Annual report pursuant to Section 13 and 15(d)

Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details)

v3.8.0.1
Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details)
$ in Thousands
1 Months Ended 6 Months Ended 12 Months Ended
Dec. 07, 2017
Sep. 29, 2017
USD ($)
Sep. 21, 2017
USD ($)
Mar. 31, 2017
USD ($)
Feb. 15, 2017
USD ($)
Feb. 03, 2017
USD ($)
item
Apr. 01, 2016
USD ($)
Feb. 03, 2007
Oct. 31, 2016
Jun. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
ft²
item
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Feb. 28, 2017
shares
Feb. 02, 2017
May 26, 2016
item
Schedule of Equity Method Investments [Line Items]                                
Carrying Amount                     $ 252,626 $ 320,047        
Property Debt, Balance                     45,734          
Cash consideration                   $ 2,000            
Accounts payable, accrued expenses and other liabilities                     192,716 159,874        
Mortgage loan face amount                     44,695          
Purchase price of property                     90,068 121,582 $ 94,073      
Proceeds from the sale of investments in unconsolidated joint ventures                     110,269 6,420 6,448      
Debt                     2,809,568          
Gain (loss) on sale of investment in unconsolidated joint venture                     $ 23,131 5,670 $ 6,448      
Minimum [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Company's Effective Ownership %                     12.50%          
Maximum [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Company's Effective Ownership %                     85.00%          
RoseGarden Monaco Holdings, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Company's Effective Ownership %                           13.80%    
Gain (loss) on sale of investment in unconsolidated joint venture     $ (1,400)                          
PruRose Riverwalk G, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item                     316          
Purchase price of property             $ 11,300                  
Percent of pari passu interest                 22.50%              
Crystal House Apartments Investors LLC [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Percentage of interest in developable land                     50.00%          
Number of units available for development | item                     295          
Number of approved units available for development | item                     252          
Riverwalk C Urban Renewal, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Subordinate interest 20.00%                              
Percent of pari passu interest 40.00%                              
RoseGarden Marbella South, L.L.C. [Member] | Construction Loan [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of extension options | item                     2          
Loan extension period       1 year             1 year          
Extension fee                     0.25%          
Maximum borrowing capacity       $ 75,000             $ 77,400          
Harborside Unit A Urban Renewal, LLC [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Company's Effective Ownership %                     85.00%          
Harborside Unit A Urban Renewal, LLC [Member] | Construction/Permanent Loan [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Maximum borrowing capacity                     $ 192,000          
RoseGarden Monaco, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Gain (loss) on sale of investment in unconsolidated joint venture     $ (1,400)                          
Plaza VIII & IX Associates, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Company's Effective Ownership %                             50.00%  
PruRose Port Imperial South 15, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item                               236
Percentage of interest in venture                               50.00%
PruRose Port Imperial South 13, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Percentage of interest in venture                               20.00%
KPG-MCG Curtis JV, LLC [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Proceeds from the sale of investments in unconsolidated joint ventures   $ 102,500                            
Debt   75,000                            
Gain (loss) on sale of investment in unconsolidated joint venture   $ 12,000                            
The Shops At 40 Park Property [Member] | Rosewood Morristown, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Rentable Square Feet (sf) | ft²                     50,973          
Property Debt, Balance                     $ 6,200          
Property Debt, Maturity Date                     Aug. 01, 2018          
Property Debt, Interest Rate                     3.63%          
Residual ownership interest                     12.50%          
Lofts At 40 Park Property [Member] | Rosewood Morristown, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item                     59          
Property Debt, Balance           $ 10,200                    
Indirect ownership interest                     25.00%          
Number of stories | item                     5          
Lofts At 40 Park Property [Member] | Rosewood Morristown, L.L.C. [Member] | Construction Loan [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Property Debt, Maturity Date           Feb. 01, 2020                    
Property Debt, Interest Rate, Spread Over LIBOR           2.50%                    
Number of extension options | item           2                    
Loan extension period               1 year                
Extension fee               0.15%                
Metropolitan Property [Member] | RoseGarden Monaco Holdings, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Preferred units shares issued | shares                           9,122    
Metropolitan Property [Member] | Rosewood Morristown, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Property Debt, Balance                     $ 36,800          
Property Debt, Maturity Date                     Sep. 01, 2020          
Property Debt, Interest Rate                     3.25%          
Port Imperial North Land [Member] | Roseland/Port Imperial Partners, L.P. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item                     836          
Residual ownership interest                     20.00%          
Unconsolidated Joint Venture Multi-Family Properties [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item                     3,275          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella RoseGarden, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item                     412          
Company's Effective Ownership % [1]                     24.27%          
Carrying Amount                     $ 14,544 15,150        
Property Debt, Balance                     $ 95,000          
Property Debt, Maturity Date                     May 01, 2018          
Property Debt, Interest Rate                     4.99%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | RoseGarden Monaco Holdings, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item [2]                     523          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Rosewood Morristown, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item [3],[4]                     130          
Company's Effective Ownership % [1],[3],[4]                     12.50%          
Carrying Amount [3],[4]                     $ 6,834 7,145        
Property Debt, Balance [3],[4],[5]                     $ 53,224          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverwalk G Urban Renewal, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item                     316          
Company's Effective Ownership % [1]                     22.50%          
Carrying Amount                     $ 8,864 9,707        
Property Debt, Balance                     $ 82,000          
Property Debt, Maturity Date                     Nov. 10, 2026          
Property Debt, Interest Rate                     3.21%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Elmajo Urban Renewal Associates, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item [6]                     355          
Company's Effective Ownership % [1],[6]                     7.50%          
Gain (loss) on sale of investment in unconsolidated joint venture         $ 5,100                      
Unconsolidated Joint Venture Multi-Family Properties [Member] | Crystal House Apartments Investors LLC [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item [7]                     825          
Company's Effective Ownership % [1],[7]                     25.00%          
Carrying Amount [7]                     $ 30,570 30,565        
Property Debt, Balance [7]                     $ 165,000          
Property Debt, Maturity Date [7]                     Apr. 01, 2020          
Property Debt, Interest Rate [7]                     3.17%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverwalk C Urban Renewal, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item [8]                     360          
Company's Effective Ownership % [1],[8]                     40.00%          
Carrying Amount [8]                     $ 16,844          
Property Debt, Maturity Date [8]                     Dec. 06, 2021          
Property Debt, Interest Rate, LIBOR [8]                     L+2.75          
Property Debt, Interest Rate, Spread Over LIBOR                     2.75%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | RoseGarden Marbella South, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item                     311          
Company's Effective Ownership % [1]                     24.27%          
Carrying Amount                     $ 16,471 18,050        
Property Debt, Balance                     $ 74,690          
Property Debt, Maturity Date                     Mar. 30, 2018          
Property Debt, Interest Rate, LIBOR [9]                     L+2.25          
Property Debt, Interest Rate, Spread Over LIBOR [9]                     2.25%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Estuary Urban Renewal Unit B, LLC [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item                     227          
Company's Effective Ownership % [1]                     7.50%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverpark At Harrison I, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item                     141          
Company's Effective Ownership % [1]                     45.00%          
Carrying Amount                     $ 1,604 2,085        
Property Debt, Balance                     $ 30,000          
Property Debt, Maturity Date                     Aug. 01, 2025          
Property Debt, Interest Rate                     3.70%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Capitol Place Mezz LLC [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item                     378          
Company's Effective Ownership % [1]                     50.00%          
Carrying Amount                     $ 40,124 43,073        
Property Debt, Balance                     $ 100,070          
Property Debt, Maturity Date                     Jul. 01, 2033          
Property Debt, Interest Rate                     4.82%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Harborside Unit A Urban Renewal, LLC [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item                     762          
Company's Effective Ownership % [1]                     85.00%          
Carrying Amount                     $ 94,429 100,188        
Property Debt, Balance                     $ 189,853          
Property Debt, Maturity Date                     Aug. 01, 2029          
Property Debt, Interest Rate [10]                     5.197%          
Unconsolidated Joint Venture Multi-Family Properties [Member] | Roseland/Port Imperial Partners, L.P. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item [11]                     836          
Company's Effective Ownership % [1],[11]                     20.00%          
Carrying Amount [11]                     $ 1,678 1,678        
Unconsolidated Joint Venture Multi-Family Properties [Member] | RoseGarden Monaco, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item [12]                     250          
Company's Effective Ownership % [1],[12]                     41.67%          
Carrying Amount [12]                       1,400        
Unconsolidated Joint Venture Multi-Family Properties [Member] | Grand Jersey Waterfront URA, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item                     850          
Company's Effective Ownership % [1]                     50.00%          
Carrying Amount                     $ 337 337        
Unconsolidated Joint Venture Multi-Family Properties [Member] | Hillsborough 206 Holdings, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Rentable Square Feet (sf) | ft²                     160,000          
Company's Effective Ownership % [1]                     50.00%          
Carrying Amount                     $ 1,962 1,962        
Unconsolidated Joint Venture Multi-Family Properties [Member] | Plaza VIII & IX Associates, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Rentable Square Feet (sf) | ft² [13]                     1,225,000          
Company's Effective Ownership % [1],[13]                     50.00%          
Carrying Amount [13]                       4,448        
Unconsolidated Joint Venture Multi-Family Properties [Member] | Elmajo Urban Renewal Associates, LLC And Estuary Urban Renewal Associates, LLC [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Company's Effective Ownership %         7.50%                      
Percentage of interest in venture         7.50%                      
Proceeds from the sale of investments in unconsolidated joint ventures         $ 5,100                      
Gain (loss) on sale of investment in unconsolidated joint venture         $ 5,100                      
Unconsolidated Joint Venture Office Buildings [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Rentable Square Feet (sf) | ft²                     500,000          
Unconsolidated Joint Venture Office Buildings [Member] | Red Bank Corporate Plaza, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Rentable Square Feet (sf) | ft²                     92,878          
Company's Effective Ownership % [1]                     50.00%          
Carrying Amount                     $ 4,602 4,339        
Property Debt, Balance                     $ 13,876          
Property Debt, Maturity Date                     May 17, 2018          
Property Debt, Interest Rate, LIBOR                     L+3.00          
Property Debt, Interest Rate, Spread Over LIBOR                     3.00%          
Unconsolidated Joint Venture Office Buildings [Member] | 12 Vreeland Associates, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Rentable Square Feet (sf) | ft²                     139,750          
Company's Effective Ownership % [1]                     50.00%          
Carrying Amount                     $ 6,734 6,237        
Property Debt, Balance                     $ 9,495          
Property Debt, Maturity Date                     Jul. 01, 2023          
Property Debt, Interest Rate                     2.87%          
Unconsolidated Joint Venture Office Buildings [Member] | BNES Associates III [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Rentable Square Feet (sf) | ft²                     106,345          
Company's Effective Ownership % [1]                     31.25%          
Carrying Amount                     $ 3,369 3,124        
Property Debt, Balance                     $ 4,794          
Property Debt, Maturity Date                     Nov. 01, 2023          
Property Debt, Interest Rate                     4.76%          
Unconsolidated Joint Venture Office Buildings [Member] | KPG-P 100 IMW JV, LLC [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Rentable Square Feet (sf) | ft² [14]                     339,615          
Property Debt, Interest Rate, LIBOR                     -          
Unconsolidated Joint Venture Office Buildings [Member] | Keystone-Penn [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Rentable Square Feet (sf) | ft² [14]                     1,842,820          
Company's Effective Ownership % [1]                              
Unconsolidated Joint Venture Office Buildings [Member] | Keystone-TriState [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Rentable Square Feet (sf) | ft² [14]                     1,266,384          
Company's Effective Ownership % [1]                              
Carrying Amount                       2,285        
Unconsolidated Joint Venture Office Buildings [Member] | KPG-MCG Curtis JV, LLC [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Rentable Square Feet (sf) | ft² [15]                     885,000          
Carrying Amount                       65,400        
Unconsolidated Joint Venture Other Property [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Carrying Amount                     $ 252,626 320,047        
Property Debt, Balance                     $ 917,137          
Unconsolidated Joint Venture Other Property [Member] | Roseland/North Retail, L.L.C. [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Rentable Square Feet (sf) | ft²                     30,745          
Company's Effective Ownership % [1]                     20.00%          
Carrying Amount                     $ 1,625 1,706        
Unconsolidated Joint Venture Other Property [Member] | South Pier At Harborside [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Number of units | item                     350          
Company's Effective Ownership % [1]                     50.00%          
Carrying Amount                     $ 440 163        
Property Debt, Balance                     $ 99,135          
Property Debt, Maturity Date                     Oct. 01, 2026          
Property Debt, Interest Rate                     3.668%          
Unconsolidated Joint Venture Other Property [Member] | Other [Member]                                
Schedule of Equity Method Investments [Line Items]                                
Carrying Amount [16]                     $ 1,595 $ 1,005        
[1] Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.
[2] On February 28, 2017, 9,122 Series A-1 Units were issued to the joint venture partner as noncash consideration for the partner's approximate 13.8 percent ownership interest in the joint venture. In April 2017, the Company acquired the remaining joint venture interests and increased its ownership interest to 100 percent. See Note 3: Recent Transactions - Consolidation.
[3] 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.
[4] 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").
[5] Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $36.8 million 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 $6.2 million, 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 balance of $10. 2 million, which bears interest at LIBOR plus 250 basis points and matures in February 2020 and provides, subject to certain conditions, two one-year extension options with a fee of 15 basis points for each year.
[6] 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.
[7] 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.
[8] On December 7, 2017, simultaneous with the financing of the construction loan, the Company converted its 20 percent subordinate interest to 40 percent pari-passu interest.
[9] The construction loan had a maximum borrowing amount of $77.4 million and provided, subject to certain conditions, two one-year extension options with a fee of 25 basis points for each year. On March 31, 2017, the Company exercised its first one-year extension option and concurrently the maximum borrowing amount was reduced to $75 million.
[10] The construction/permanent loan has a maximum borrowing amount of $192 million. The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The development project was placed in service in second quarter 2017.
[11] 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.
[12] On September 21, 2017, the joint venture agreement was terminated. Accordingly, the Company wrote off the carrying value of its investment in the joint venture and recorded a loss of $1.4 million on the disposition of its joint venture interest.
[13] On February 3, 2017, the Company acquired the equity interest of its partner. See Note 3: Recent Transactions - Consolidation.
[14] On January 31, 2017, the Company sold its equity interest in the joint venture. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity.
[15] Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. On September 29, 2017, the Company sold its equity interest to its joint venture partner, which included the retirement of the Company's share in the debt of $75 million. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity.
[16] 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.