Quarterly report pursuant to Section 13 or 15(d)

MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS

v3.23.2
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS The Company has mortgages, loans payable and other obligations which primarily consist of various loans collateralized by certain of the Company’s rental properties, land and development projects. As of June 30, 2023, 16 of the Company’s properties, with a total carrying value of approximately $2.6 billion, are encumbered by the Company's mortgages and loans payable. Payments on mortgages, loans payable and other obligations are generally due in monthly installments of principal and interest, or interest only. The Company was in compliance with its debt covenants under its mortgages and loans payable as of June 30, 2023.
A summary of the Company’s mortgages, loans payable and other obligations as of June 30, 2023 and December 31, 2022 is as follows (dollars in thousands):
Property/Project Name Lender  
Effective
Rate (a)
  June 30,
2023		   December 31,
2022		   Maturity
Port Imperial 4/5 Hotel (b) Fifth Third Bank N/A $ —  $ 84,000  — 
Portside at Pier One CBRE Capital Markets/FreddieMac   3.57  % 58,998  58,998  08/01/23
Signature Place Nationwide Life Insurance Company   3.74  % 43,000  43,000  08/01/24
Liberty Towers American General Life Insurance Company   3.37  % 265,000  265,000  10/01/24
Haus25 (c) QuadReal Finance SOFR+ 2.70  % 297,324  297,324  12/01/24
Portside 5/6 (d) New York Life Insurance Company   4.56  % 97,000  97,000  03/10/26
BLVD 425 New York Life Insurance Company   4.17  % 131,000  131,000  08/10/26
BLVD 401 New York Life Insurance Company   4.29  % 117,000  117,000  08/10/26
The Upton (e) Bank of New York Mellon SOFR+ 1.58  % 75,000  75,000  10/27/26
145 Front at City Square (f) MUFG Union Bank SOFR+ 1.84  % 63,000  63,000  12/10/26
Riverhouse 9 at Port Imperial (g) JP Morgan SOFR+ 1.41  % 110,000  110,000  06/21/27
Quarry Place at Tuckahoe Natixis Real Estate Capital LLC   4.48  % 41,000  41,000  08/05/27
BLVD 475 N/S The Northwestern Mutual Life Insurance Co.   2.91  % 165,000  165,000  11/10/27
Riverhouse 11 at Port Imperial The Northwestern Mutual Life Insurance Co.   4.52  % 100,000  100,000  01/10/29
Soho Lofts (h) New York Community Bank   3.77  % 160,000  160,000  07/01/29
Port Imperial South 4/5 Garage American General Life & A/G PC   4.85  % 31,908  32,166  12/01/29
Emery at Overlook Ridge New York Community Bank   3.21  % 72,000  72,000  01/01/31
Principal balance outstanding   1,827,230  1,911,488   
Unamortized deferred financing costs   (6,249) (7,511)  
     
Total mortgages, loans payable and other obligations, net   $ 1,820,981  $ 1,903,977   
(a)Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable.
(b)The loan was paid off on disposition of the hotels on February 10, 2023.
(c)This construction loan has a SOFR floor of 2.0 percent, has a maximum borrowing capacity of $300 million and provides, subject to certain conditions, a one year extension option with a fee of 25 basis points. The Company entered into an interest-rate cap agreement for the mortgage loan.
(d)The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.
(e)On October 27, 2021, the Company obtained a $75 million mortgage loan and entered into an interest-rate cap agreement for the mortgage loan.
(f)On January 12, 2023, the Company entered into an interest-rate cap agreement for the mortgage loan.
(g)On June 21, 2022, the Company obtained a $110 million mortgage loan and entered into an interest-rate cap agreement for the mortgage loan.
(h)Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75% annually.
Cash Paid for Interest and Interest Capitalized
Cash paid for interest for the six months ended June 30, 2023 and 2022 was $40.1 million and $37.0 million (of which $1.1 million and $7.8 million pertained to properties classified as discontinued operations), respectively. Interest capitalized by the Company for the six months ended June 30, 2023 and 2022 was zero and $10.5 million, respectively.
Summary of Indebtedness
(dollars in thousands) June 30,
2023		 December 31,
2022
  Balance Weighted Average
Interest Rate		 Balance
Weighted Average
Interest Rate
Fixed Rate & Hedged Debt (a) $ 1,820,981  4.32  % $ 1,757,308  4.27  %
Other Variable Rate Debt —  —  % 146,669  6.86  %
Totals/Weighted Average: $ 1,820,981  4.32  % $ 1,903,977  4.47  %
(a) As of June 30, 2023 and December 31, 2022, includes debt with interest rate caps outstanding with a notional amount of $548 million and $485 million, respectively.