L+3.00

%

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

sf

%

07/01/23

%

BNES Associates III / Offices at Crystal Lake

sf

%

11/01/23

%

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

sf

%

(t)

 -

 -

09/08/18

L+5.95

%

(k)

Keystone-Penn

sf

(l)

(t)

 -

 -

(m)

(m)

Keystone-TriState

sf

(n)

(t)

(o)

(o)

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

sf

%

(q)

(q)

(q)



Other

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

sf

%

 -

-

-

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

rooms

%

(r)

10/01/26

%

Other (s)

 -

-

-

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)      

Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $37,640, bears interest at 3.25 percent, matures in September 2020; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,318, bears interest at 3.63 percent, matures in August 2018.  On February 3, 2017, the venture obtained a construction loan for the Lofts at 40 Park with a maximum borrowing amount of $13,950, which bears interest at LIBOR plus 250 basis points and matures in February 2020.

(e)      

During the second quarter 2016, the Company acquired the equity interests of its joint venture partner in Portside Apartment Holdings, L.L.C and PruRose Riverwalk G, L.L.C. for $39.6 million and $11.3 million, respectively, which increased its ownership to 100 percent in Portside Apartment Holdings, LLC and 50 percent in Riverwalk G Urban Renewal, L.L.C.  (See Note 3: Recent Transactions – Acquisitions).

(f)      

The loan was refinanced in October 2016.  The new $82 million loan matures in November 2026 and has an interest rate of 3.21 percent.  Concurrent with the refinancing in October 2016, the Company executed an agreement with the remaining partner which converted its 50 percent subordinated interest to 22.5 percent pari passu interest.

(g)  

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

(h)      

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

(i)      

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.

(j)

The construction/permanent loan has a maximum borrowing amount of $192,000.  The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines.

(k)

The mortgage loan has three one-year extension options, subject to certain conditions.

(l)

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. 

(m)

Principal balance of $127,103 bears interest at 5.114 percent and matures on August 27, 2023; principal balance of $45,500 bears interest at 5.01 percent and matures on September 6, 2025; principal balance of $18,281 bears interest at LIBOR+5.5 percent and matures on December 21, 2020; principal balance of $22,500 bears interest at LIBOR+5.2 percent and matures on August 31, 2019; principal balance of $11,250 bears interest at LIBOR+5.5 percent and matures on January 9, 2019; principal balance of $10,425 bears interest at LIBOR+6.0 percent matures on August 27, 2017.

(n)

Includes the Company’s pari passu interests of $2.3 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.

(o)      

Principal balance of $47,500 bears interest at 5.57 percent and matures on July 1, 2017; principal balance of $78,439 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, 2024.

(p)      

Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. 

(q)

See Note 9: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets.

(r)

The negative carrying value for this venture of $3,317 as of December 31, 2015, was included in accounts payable, accrued expenses and other liabilities.

(s)

The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. 

(t)

On January 31, 2017, the Company sold its equity interest in the joint venture.  See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity.

(u)

On February 3, 2017, the Company acquired the equity interest of its partner.  See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity.

(v)

On February 15, 2017, the Company sold its 7.5 percent interest in Elmajo Urban Renewal Associates, LLC and Estuary Urban Renewal Unit B, LLC joint ventures that own operating multi-family properties, located in Weehawken, New Jersey for a combined sales price of $5.1 million.







December 31,

December 31,



2016

2015

Assets:

   Rental property, net

$

$

   Other assets

   Total assets

$

$

Liabilities and partners'/

members' capital:

   Mortgages and loans payable

$

$

   Other liabilities

   Partners'/members' capital

   Total liabilities and

   partners'/members' capital

$

$







Year Ended December 31,

Entity / Property Name

2016

2015

2014

Multi-family

Marbella RoseGarden, L.L.C./ Marbella 

$

$

$

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

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

Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial 

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

 -

 -

Crystal House Apartments Investors LLC / Crystal House

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

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

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

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

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

 -

Keystone-Penn

 -

Keystone-TriState

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

Other

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

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

Other

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

$

$

$







Year Ended December 31,



2016

2015

2014

Total revenues

$

$

$

Operating and other expenses

Depreciation and amortization

Interest expense

Net loss

$

$

$