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.