Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)

v3.22.2
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)
 6 Months Ended
Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Summary Of Unconsolidated Joint Ventures
The following is a summary of the Company's unconsolidated joint ventures as of June 30, 2022 and December 31, 2021 (dollars in thousands):
Entity / Property Name Number of
Apartment Units
or Rentable SF		 Company's
Effective
Ownership % (a)		 Carrying Value  Balance  Property Debt Interest
Rate
As of June 30, 2022
June 30,
2022		 December 31,
2021		 Maturity
Date
Multifamily
Metropolitan and Lofts at
40 Park (b) (c)		 189 units 25.00  % $ 2,187  $ 2,547  $ 60,767  (d) (d)
RiverTrace at Port Imperial 316 units 22.50  % 5,733  6,077  82,000  11/10/26   3.21  %
Capstone at Port Imperial 360 units 40.00  % 25,651  27,401  135,000  12/22/24 SOFR+ 1.2  %
Riverpark at Harrison 141 units 45.00  % —  —  30,192  07/01/35 3.19  %
Station House 378 units 50.00  % 32,640  33,004  92,391  07/01/33 4.82  %
Urby at Harborside (e) 762 units 85.00  % 64,197  66,418  189,845  08/01/29 5.197  %
PI North - Land (b) (f) 771 potential units 20.00  % 1,678  1,678  —  —  —
Liberty Landing (g) 850 potential units 50.00  % 300  300  —  —  —
Other
Hyatt Regency Hotel Jersey City 351 rooms 50.00  % —  —  100,000  10/01/26 3.668  %
Other (h) 404  347  —  —  —
Totals: $ 132,790  $ 137,772  $ 690,195 
(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)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.
(f)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.
(g)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.
(h)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.
Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures
The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three and six months ended June 30, 2022 and 2021 (dollars in thousands):
Three Months Ended
June 30,		 Six Months Ended
June 30,
Entity / Property Name 2022 2021 2022 2021
Multifamily
Metropolitan and Lofts at 40 Park $ (95) $ (265) $ (233) $ (496)
RiverTrace at Port Imperial 80  (5) 147  (10)
Capstone at Port Imperial (a) 23  (458) 49  (458)
Riverpark at Harrison 45  (76) 45  (126)
Station House (96) (454) (455) (819)
Urby at Harborside (b) 2,793  1,680  2,768  936 
PI North - Land (102) (62) (173) (118)
Liberty Landing (10) —  (10) — 
Office
12 Vreeland Road (c) —  2  —  2 
Offices at Crystal Lake (d) —  (16) —  (135)
Other
Other —  3  13  117 
Company's equity in earnings (loss) of unconsolidated joint ventures (e) $ 2,638  $ 349  $ 2,151  $ (1,107)
(a)The property commenced operations in second quarter 2021.
(b)Includes $2.6 million of the Company’s share of the venture’s income from its sale of an economic urban tax credit certificate from the State of New Jersey to a third party. The venture has an agreement to sell tax credits to a third party over the next five years for $3.0 million per year for a total of $15 million. The sales are subject to the venture obtaining the tax credits from the State of New Jersey each year and transferring the tax credit certificate to the buyer each year.
(c)On April 29, 2021, the Company sold its interest in the joint venture for a gross sale price of approximately $2 million.
(d)On September 1, 2021, the Company sold its interest in this unconsolidated joint venture to its venture partner for $1.9 million.
(e)Amounts are net of amortization of basis differences of $154 and $143 for the three months ended June 30, 2022 and 2021, respectively, and $309 and $286 for the six months ended June 30, 2022 and 2021, respectively.