(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 multi-family rental property ("Lofts at 40 Park").

(d)

Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, refinanced on September 18, 2020, 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 +2.25 percent and matures in October 2021; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $18,200, which bears interest at LIBOR +1.5 percent and matures in January 2023.

(e)

Included in this is the Company's unconsolidated 50 percent interest in a vacant land to accommodate the development of approximately 738 additional approved units. On June 26, 2020, the loan was refinanced with a borrowing amount of $161,500.

(f)

The venture has a construction loan with a maximum borrowing amount of $112,000, of which the Company has guaranteed 10 percent of the principal outstanding.

(g)

On June 10, 2020, the loan was refinanced with a borrowing amount of $30,192.

(h)

The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines.

(i)

The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 836 apartment units. The Company has guaranteed $22 million of the principal outstanding debt.

(j)

At December 31, 2019, the Company evaluated the recoverability of the carrying value of certain investments in unconsolidated joint venture, being considered for sale in the short or medium term. The Company determined that due to tenant turnover, lease-up assumptions, along with the Company's plans to exit its investment, it was necessary to reduce the carrying value of the investment to its estimated fair value. Accordingly, the Company recorded an impairment charge of $3.7 million at December 31, 2019.

(k)

On March 12, 2020, the Company acquired its equity partner's 80 percent interest and increased ownership to 100 percent. See Note 3: Recent Transactions - Consolidation.

(l)

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. 

Three Months Ended

Nine Months Ended

September 30,

September 30,

Entity / Property Name

2020

2019

2020

2019

Multi-family

Metropolitan at 40 Park

$

(276)

$

(135)

$

(611)

$

(333)

RiverTrace at Port Imperial

(3)

47

130

137

Crystal House

(257)

(117)

(598)

(526)

PI North - Riverwalk C / Land

(102)

(79)

(340)

(211)

Marbella II (b)

-

-

-

(15)

Riverpark at Harrison

(62)

(34)

(186)

(159)

Station House

(677)

(392)

(1,816)

(1,486)

Urby at Harborside

1,924

(c)

(240)

1,915

(c)

(989)

Liberty Landing

-

-

-

-

Hillsborough 206

-

-

-

-

Office

Red Bank (d)

-

-

-

8 

12 Vreeland Road

92

125

350

282

Offices at Crystal Lake

72

36

147

65

Other

Riverwalk Retail (e)

-

(21)

(11)

(63)

Hyatt Regency Hotel Jersey City

412

750

363

2,388

Other

250

(53)

376

20

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

$

1,373

$

(113)

$

(281)

$

(882)

(a)

Amounts are net of amortization of basis differences of $143 and $156 for the three months ended September 30, 2020 and 2019, respectively.

(b)

On January 31, 2019, the Company acquired one of its equity partner's 50 percent interest and as a result, increased its ownership from 24.27 percent subordinated interest to 74.27 percent controlling interest, and ceased applying the equity method of accounting at such time.

(c)

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 seven years for $3 million per year for a total of $21 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.

(d)

On February 28, 2019, the Company sold its 50 percent interest to its partner and realized a gain of $0.9 million.

(e)

On March 12, 2020, the Company acquired its equity partner's 80 percent interest and increased ownership to 100 percent. See Note 3: Recent Transactions - Consolidation.