Investments in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2024

Investments in Unconsolidated Joint Ventures

Summary of the loans

The following table provides a summary of the loans held by TPHGreenwich as of June 30, 2024 (in thousands):

Loan Name	Encumbered Asset	Initial Maturity Date	Effective Rate at June 30, 2024		Balance at June 30, 2024
Corporate Credit Facility	N/A	July 2026	10.33	%	$	53,953
77G Mortgage Loan	77 Greenwich	October 2025	12.83	%	$	99,011
77G Mezzanine Loan	77 Greenwich	October 2025	14.00	%	$	60,762
237 11th	237 11th	January 2025	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 June 30, 2024 (in thousands):

	Fair Value Asset as of June 30,		Notional		All-In Capped		Interest Rate Cap Expiration
	2024		Amount		Rate		Date
Interest Rate Caps:
77G Mortgage Loan	$	9	$	97,000	5.50	%	2/15/2025
237 11th Loans		38	$	60,000	2.50	%	7/9/2024
237 11th Loans		—	$	60,000	2.50	%	1/9/2025
Included in prepaid expenses and other assets, net	$	47

Schedule of balance sheet for the unconsolidated joint venture

The balance sheet for the unconsolidated joint venture at June 30, 2024 is as follows (in thousands):

	June 30,
	2024
ASSETS
Real estate, net	$	90,647
Residential condominium units for sale		174,340
Cash and cash equivalents		137
Restricted cash		10,910
Tenant and other receivables, net		603
Prepaid expenses and other assets, net		396
Intangible assets, net		6,582
Total assets	$	283,615
LIABILITIES
Loans Payable, net	$	219,772
Corporate credit facility, net		53,953
Secured line of credit		11,725
Accounts payable and accrued expenses		8,587
Total liabilities		294,037
MEMBERS’ EQUITY
Members’ equity		6,276
Accumulated deficit		(16,698)
Total members’ deficit		(10,422)
Total liabilities and members’ deficit	$	283,615

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 June 30, 2024, are as follows (in thousands):

	For the Three Months Ended		For the Three Months Ended		For the Six Months Ended		For the Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2024		2023		2024		2023
Revenues
Rental revenues	$	1,431	$	—	$	2,263	$	1,788
Other income		40		—		40		—
Sales of residential condominium units		2,114		—		2,114		—
Total revenues		3,585		—		4,417		1,788
Operating Expenses
Property operating expenses		1,055		—		1,692		563
Real estate taxes		728		—		1,101		10
General and administrative		351		—		560		—
Cost of sales - residential condominium units		2,241		—		2,241		—
Transaction related costs		60		—		60		—
Amortization		194		—		541		299
Depreciation		419		—		631		437
Total operating expenses		5,048		—		6,826		1,309
Operating (loss) income		(1,463)		—		(2,409)		479
Interest expense		(8,130)		—		(13,081)		(483)
Interest expense - amortization of deferred finance costs		—		—		(1,220)		(31)
Interest income - change in fair market value of interest rate swap		5		—		12		—
Net loss	$	(9,588)	$	—	$	(16,698)	$	(35)
Our equity in net loss from unconsolidated joint ventures	$	—	$	—	$	(5,962)	$	—