INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables)
 6 Months Ended
Jun. 30, 2023
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, 2023 and December 31, 2022 (dollars in thousands):
Property Debt
Entity / Property NameNumber of
Apartment Units
or Rentable SF		Company's
Effective
Ownership % (a)		Carrying ValueAs of June 30, 2023Interest
Rate
June 30,
2023		December 31,
2022		BalanceMaturity
Date
Multifamily
Metropolitan and Lofts at
40 Park (b) (c)		189units25.00 %$1,038 $1,747 $60,767 (d)(d)
RiverTrace at Port Imperial 316units22.50 %4,767 5,114 82,000 11/10/26 3.21 %
Capstone at Port Imperial360units40.00 %22,505 23,234 135,000 12/22/24SOFR+1.2 %
Riverpark at Harrison141units45.00 %— — 30,192 07/01/353.19 %
Station House378units50.00 %32,365 32,372 90,447 07/01/334.82 %
Urby at Harborside (e)762units85.00 %59,663 61,594 187,137 08/01/295.197 %
PI North - Land (b) (f)829potential units20.00 %1,678 1,678 — — —
Other (g)419 419 — — —
Totals:$122,435 $126,158 $585,543 
(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, with a fixed rate of 5.125%. On January 10, 2023, the loan was modified bearing interest at SOFR +2.00 percent and matures in January 2025; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $18,200, which bears interest at SOFR +2.00 percent and originally matured in January 2023. The loan has been extended with a maturity date of October 1, 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 had guaranteed $22 million of the principal outstanding debt. On February 1, 2023, the lender released the guarantor of all obligations under the Guaranty Agreement.
(f)The Company owns a 20 percent residual interest in undeveloped land parcels 6 and I that can accommodate the development of 829 multifamily units.
(g)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, 2023 and 2022, respectively (dollars in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
Entity / Property Name2023202220232022
Multifamily
Metropolitan and Lofts at 40 Park $(326)$(95)$(608)$(233)
RiverTrace at Port Imperial 144 80 282 147 
Capstone at Port Imperial (126)23 (313)49 
Riverpark at Harrison67 45 405 45 
Station House91 (96)(7)(455)
Urby at Harborside 2,906 2,793 2,973 2,768 
PI North - Land(56)(102)(96)(173)
Liberty Landing— (10)(3)(10)
Other
Other— — — 13 
Company's equity in earnings of unconsolidated joint ventures (a)$2,700 $2,638 $2,633 $2,151 
(a)Amounts are net of amortization of basis differences of $154 for each of the three months ended June 30, 2023 and 2022 and $309 for each of the six months ended June 30, 2023 and 2022.
Schedule of Equity Method Investment, Summarized Financial Information, Balance Sheet
The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of June 30, 2023 and December 31, 2022:
(dollars in thousands)June 30,
2023		December 31,
2022
Assets:
Rental Property, net$736,427 $745,210 
Other assets32,786 39,241 
Total assets$769,213 $784,451 
Liabilities and partners'/members' capital:
Mortgages and loans payable$585,543 $587,913 
Other liabilities9,325 15,545 
Partners'/members' capital174,345 180,993 
Total liabilities and partners'/members' capital$769,213 $784,451 
Schedule of Equity Method Investment, Summarized Financial Information, Income Statement
The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three and six months ended June 30, 2023 and 2022, respectively (dollars in thousands):

Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Total revenues$25,945 $41,345 $47,770 $77,472 
Operating and other expenses(8,698)(22,317)(17,142)(47,816)
Depreciation and amortization(5,572)(6,381)(11,137)(12,941)
Interest expense(7,762)(7,051)(15,475)(13,827)
Net income$3,913 $5,596 $4,016 $2,888