Quarterly report pursuant to Section 13 or 15(d)

MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS

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MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS
 9 Months Ended
Sep. 30, 2024
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. As of September 30, 2024, 12 of the Company’s properties, with a total carrying value of approximately $1.8 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 September 30, 2024.
A summary of the Company’s mortgages, loans payable and other obligations as of September 30, 2024 and December 31, 2023 is as follows (dollars in thousands):
Property/Project Name Lender  
Effective
Rate (a)
  September 30,
2024		   December 31,
2023		   Maturity
Signature Place (b) Nationwide Life Insurance Company   3.74  % $ —  $ 43,000  08/01/24
Liberty Towers (c) American General Life Insurance Company   3.37  % —  265,000  10/01/24
Portside 2 at East Pier (d) New York Life Insurance Company   4.56  % 95,827  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  % 116,016  117,000  08/10/26
Portside at East Pier (e) KKR SOFR+ 2.75  % 56,500  56,500  09/07/26
The Upton (f) Bank of New York Mellon SOFR+ 1.58  % 75,000  75,000  10/27/26
145 Front at City Square (g) US Bank SOFR+ 1.84  % —  63,000  12/10/26
RiverHouse 9 at Port Imperial (h) 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 The Northwestern Mutual Life Insurance Co.   2.91  % 165,000  165,000  11/10/27
Haus25 Freddie Mac 6.04  % 343,061  343,061  09/01/28
RiverHouse 11 at Port Imperial The Northwestern Mutual Life Insurance Co.   4.52  % 100,000  100,000  01/10/29
Soho Lofts (i) Flagstar Bank   3.77  % —  158,777  07/01/29
Port Imperial South 4/5 Garage American General Life & A/G PC   4.85  % 31,237  31,645  12/01/29
The Emery at Overlook Ridge (j) Flagstar Bank   3.21  % 71,024  72,000  01/01/31
Principal balance outstanding   1,335,665  1,868,983   
Unamortized deferred financing costs   (11,329) (15,086)  
     
Total mortgages, loans payable and other obligations, net   $ 1,324,336  $ 1,853,897   
(a)Reflects effective rate of debt, including deferred financing costs, comprised of debt initiation costs, and other transaction costs, as applicable.
(b)On August 1, 2024 the Company paid the outstanding loan amount in full.
(c)On September 30, 2024, the Company prepaid the outstanding loan amount in full.
(d)On June 11, 2024, the lender terminated the Company's payment guarantee of 10 percent of the outstanding principal.
(e)On August 10, 2023, the Company refinanced the Freddie Mac fixed rate loan. Additionally, a 3-year cap at a strike rate of 3.5% was placed, expiring in September 2026.
(f)As of September 30, 2024, an interest-rate cap agreement was in place for this mortgage loan with a strike rate of 1.0%, expiring in October 2024.
(g)On May 22, 2024, the Company prepaid the outstanding loan amount in full. The interest-rate cap agreement with a strike rate of 4.0% matured on June 30, 2024.
(h)As of September 30, 2024, an interest-rate cap agreement was in place for this mortgage loan, with a strike rate of 3.5%, expiring in July 2026.
(i)On June 28, 2024, the Company prepaid the outstanding loan amount in full.
(j)Effective rate reflects the fixed rate period, which ends on January 1, 2026. After that period ends, the Company must make a one-time election of how to compute the interest rate for this loan: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually.
Cash Paid for Interest
Cash paid for interest for the three months ended September 30, 2024 and 2023 was $19.6 million and $21.5 million (of which zero pertained to properties classified as discontinued operations), respectively. Cash paid for interest for the nine months ended September 30, 2024 and 2023 was $58.9 million and $61.6 million (of which zero and $1.1 million pertained to properties classified as discontinued operations), respectively. No interest was capitalized by the Company for the three or nine months ended September 30, 2024 and 2023.
Summary of Indebtedness
(dollars in thousands) September 30,
2024		 December 31,
2023
  Balance Weighted Average
Interest Rate		 Balance
Weighted Average
Interest Rate
Fixed Rate & Hedged Debt, including Term Loan and Revolving Credit Facility (a) $ 1,670,916  4.93  % $ 1,853,897  4.34  %
Unhedged portion of Revolving Credit Facility 7,000  7.65  % —  —  %
Totals/Weighted Average, net of unamortized deferred financing costs (b): $ 1,677,916  4.94  % $ 1,853,897  4.34  %
(a)     As of September 30, 2024 and December 31, 2023, includes debt with interest rate caps outstanding with a notional amount of $591.5 million and $304.5 million, respectively.
(b)    Excludes $5.1 million of unamortized deferred financing costs recorded in Deferred charges and other assets, net, pertaining to the Company's Revolving Credit Facility as of September 30, 2024.