------------------------- -------------------------
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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