Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2024

Investments in Unconsolidated Joint Ventures

Summary of the loans

The following table provides a summary of the loans held by TPHGreenwich as of March 31, 2024 (in thousands):

Loan Name	Encumbered Asset	Initial Maturity Date	Effective Rate at March 31, 2024		Balance at March 31, 2024
Corporate Credit Facility	N/A	July 2026	10.33	%	$	53,767
77G Mortgage Loan	77 Greenwich	October 2025	12.83	%	$	101,113
77G Mezzanine Loan	77 Greenwich	October 2025	14.00	%	$	60,762
237 11th	237 11th	July 2024	5.46	%	$	60,000
Secured Line of Credit	Paramus, NJ	October 2024	2.50	%	$	11,725

Schedule of consolidated hedging instruments

The following table summarizes TPHGreenwich’s hedging instruments, all of which hedge variable rate debt, as of March 31, 2024 (in thousands):

	Fair Value Asset as of March 31,		Notional		All-In Capped		Interest Rate Cap Expiration
	2024		Amount		Rate		Date
Interest Rate Caps:
77G Mortgage Loan	$	19	$	97,000	5.50	%	2/15/2025
237 11th Loans		452	$	60,000	2.50	%	7/9/2024
Included in prepaid expenses and other assets, net	$	471

Schedule of balance sheets for the unconsolidated joint venture

The balance sheet for the unconsolidated joint venture at March 31, 2024 is as follows (in thousands):

	March 31,
	2024
ASSETS
Real estate, net	$	91,237
Residential condominium units for sale		175,142
Cash and cash equivalents		875
Restricted cash		14,485
Tenant and other receivables, net		694
Prepaid expenses and other assets, net		1,460
Intangible assets, net		6,767
Total assets	$	290,660
LIABILITIES
Loans Payable, net	$	221,875
Corporate credit facility, net		53,767
Secured line of credit		11,725
Accounts payable and accrued expenses		4,127
Total liabilities		291,494
MEMBERS’ EQUITY
Members’ equity		6,276
Accumulated deficit		(7,110)
Total members’ deficit		(834)
Total liabilities and members’ deficit	$	290,660
Our losses in excess of investment in unconsolidated joint venture	$	(792)

Schedule of statement of operations for unconsolidated joint ventures

The statements of operations for the unconsolidated joint ventures reflect the operations of 250 N 10^th from January 1, 2023 through the date of sale in February 2023 and TPHGreenwich from February 14, 2024 through March 31, 2024 are as follows (in thousands):

	For the Three Months Ended		For the Three Months Ended
	March 31,		March 31,
	2024		2023
Revenues
Rental revenues	$	832	$	1,788
Total revenues		832		1,788
Operating Expenses
Property operating expenses		637		563
Real estate taxes		373		10
General and administrative		209		—
Amortization		347		299
Depreciation		212		437
Total operating expenses		1,778		1,309
Operating (loss) income		(946)		479
Interest expense		(4,951)		(483)
Interest expense - amortization of deferred finance costs		(1,220)		(31)
Interest income - change in fair market value of interest rate swap		7		—
Net loss	$	(7,110)	$	(35)
Our equity in net loss from unconsolidated joint ventures	$	(6,754)	$	(4)