Quarterly report [Sections 13 or 15(d)]

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)

v3.25.3
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule Of Unconsolidated Joint Ventures
The following is a summary of the Company's unconsolidated joint ventures as of September 30, 2025 and December 31, 2024 (dollars in thousands):
Property Debt
Entity / Property Name Number of
Apartment Units		 Company's
Effective
Ownership %		 Carrying Value As of September 30, 2025
September 30,
2025		 December 31,
2024		 Balance Maturity
Date		 Interest
Rate
Metropolitan at 40 Park (a) 130 units (a) $ —  $ 689  $ —  —  —  %
RiverTrace at Port Imperial 316 units 22.5  % 3,597  4,074  82,000  11/10/26   3.21  %
The Capstone at Port Imperial 360 units 40.0  % 17,731  20,519  135,000  12/22/25
SOFR+
 1.20  %
Riverpark at Harrison 141 units 45.0  % —  —  30,097  07/01/35 3.19  %
Station House 378 units 50.0  % 31,513  31,509  85,716  07/01/33 4.82  %
Urby at Harborside (b) 762 units (b) —  52,832  —  —  —  %
PI North - Land (a) 829 potential units (a) —  1,678  —  —  —
Totals: $ 52,841  $ 111,301  $ 332,813 
(a)In April 2025, the Company sold its interests in The Metropolitan at 40 Park multifamily rental property in Morristown, New Jersey and PI North developable land parcels in West New York, New Jersey. See Note 3: Investments in Rental Properties - Dispositions of Unconsolidated Joint Ventures.
(b)The Company owned an 85 percent interest with shared control over major decisions such as approval of budgets, property financing and leasing guidelines. In April 2025, the Company acquired the remaining 15 percent controlling interest in the joint venture and consolidated its full interest in the property. See Note 3: Investments in Rental Properties - Acquisition of Controlling Interest in Unconsolidated Joint Venture.
Schedule 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 nine months ended September 30, 2025 and 2024, respectively (dollars in thousands):
Three Months Ended
September 30,		 Nine Months Ended
September 30,
Entity / Property Name 2025 2024 2025 2024
Metropolitan and Lofts at 40 Park (a) $ —  $ (378) $ (361) $ (852)
RiverTrace at Port Imperial 174  304  483  595 
The Capstone at Port Imperial 154  104  504  148 
Riverpark at Harrison 54  68  162  204 
Station House (42) (92) 4  (263)
Urby at Harborside —  (574) 3,916  3,013 
PI North - Land (a) —  —  —  (226)
Other
Other 300  300 
Company's equity in earnings (loss) of unconsolidated joint ventures (b) $ 340  $ (268) $ 4,708  $ 2,919 
(a)In January 2024, the joint venture sold the Lofts at 40 Park multifamily rental property. In April 2025, the Company sold its interest in The Metropolitan at 40 Park multifamily rental property in Morristown, New Jersey and PI North developable land parcels in West New York, New Jersey. See Note 3: Investments in Rental Properties - Dispositions of Unconsolidated Joint Ventures.
(b)Amounts are net of amortization of basis differences of $0.1 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively, and $0.3 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively.