INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2025 and December 31, 2024 (dollars in thousands):

									Property Debt
Entity / Property Name	Number of Apartment Units		Company's Effective Ownership % (a)		Carrying Value				As of March, 31, 2025
					March 31, 2025		December 31, 2024		Balance		Maturity Date		Interest Rate
Multifamily
Metropolitan at 40 Park (b)	130	units	25.0	%	$	441	$	689	$	34,100	10/10/25	SOFR+	2.85	%
RiverTrace at Port Imperial	316	units	22.5	%	3,917		4,074		82,000		11/10/26		3.21	%
The Capstone at Port Imperial	360	units	40.0	%	19,810		20,519		135,000		12/22/25	SOFR+	1.20	%
Riverpark at Harrison	141	units	45.0	%	—		—		30,192		07/01/35		3.19	%
Station House	378	units	50.0	%	31,497		31,509		86,812		07/01/33		4.82	%
Urby at Harborside (c)	762	units	85.0	%	54,264		52,832		181,810		08/01/29		5.20	%
PI North - Land (b)	829	potential units	20.0	%	1,678		1,678		—		—		—
Totals:					$	111,607	$	111,301	$	549,914

(a)Company's effective ownership percentage represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.

(b)The Company's ownership interests in these ventures 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. 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. Refer to Note 3 - Investments in Rental Properties - Dispositions of Unconsolidated Joint Ventures.

(c)The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. In April 2025, the Company acquired the remaining 15% interest in the joint venture. Refer to Note 3 - Investments in Rental Properties - Acquisitions of Unconsolidated Joint Venture Interests.

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 months ended March 31, 2025 and 2024, respectively (dollars in thousands):

	Three Months Ended March 31,
Entity / Property Name	2025		2024
Multifamily
Metropolitan and Lofts at 40 Park (a)	$	(249)	$	(427)
RiverTrace at Port Imperial	160		159
The Capstone at Port Imperial	161		49
Riverpark at Harrison	54		68
Station House	(11)		(38)
Urby at Harborside	3,727		503
PI North - Land	—		(60)
Company's equity in earnings (loss) of unconsolidated joint ventures (b)	$	3,842	$	254

(a)In January 2024, the joint venture sold the Lofts at 40 Park multifamily rental property for $30.3 million and the Company recorded a gain on the sale for its interest of approximately $7.1 million.

(b)Amounts are net of amortization of basis differences of $154 thousand for each of the three months ended March 31, 2025 and 2024.