Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.23.1
COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Tax Abatement Agreements
Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows:
PILOT Payments
Property Name Location Asset Type PILOT
Expiration Dates		 Three Months Ended
March 31,
2023 2022
(Dollars in Thousands)
111 River Street (a) Hoboken, NJ Office 4/2022 $ — $ 85
Harborside Plaza 4A (b) Jersey City, NJ Office 2/2022 — 218
Harborside Plaza 5 (c) Jersey City, NJ Office 6/2022 — 1,109
BLVD 401 (Marbella 2) (d) Jersey City, NJ Multifamily 4/2026 403 359
RiverHouse 11 at Port Imperial (e) Weehawken, NJ Multifamily 7/2033 374 350
Port Imperial 4/5 Hotel (f) Weehawken, NJ Hotel 12/2033 224 733
RiverHouse 9 at Port Imperial (g) Weehawken, NJ Multifamily 6/2046 382 322
Haus25 (h) Jersey City, NJ Mixed-Use 3/2047 574 —
The James (i) Park Ridge, NJ Multifamily 6/2051 143 —
Total Pilot taxes $ 2,100 $ 3,176
(a)The property was disposed of in the first quarter of 2022.
(b)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $49.5 million.
(c)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million.
(d)The annual PILOT is equal to ten percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined.
(e)The annual PILOT is equal to 12 percent of Gross Revenues for years 1-5, 13 percent for years 6-10 and 14 percent for years 11-15, as defined.
(f)The annual PILOT is equal to two percent of Total Project Costs, as defined. The property was disposed of during the first quarter of 2023.
(g)The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined.
(h)For a term of 25 years following substantial completion, which occurred in April 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined.
(i)The property was acquired in July 2022. For a term of 30 years following substantial completion which occurred in June 2021. The annual PILOT is equal to 10 percent of Gross Revenues for years 1-10, 11.5 percent for years 11-21 and 12.5 percent for years 22-30, as defined.
Future Minimum Rental Payments Of Ground Leases
Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of March 31, 2023 and December 31, 2022, are as follows (dollars in thousands):
Year
As of March 31, 2023
Amount
April 1 through December 31, 2023 $ 144
2024 192
2025 199
2026 199
2027 200
2028 through 2101 31,664
Total lease payments 32,598
Less: imputed interest (29,357)
Total $ 3,241
Year
As of December 31, 2022
Amount
2023 $ 192
2024 192
2025 199
2026 199
2027 200
2028 through 2101 31,664
Total lease payments 32,646
Less: imputed interest (29,418)
Total $ 3,228