Quarterly report [Sections 13 or 15(d)]

INVESTMENTS IN RENTAL PROPERTIES

v3.25.1
INVESTMENTS IN RENTAL PROPERTIES
 3 Months Ended
Mar. 31, 2025
Real Estate [Abstract]  
INVESTMENTS IN RENTAL PROPERTIES INVESTMENTS IN RENTAL PROPERTIES
Dispositions of Rental Properties and Developable Land
The Company disposed of the following developable land holding during the three months ended March 31, 2025 (dollars in thousands):
Disposition
Date		 Property Location Net
Sales
Proceeds		 Net
Carrying
Value		 Realized
Gains
(Losses)/
Unrealized
Losses, net
01/24/25 65 Livingston Roseland, NJ $ 7,139  $ 7,295 
(a)
 $ (156)
Totals     $ 7,139  $ 7,295  $ (156)
(a) Carrying value reflects previously recorded impairment charges of $2.6 million.
The Company disposed of the following rental properties during the three months ended March 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)/
Unrealized
Losses, net
03/20/24 Harborside 5 Jersey City, New Jersey 1 977,225 Office $ 81,515  $ 81,228  $ 287 
Others (a) 1,261 
Totals     $ 81,515  $ 81,228  $ 1,548 
(a) Others represent resolution of estimated accrued expenses from various previously sold rental properties.
The Company disposed of the following developable land holding during the three months ended March 31, 2024 (dollars in thousands):
Disposition
Date		 Property Location Net
Sales
Proceeds		 Net
Carrying
Value		 Realized
Gains
(Losses)/
Unrealized
Losses, net
01/03/24 2 Campus Parsippany-Troy Hills, New Jersey $ 10,155  $ 9,371  $ 784 
Totals     $ 10,155  $ 9,371  $ 784 
Dispositions of Unconsolidated Joint Ventures
In April 2025, the Company sold its interest in The Metropolitan at 40 Park multifamily rental property in Morristown, New Jersey and PI North developable land parcels in West New York, New Jersey for $7.1 million.
In January 2024, the Company's joint venture sold the Lofts at 40 Park multifamily rental property for $30.3 million and
the Company recorded a gain on the sale for its interest of approximately $7.1 million during the three months ended
March 31, 2024.
Acquisitions of Unconsolidated Joint Venture Interests
In April 2025, the Company acquired the remaining 15% interest in the joint venture owning Urby at Harborside for $38.5 million. Upon closing, the Company owned 100% of the interests in the property, and as a result, consolidated the multifamily asset and the corresponding property-level mortgage of $181.8 million for reporting purposes. The property-level mortgage was subsequently modified to be an interest-only mortgage.
Real Estate Held for Sale
As of March 31, 2025, the Company had classified two developable land parcels, which are located in Wall Township, New Jersey and White Plains, New York, as held for sale. In April 2025, the developable land parcel located in Wall Township, New Jersey was sold for gross proceeds of $31.0 million.
As of December 31, 2024, the Company had classified a developable land parcel, located in Roseland, New Jersey as held for sale, which was sold in January 2025.
The following table summarizes the real estate held for sale, net as of March 31, 2025 and December 31, 2024:
(dollars in thousands)
 March 31,
2025		 December 31,
2024
Land $ 2,157  $ 9,910 
Building & Other 9,054  — 
Less: Accumulated depreciation (2,073) — 
Less: Cumulative unrealized losses on property held for sale —  (2,619)
Real estate held for sale, net $ 9,138 $ 7,291
Discontinued Operations
The Company has discontinued operations related to its former New Jersey office and hotel portfolio (collectively, the “Office Portfolio”) which represented a strategic shift in the Company’s operations. See Note 7: Discontinued Operations.