Quarterly report pursuant to Section 13 or 15(d)

RECENT TRANSACTIONS (Tables)

v3.22.2
RECENT TRANSACTIONS (Tables)
6 Months Ended
Jun. 30, 2022
Recent Transactions [Abstract]  
Schedule Of Properties Commencing Initial Operations
The following property commenced initial operations during the six months ended June 30, 2022 (dollars in thousands):
In Service Date Property Location Property Type # of
Apartment Units
Total
Development
 Costs Incurred
04/01/22 Haus25 (a) Jersey City Multi-Family 750 $ 347,918 
Totals 750 $ 347,918 
(a) As of June 30, 2022, 631 apartment units are currently available for occupancy.
Schedule Of Assets Held For Sale
The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands):
Suburban
Office
Portfolio
Other Assets
Held for Sale
Total
Land $ 4,336 $ 122,660 $ 126,996
Building & Other 25,945 360,731 386,676
Less: Accumulated depreciation (12,165) (128,442) (140,607)
Less: Cumulative unrealized losses on property held for sale (4,440) $ —  (4,440)
Real estate held for sale, net $ 13,676 $ 354,949 $ 368,625
Other assets and liabilities Suburban
Office
Portfolio
Other Assets
Held for Sale
Total
Unbilled rents receivable, net (a) $ 572 $ 15,671 $ 16,243
Deferred charges, net (a) 682 12,164 12,846
Mortgages & loans payable, net (a) —  (249,155) (249,155)
Accounts payable, accrued exp & other liability (1,054) (4,890) (5,944)
Unearned rents/deferred rental income (a) —  (3,778) (3,778)
(a)Expected to be removed with the completion of the sales.
Schedule Of Real Estate Properties Sold And Disposed
The Company disposed of the following rental property during the six months ended June 30, 2022 (dollars in thousands):
Disposition
Date
Property/Address Location # of
Bldgs.
Rentable
Square
Feet
Property
Type
Net
Sales
Proceeds
Net
Carrying
Value
Realized
Gains
 (Losses)
 Unrealized
Losses, net
Discontinued
Operations
Realized
Gains
(Losses)/
Unrealized
Losses, net
01/21/22 111 River Street Hoboken, New Jersey 1 566,215  Office $ 208,268  (a) $ 206,432  $ 1,836  $ — 
Unrealized gains (losses) on real estate held for sale —  (4,440)
Totals 1 566,215  $ 208,268  $ 206,432  $ 1,836  $ (4,440)
(a)The mortgage loan encumbering the property was repaid at closing, for which the Company incurred costs of $6.3 million. These costs were expensed as loss from extinguishment of debt during the six months ended June 30, 2022.
Schedule Of Disposed Developable Land
The Company disposed of the following developable land holdings during the six months ended June 30, 2022 (dollars in thousands):
Disposition
Date
Property Address Location Net
Sales
Proceeds
Net
Carrying
Value
Realized
Gains
(Losses)/
Unrealized
Losses, net
03/22/22 Palladium residential land West Windsor, New Jersey $ 23,908  $ 24,182  $ (274)
03/22/22 Palladium commercial land West Windsor, New Jersey 4,688  1,791  2,897 
04/15/22 Port Imperial Park parcel (a) Weehawken, New Jersey 29,331  29,744  (413)
04/21/22 Urby II/III (a) Jersey City, New Jersey 68,854  13,316  55,538 
Totals     $ 126,781  $ 69,033  $ 57,748 
(a)The net sale proceeds were held by a qualified intermediary, which is recorded in deferred charges and other assets as of June 30, 2022. See Note 5: Deferred Charges and Other Assets, Net.