Annual report pursuant to Section 13 and 15(d)

RECENT TRANSACTIONS (Tables)

v3.22.4
RECENT TRANSACTIONS (Tables)
12 Months Ended
Dec. 31, 2022
Recent Transactions [Abstract]  
Schedule Of Real Estate Properties Acquired
The Company acquired the following rental property during the year ended December 31, 2022 (dollars in thousands):
Acquisition Date Property Location Property
Type
# of
Apartment Units
Acquisition
 Cost
7/21/2022 The James (a) Park Ridge, NJ Multifamily 240 $ 130,308 
Total Acquisitions 240 $ 130,308 
(a)    This acquisition was funded using funds available with the Company's qualified intermediary from prior property sales proceeds and through borrowing under the Company's revolving credit facility.
Schedule Of Properties Which Commenced Initial Operations
The following property commenced initial operations during the years ended December 31, 2022 and 2021 (dollars in thousands):
2022
In Service
Date
Property Location Property
Type
# of
Apartment Units
 Total Development
Costs Incurred
04/01/22 Haus25 (a) Jersey City Multifamily 750 $ 485,587
Totals       750 $ 485,587
(a)As of December 31, 2022, all apartment units are in service. The development costs includes approximately $53.4 million in land costs.
2021
In Service
Date
Property Location Property
Type
# of
Apartment Units
Total Development
Costs Incurred
03/01/21 The Upton (a) Short Hills, NJ Multifamily 193 $ 101,269
07/01/21 Riverhouse 9 at Port Imperial (b) Weehawken, NJ Multifamily 313 164,633
Totals     506 $ 265,902
(a)As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.9 million in land costs.
(b)As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.7 million in land costs.
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 & Liabilities
Held for Sale
Total
Land $ 4,336  $ 88,507  $ 92,843 
Building & Other 30,389  112,165  142,554 
Less: Accumulated depreciation (12,165) (16,759) (28,924)
Less: Cumulative unrealized losses on property held for sale (4,440) (8,100) (12,540)
Real estate held for sale, net $ 18,120  $ 175,813  $ 193,933 
Other assets and liabilities Suburban
Office
 Portfolio (a)
Other
Assets
 Held for Sale
Total
Unbilled rents receivable, net (a) $ 368 $ $ 368
Deferred charges, net (a) 426 426
Total deferred charges & other assets, net 457 985 1,442
Mortgages & loans payable, net (a) (85,664) (85,664)
Accounts payable, accrued exp & other liability (759) (473) (1,232)
(a)    Expected to be removed with the completion of the sales.
The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands):
Assets
 Held for Sale
Land $ 159,968
Building & Other 618,216
Less: Accumulated depreciation (159,538)
Real estate held for sale, net $ 618,646
Other assets and liabilities Assets
 Held for Sale
Unbilled rents receivable, net (a) $ 30,526
Deferred charges, net (a) 16,056
Total intangibles, net (a) 31,155
Total deferred charges & other assets, net (b) 69,410
Mortgages & loans payable, net (a) (397,953)
Total below market liability (a) (24,098)
Accounts payable, accrued exp & other liability (c) (49,648)
Unearned rents/deferred rental income (a) (5,831)
(a)Expected to be removed with the completion of the sales.
(b)Includes $19.2 million of right of use assets expected to be removed with the completion of the sales.
(c)Includes $20.5 million of right of use liabilities 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 year ended December 31, 2022 (dollars in thousands):
Disposition
Date
Property 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  $ — 
10/07/22 101 Hudson Street Jersey City, New Jersey 1 1,246,283  Office 342,578  (b) 270,198  72,380  — 
Unrealized gains (losses) on real estate held for sale $ (8,100) $ (4,440)
Totals 2 1,812,498  $ 550,846  $ 476,630  $ 66,116  $ (4,440)
(a)    The $150 million 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 year ended December 31, 2022.
(b)    The $250 million mortgage loan encumbering the property was assumed by the purchaser at closing, for which the Company incurred costs of $1.0 million. These costs were expensed as loss from extinguishment of debt during the year ended December 31, 2022. The assumed mortgage was a non-cash portion of this sales transaction.
The Company disposed of the following rental properties during the year ended December 31, 2021 (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
01/13/21 100 Overlook Center Princeton, New Jersey 1 149,600  Office $ 34,724  (a) $ 26,488  $ —  $ 8,236 
03/25/21 Metropark portfolio (b) Edison and Iselin, New Jersey 4 926,656  Office 247,351  233,826  —  13,525 
04/20/21 Short Hills portfolio (c) Short Hills, New Jersey 4 828,413  Office 248,664  245,800  —  2,864 
06/11/21 Red Bank portfolio Red Bank, New Jersey 5 659,490  Office 80,730  78,364  —  2,366 
06/30/21 Retail land leases Hanover and Parsippany, New Jersey —  Land Lease 41,957  37,951  4,006  — 
07/26/21 7 Giralda Farms Madison, New Jersey 1 236,674  Office 28,182  30,143  —  (1,961)
10/20/21 4 Gatehall Drive Parsippany, New Jersey 1 248,480  Office 24,239  23,717  —  522 
12/16/21 Retail land lease Unit B Hanover, New Jersey —  Land Lease 5,423  6,407  (984) — 
Totals     16 3,049,313    $ 711,270  $ 682,696  $ 3,022  $ 25,552 
(a)As part of the consideration from the buyer, a related party, 678,302 Common Units were redeemed by the Company at a book value of $10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its revolving credit facility. See Note 16: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership.
(b)Includes $10 million of seller financing provided to the buyers of the Metropark portfolio. See Note 5: Deferred charges and other assets, net.
(c)The mortgage loan encumbering three of the properties was defeased at closing, for which the Company incurred costs of $22.6 million. These costs were expensed as loss from extinguishment of debt.
Schedule Of Disposition Of Developable Land
The Company disposed of the following developable land holdings during the year ended December 31, 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 Weehawken, New Jersey 29,331  29,744  (413)
04/21/22 Urby II/III Jersey City, New Jersey 68,854  13,316  55,538 
11/03/22 Port Imperial Parcels 3 & 16 (a) Weehawken, New Jersey 24,885  25,371  (486)
Totals $ 151,666  $ 94,404  $ 57,262 
(a)    Includes non-cash expenses of $2.5 million.
The Company disposed of the following developable land holdings during the year ended December 31, 2021 (dollars in thousands):
Disposition
Date
Property Address Location Net
Sales
 Proceeds
Net
Carrying
 Value
Realized
Gains
 (losses)/
Unrealized
 Losses, net
05/24/21 Horizon common area Hamilton, New Jersey $ 745 $ 634 $ 111
12/22/21 346/360 University Ave Newark, New Jersey 4,266 2,262 2,004
Totals $ 5,011 $ 2,896 $ 2,115