-------------------------  ------------------------- 
Total NOI from Consolidated 
 Properties (excl. 
 unconsolidated 
 JVs/subordinated interests)   $                  44,404  $                  41,769 
                               -------------------------  ------------------------- 
NOI (loss) from services, 
 land/development/repurposing 
 & other assets                                      427                      1,166 
                               -------------------------  ------------------------- 
Total Consolidated 
 Multifamily NOI               $                  44,831  $                  42,935 
                               -------------------------  ------------------------- 
 
 
 
 
See Consolidated Statement of Operations. 
----------------------------------------- 
See Non-GAAP Financial Definitions. 
----------------------------------------- 
 
 
Annex 3: Consolidated Statement of Operations and Non-GAAP Financial Footnotes 
 
FFO, Core FFO, AFFO, NOI, & Adjusted EBITDA 
 
1.  Includes the Company's share from unconsolidated joint ventures, and 
    adjustments for noncontrolling interest of $2.4 million and $2.6 million 
    for the three months ended September 30, 2024 and 2023, respectively, and 
    $7.5 million and $7.7 million for the nine months ended September 30, 2024 
    and 2023, respectively. Excludes non-real estate-related depreciation and 
    amortization of $0.2 million and $0.2 million for the three months ended 
    September 30, 2024 and 2023, respectively, and $0.6 million and $0.8 
    million for the nine months ended September 30, 2024 and 2023, 
    respectively. 
2.  Funds from operations is calculated in accordance with the definition of 
    FFO of the National Association of Real Estate Investment Trusts (Nareit). 
    See Non-GAAP Financial Definitions for information About FFO, Core FFO, 
    AFFO, NOI, & Adjusted EBITDA. 
    -------------------------------------------------------------------------- 
3.  Includes the Company's share from unconsolidated joint ventures of $58 
    thousand and $40 thousand for the three months ended September 30, 2024 
    and 2023, respectively, and ($35) thousand and $26 thousand for the nine 
    months ended September 30, 2024 and 2023, respectively. 
4.  Excludes expenditures for tenant spaces in properties that have not been 
    owned by the Company for at least a year. 
5.  Net Debt calculated by taking the sum of secured revolving credit 
    facility, secured term loan, and mortgages, loans payable and other 
    obligations, and deducting cash and cash equivalents and restricted cash, 
    all at period end. 
6.  Calculated based on weighted average common shares outstanding, assuming 
    redemption of Operating Partnership common units into common shares 8,684 
    and 8,748 shares for the three months ended September 30, 2024 and 2023, 
    respectively, and 8,689 and 9,007 for the nine months ended September 30, 
    2024 and 2023, respectively, plus dilutive Common Stock Equivalents (i.e. 
    stock options). 
7.  Includes the Company's share from unconsolidated joint ventures of $72 
    thousand for the three months and nine months ended September 30, 2024. 
 
 See Consolidated Statement of Operations. 
------------------------------------------------------------------------------ 
 See FFO, Core FFO and Core AFFO. 
------------------------------------------------------------------------------ 
 See Adjusted EBITDA. 
------------------------------------------------------------------------------ 
 
 
                      Annex 4: Unconsolidated Joint Ventures 
                                  ($ in thousands) 
 
                                                                   VRE 
                                    VRE's                         Share 
                      Physical     Nominal     3Q 2024   Total    of 3Q   VRE Share 
Property       Units  Occupancy  Ownership(1)   NOI(2)    Debt     NOI     of Debt 
Multifamily 
Urby 
 Harborside      762     96.5 %        85.0 %   $5,866  $183,362  $4,986   $155,858 
RiverTrace at 
 Port 
 Imperial        316     95.3 %        22.5 %    2,113    82,000     475     18,450 
Capstone at 
 Port 
 Imperial        360     94.4 %        40.0 %    3,154   135,000   1,262     54,000 
Riverpark at 
 Harrison        141     97.2 %        45.0 %      570    30,192     257     13,586 
Metropolitan 
 at 40 Park      130     95.6 %        25.0 %      731    34,100     183      8,525 
Station House    378     94.7 %        50.0 %    1,705    87,883     853     43,942 
               -----  ---------  ------------  -------  --------  ------  --------- 
Total 
 Multifamily   2,087     95.6 %        55.0 %  $14,139  $552,537  $8,015   $294,361 
               -----  ---------  ------------  -------  --------  ------  --------- 
Retail 
Shops at 40 
 Park(3)       N/A       69.0 %        25.0 %     (46)     6,010    (12)      1,503 
               -----  ---------  ------------  -------  --------  ------  --------- 
Total Retail   N/A       69.0 %        25.0 %    $(46)    $6,010   $(12)     $1,503 
               -----  ---------  ------------  -------  --------  ------  --------- 
Total UJV      2,087                   55.0 %  $14,093  $558,547  $8,003   $295,863 
               =====  =========  ============  =======  ========  ======  ========= 
 
 
 
(1) Amounts represent the Company's share based on ownership percentage. 
(2) The sum of property level revenue, straight line and ASC 805 adjustments; 
less: operating expenses, real estate taxes and utilities. 
(3) The Company sold this joint venture on October 22, 2024. 
 
 
                       Annex 5: Debt Profile Footnotes 
 
1.  Effective rate of debt, including deferred financing costs, comprised of 
    the cost of terminated treasury lock agreements (if any), debt initiation 
    costs, mark-to-market adjustment of acquired debt and other transaction 
    costs, as applicable. 
2.  The loan on Soho Lofts was repaid in full on June 28, 2024, through a $55 
    million Term Loan draw. 
3.  The loan on 145 Front Street was repaid in full on May 22, 2024 using cash 
    on hand. 
4.  The loan on Signature Place was repaid in full at maturity on August 1, 
    2024, through a $43 million Term Loan draw. 
5.  The loan on Liberty Towers was repaid in full at maturity on September 30, 
    2024, through a combination of a $102 million Term Loan draw, $157 million 
    Revolver draw and cash on hand. 
6.  The loan on Portside at East Pier is capped at a strike rate of 3.5%, 
    expiring in September 2026. 
7.  The loan on Upton is capped at a strike rate of 1.0%, expiring in October 
    2024. The Company intends to place a new cap on this loan at expiration. 
8.  The loan on RiverHouse 9 is capped at a strike rate of 3.5%, expiring in 
    July 2026. 
9.  The Company's facilities consist of a $300 million Revolver and $200 
    million delayed-draw Term Loan and are supported by a group of eight 
    lenders. The eight lenders consists of JP Morgan Chase and Bank of New 
    York Mellon as Joint Bookrunners; Bank of America Securities, Capital One, 
    Goldman Sachs Bank USA, and RBC Capital Markets as Joint Lead Arrangers; 
    and Associated Bank and Eastern Bank as participants. The facilities have 
    a three-year term ending April 2027, with a one-year extension option. The 
    Term Loan was accessed three times ($55 million in June, $43 million in 
    August and $102 million in September) and was fully drawn as of September 
    30, 2024. The three Term Loan tranches are capped at a strike rate of 
    3.5%, expiring in July 2026. As of September 30, 2024, the Revolver was 
    $157 million drawn, of which $150 million was capped at a strike rate of 
    3.5%, expiring in June 2025. 
 
 
                                                                    SOFR 
              Balance as            Deferred     5 bps               or 
             of September  Initial  Financing  reduction  Updated   SOFR   All In 
               30, 2024     Spread    Costs       KPI      Spread   Cap     Rate 
Secured 
 Revolving 
 Credit 
 Facility 
 (Unhedged)    $7,000,000   2.10 %     0.66 %   (0.05) %   2.71 %  4.94 %  7.65 % 
Secured 
 Revolving 
 Credit 
 Facility    $150,000,000   2.10 %     0.66 %   (0.05) %   2.71 %  3.50 %  6.21 % 
Secured 
 Term Loan   $200,000,000   2.10 %     0.66 %   (0.05) %   2.71 %  3.50 %  6.21 % 
 
 
 
See Debt Profile. 
----------------- 
 
 
                      Annex 6: Multifamily Property Information 
 
                                                      Rentable   Average     Year 
                  Location     Ownership  Apartments     SF       Size     Complete 
NJ Waterfront 
-------------- 
                Jersey City, 
Haus25                NJ         100.0 %         750    617,787      824         2022 
                Jersey City, 
Liberty Towers        NJ         100.0 %         648    602,210      929         2003 
                Jersey City, 
BLVD 401              NJ          74.3 %         412    369,515      897         2003 
                Jersey City, 
BLVD 425              NJ         100.0 %         523    475,459      909         2011 
                Jersey City, 
BLVD 475              NJ          74.3 %         311    273,132      878         2016 
                Jersey City, 
Soho Lofts            NJ         100.0 %         377    449,067    1,191         2017 
Urby            Jersey City, 
 Harborside           NJ          85.0 %         762    474,476      623         2017 
RiverHouse 9    Weehawken, NJ    100.0 %         313    245,127      783         2021 
RiverHouse 11   Weehawken, NJ    100.0 %         295    250,591      849         2018 
                  West New 
RiverTrace         York, NJ       22.5 %         316    295,767      936         2014 
                  West New 
Capstone           York, NJ       40.0 %         360    337,991      939         2021 
                               ---------  ----------  ---------  -------  ----------- 

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