Investments In Unconsolidated Joint Ventures |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Investments In Unconsolidated Joint Ventures [Line Items] | |
| Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2021, the Company had an aggregate investment of approximately $137.8 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage properties, or to acquire land in anticipation of possible development of rental properties. As of December 31, 2021, the unconsolidated joint ventures owned: seven multifamily properties totaling 2,146 apartment units, a retail property aggregating approximately 51,000 square feet, a 351-room hotel, and interests and/or rights to developable land parcels able to accommodate up to 1,621 apartment units. The Company’s unconsolidated interests range from 20 percent to 85 percent subject to specified priority allocations in certain of the joint ventures. 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. Unless otherwise noted below, 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 has agreed to guarantee repayment of a portion of the debt of its unconsolidated joint ventures. As of December 31, 2021, the outstanding balance of such debt, subject to guarantees, totaled $191.2 million of which $22 million was guaranteed by the Company. 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 $3.4 million, $4.9 million and $5.3 million for such services in the years ended December 31, 2021, 2020 and 2019, respectively. The Company had $0.2 million and $0.3 million in accounts receivable due from its unconsolidated joint ventures as of December 31, 2021 and 2020. Included in the Company’s investments in unconsolidated joint ventures are three VIEs for which the Company is not the primary beneficiary. These joint ventures were primarily established to develop real estate property for long-term investment and were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entities to finance their activities without additional financial support. As of December 31, 2021, the Company has determined that these unconsolidated joint ventures are no longer VIEs since these ventures have completed their development projects and are now in operation with leased percentages ranging from 89.8% to 99.2%. The following is a summary of the Company's unconsolidated joint ventures as of December 31, 2021 and 2020 (dollars in thousands): Property Debt Number of Company's Carrying Value As of December 31, 2021 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Nameor Rentable SF Ownership % (a) 2021 2020 Balance Date Rate Multifamily Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 2,547 $ 3,347 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 6,077 6,667 82,000 11/10/26 3.21% PI North - Riverwalk C (e) 360 units 40.00 % 27,401 36,992 135,000 12/22/24 SOFR+1.2% Riverpark at Harrison 141 units 45.00 % - 681 30,192 07/01/35 3.19% Station House 378 units 50.00 % 33,004 34,026 93,329 07/01/33 4.82% Urby at Harborside (f) 762 units 85.00 % 66,418 72,752 191,160 08/01/29 5.197% PI North - Land (b) (g) 771 potential units 20.00 % 1,678 1,678 - - - Liberty Landing (h) 850 potential units 50.00 % 300 337 - - - Office 12 Vreeland Road (i) 139,750 sf 50.00 % - 1,811 - - - Offices at Crystal Lake (j) 106,345 sf 31.25 % - 3,744 - - - Other Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668% Other (k) 347 347 - - - Totals: $ 137,772 $ 162,382 $ 692,448 (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 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59-unit, five story multifamily rental property ("Lofts at 40 Park").(d)Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $36,500, bears interest at LIBOR +2.85 percent, matures in October 2023; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,067, bears interest at LIBOR +1.50 percent and matures in October 2022; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $18,200, which bears interest at LIBOR +1.50 percent and matures in January 2023.(e)On December 22, 2021, the venture paid off $108.3 million construction loan and simultaneously obtained a new $135 million mortgage loan, collateralized by the property and received its share of net loan proceeds of $9.2 million. The property commenced operations in second quarter 2021.(f)The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The Company has guaranteed $22 million of the principal outstanding debt.(g)The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 771 apartment units. (h)Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing. (i)On April 29, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $2 million.(j)On September 1, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $1.9 million.(k)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. The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands): Year Ended December 31, Entity / Property Name 2021 2020 2019 Multifamily Metropolitan and Lofts at 40 Park $ (801) $ (1,010) $ (422) RiverTrace at Port Imperial 92 111 317 Crystal House (a) - (924) (687) PI North - Riverwalk C (b) (506) (368) (279) Riverpark at Harrison (c) (1,153) (273) (172) Station House (1,647) (1,650) (2,000) Urby at Harborside (580) 1,095 1,587 PI North - Land (250) - - Liberty Landing (d) (40) (5) - Office - 12 Vreeland Road (e) 2 (2,035) (3,172) Offices at Crystal Lake (f) (113) 224 79 Other Riverwalk Retail (g) - (10) (72) Hyatt Regency Hotel Jersey City - 625 3,388 Other 745 388 114 Company's equity in earnings (loss) of unconsolidated joint ventures (h)$ (4,251) $ (3,832) $ (1,319) (a)On December 31, 2020, the Crystal House Apartment Investors LLC, an unconsolidated joint venture property sold its sole apartment property. The Company realized its share of the gain on the property sale from the unconsolidated joint venture of $35.1 million.(b)The property commenced operations in second quarter 2021.(c)In September 2021, the joint venture agreed to settle certain obligations regarding a previously owned development project, of which the Company’s share of the expense for such settlement was $0.9 million, which was recorded in equity in earnings for this venture in the year ended December 31, 2021.(d)Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing.(e)On April 29, 2021, the Company sold its interest in the joint venture and realized no gain or loss on the sale.(f)On September 1, 2021, the Company sold its interest in this unconsolidated joint venture to its venture partner for $1.9 million, and realized a loss on the sale of approximately $1.9 million.(g)On March 12, 2020, the Company acquired the remaining 80 percent interest from its equity partner and consolidated the asset. (h)Amounts are net of amortization of basis differences of $138 and $143 for the year ended December 31, 2021 and 2020, respectively. |
| VERIS RESIDENTIAL, L.P. [Member] | |
| Investments In Unconsolidated Joint Ventures [Line Items] | |
| Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2021, the Company had an aggregate investment of approximately $137.8 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage properties, or to acquire land in anticipation of possible development of rental properties. As of December 31, 2021, the unconsolidated joint ventures owned: seven multifamily properties totaling 2,146 apartment units, a retail property aggregating approximately 51,000 square feet, a 351-room hotel, and interests and/or rights to developable land parcels able to accommodate up to 1,621 apartment units. The Company’s unconsolidated interests range from 20 percent to 85 percent subject to specified priority allocations in certain of the joint ventures. 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. Unless otherwise noted below, 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 has agreed to guarantee repayment of a portion of the debt of its unconsolidated joint ventures. As of December 31, 2021, the outstanding balance of such debt, subject to guarantees, totaled $191.2 million of which $22 million was guaranteed by the Company. 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 $3.4 million, $4.9 million and $5.3 million for such services in the years ended December 31, 2021, 2020 and 2019, respectively. The Company had $0.2 million and $0.3 million in accounts receivable due from its unconsolidated joint ventures as of December 31, 2021 and 2020. Included in the Company’s investments in unconsolidated joint ventures are three VIEs for which the Company is not the primary beneficiary. These joint ventures were primarily established to develop real estate property for long-term investment and were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entities to finance their activities without additional financial support. As of December 31, 2021, the Company has determined that these unconsolidated joint ventures are no longer VIEs since these ventures have completed their development projects and are now in operation with leased percentages ranging from 89.8% to 99.2%. The following is a summary of the Company's unconsolidated joint ventures as of December 31, 2021 and 2020 (dollars in thousands): Property Debt Number of Company's Carrying Value As of December 31, 2021 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Nameor Rentable SF Ownership % (a) 2021 2020 Balance Date Rate Multifamily Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 2,547 $ 3,347 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 6,077 6,667 82,000 11/10/26 3.21% PI North - Riverwalk C (e) 360 units 40.00 % 27,401 36,992 135,000 12/22/24 SOFR+1.2% Riverpark at Harrison 141 units 45.00 % - 681 30,192 07/01/35 3.19% Station House 378 units 50.00 % 33,004 34,026 93,329 07/01/33 4.82% Urby at Harborside (f) 762 units 85.00 % 66,418 72,752 191,160 08/01/29 5.197% PI North - Land (b) (g) 771 potential units 20.00 % 1,678 1,678 - - - Liberty Landing (h) 850 potential units 50.00 % 300 337 - - - Office 12 Vreeland Road (i) 139,750 sf 50.00 % - 1,811 - - - Offices at Crystal Lake (j) 106,345 sf 31.25 % - 3,744 - - - Other Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668% Other (k) 347 347 - - - Totals: $ 137,772 $ 162,382 $ 692,448 (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 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59-unit, five story multifamily rental property ("Lofts at 40 Park").(d)Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $36,500, bears interest at LIBOR +2.85 percent, matures in October 2023; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,067, bears interest at LIBOR +1.50 percent and matures in October 2022; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $18,200, which bears interest at LIBOR +1.50 percent and matures in January 2023.(e)On December 22, 2021, the venture paid off $108.3 million construction loan and simultaneously obtained a new $135 million mortgage loan, collateralized by the property and received its share of net loan proceeds of $9.2 million. The property commenced operations in second quarter 2021.(f)The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The Company has guaranteed $22 million of the principal outstanding debt.(g)The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 771 apartment units. (h)Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing. (i)On April 29, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $2 million.(j)On September 1, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $1.9 million.(k)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. The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands): Year Ended December 31, Entity / Property Name 2021 2020 2019 Multifamily Metropolitan and Lofts at 40 Park $ (801) $ (1,010) $ (422) RiverTrace at Port Imperial 92 111 317 Crystal House (a) - (924) (687) PI North - Riverwalk C (b) (506) (368) (279) Riverpark at Harrison (c) (1,153) (273) (172) Station House (1,647) (1,650) (2,000) Urby at Harborside (580) 1,095 1,587 PI North - Land (250) - - Liberty Landing (d) (40) (5) - Office - 12 Vreeland Road (e) 2 (2,035) (3,172) Offices at Crystal Lake (f) (113) 224 79 Other Riverwalk Retail (g) - (10) (72) Hyatt Regency Hotel Jersey City - 625 3,388 Other 745 388 114 Company's equity in earnings (loss) of unconsolidated joint ventures (h)$ (4,251) $ (3,832) $ (1,319) (a)On December 31, 2020, the Crystal House Apartment Investors LLC, an unconsolidated joint venture property sold its sole apartment property. The Company realized its share of the gain on the property sale from the unconsolidated joint venture of $35.1 million.(b)The property commenced operations in second quarter 2021.(c)In September 2021, the joint venture agreed to settle certain obligations regarding a previously owned development project, of which the Company’s share of the expense for such settlement was $0.9 million, which was recorded in equity in earnings for this venture in the year ended December 31, 2021.(d)Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing.(e)On April 29, 2021, the Company sold its interest in the joint venture and realized no gain or loss on the sale.(f)On September 1, 2021, the Company sold its interest in this unconsolidated joint venture to its venture partner for $1.9 million, and realized a loss on the sale of approximately $1.9 million.(g)On March 12, 2020, the Company acquired the remaining 80 percent interest from its equity partner and consolidated the asset. (h)Amounts are net of amortization of basis differences of $138 and $143 for the year ended December 31, 2021 and 2020, respectively. |