Annual report pursuant to Section 13 and 15(d)

INVESTMENTS IN RENTAL PROPERTY (Tables)

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INVESTMENTS IN RENTAL PROPERTY (Tables)
 12 Months Ended
Dec. 31, 2024
Investments in Rental Properties [Abstract]  
Schedule of Real Estate Properties Acquired
During the year ended December 31, 2022, the Company acquired the following rental property (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 
Totals 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
During the year ended December 31, 2022, the following property commenced initial operations (dollars in thousands):
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 were in service. The development costs included approximately $53.4 million in land costs.
Schedule of Real Estate Properties Sold and Disposed
The Company disposed of the following rental properties during the year ended December 31, 2024 (dollars in thousands)
Disposition
Date		 Property Location # of
Bldgs.		 Rentable
Square
Feet		 Property
Type		 Net
Sales
Proceeds		 Net
Carrying
Value		 Discontinued Operations Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net
03/20/24 Harborside 5 Jersey City, New Jersey 1 977,225  Office 81,515  81,228  287 
Others (a) 3,160 
Totals 1 977,225  $ 81,515  $ 81,228  $ 3,447 
(a)Others represent return of a $1.9 million escrow not originally expected to be received at the time of closing and resolution of estimated accrued expenses from various previously sold rental properties.
The Company disposed of the following rental property during the year ended December 31, 2023 (dollars in thousands):
Disposition
Date		 Property Location # of
Bldgs.		 Rentable
Square
Feet		 Property
Type		 Net
Sales
 Proceeds		 Net
 Carrying
Value		 Discontinued Operations Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net
02/10/23 XS Hotels Weehawken, New Jersey 2 —  Hotel $ 93,358  (a) $ 92,578  $ 780 
04/04/23 Harborside 1, 2 and 3 Jersey City, New Jersey 3 1,886,800  Office 362,446  362,304  142 
09/13/23 Harborside 6 Jersey City, New Jersey 1 231,856  Office 44,145  43,722  423 
10/13/23 23 Main Street Holmdel, New Jersey 1 350,000  Office 15,884  (b) 13,372  2,512 
Others (c) 2,184 
Unrealized gains (losses) on real estate held for sale (3,630)
Totals 7 2,468,656  $ 515,833  $ 511,976  $ 2,411 
(a)    Included proceeds of $84.0 million used to repay the mortgage loan encumbering the property at closing.
(b)    Included deposits totaling $1.3 million received by the Company in February and August 2023.
(c)    Others represent resolution of estimated accrued expenses from previously sold rental properties.
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		 Discontinued Operations Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, 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 (12,540)
Totals 2 1,812,498  $ 550,846  $ 476,630  $ 61,676 
(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 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 extinguishment of debt during the year ended December 31, 2022. The assumed mortgage comprised the non-cash portion of this sales transaction.
Schedule of Disposition of Developable Land
The Company disposed of the following developable land holdings during the year ended December 31, 2024 (dollars in thousands):
Disposition
Date		 Property Location Net
Sales
Proceeds		 Net
Carrying
Value		 Gain (loss) on disposition of developable land
01/03/24 2 Campus Parsippany-Troy Hills, New Jersey $ 10,155  $ 9,371  $ 784 
04/16/24 107 Morgan Jersey City, New Jersey $ 50,630  $ 50,929  (a) $ (299)
04/30/24 6 Becker Farm / 85 Livingston Roseland, New Jersey $ 27,985  $ 16,955  $ 11,030 
Totals     $ 88,770  $ 77,255  $ 11,515 
(a)Carrying value reflects previously recorded impairment charges of $10.5 million.
The Company disposed of the following developable land during the year ended December 31, 2023 (dollars in thousands):
Disposition
Date		 Property Location Net
Sales
 Proceeds		 Net
Carrying
 Value		 Gain (loss) on disposition of developable land Discontinued Operations Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net
03/17/23 Columbia-Honeywell Morris Township, New Jersey $ 8,214 
(a)
 $ 8,236  $ (22) $ — 
10/12/23 3 Campus Parsippany-Troy Hills, New Jersey 13,248  7,847  5,401  — 
10/05/23 Harborside 4 Jersey City, New Jersey 53,656  14,385  —  39,271 
Others (b) 1,689 —
Totals $ 75,118  $ 30,468  $ 7,068  $ 39,271 
(a)    Included deposits totaling $1.1 million received by the Company in December 2022 and January 2023.
(b)    Others represent reversals of estimated accrued expenses from previously sold developable land holdings.
The Company disposed of the following developable land during the year ended December 31, 2022 (dollars in thousands):
Disposition
Date		 Property Location Net
Sales
 Proceeds		 Net
Carrying
 Value		 Gain (loss) on disposition of developable land
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)    Included non-cash expenses of $2.5 million.
Schedule of Assets Held for Sale
The following table summarizes the real estate held for sale, net (dollars in thousands):
Year Ended December 31,
2024 2023
Land $ 9,910 $ 59,464
Building & Other — 9,688
Less: Accumulated depreciation — — 
Less: Cumulative unrealized losses on property held for sale (2,619) (10,544)
Real estate held for sale, net $ 7,291 $ 58,608