Quarterly report [Sections 13 or 15(d)]

MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS

v3.25.1
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025, 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 March 31, 2025.
A summary of the Company’s mortgages, loans payable and other obligations as of March 31, 2025 and December 31, 2024 is as follows (dollars in thousands):
Property/Project Name Lender  
Effective
Rate (a)
  March 31,
2025		   December 31,
2024		   Maturity
Portside 2 at East Pier (b) New York Life Insurance Company   4.56  % 95,022  95,427  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  % 115,010  115,515  08/10/26
Portside at East Pier (c) KKR SOFR+ 2.75  % 56,500  56,500  09/07/26
The Upton (d) Bank of New York Mellon SOFR+ 1.58  % 75,000  75,000  10/27/26
RiverHouse 9 at Port Imperial (e) 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  % 163,844  164,712  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
Port Imperial South 4/5 Garage American General Life & A/G PC   4.85  % 30,957  31,098  12/01/29
The Emery at Overlook Ridge (f) Flagstar Bank   3.21  % 70,279  70,653  01/01/31
Principal balance outstanding   1,331,673  1,333,966   
Unamortized deferred financing costs   (9,637) (10,492)  
     
Total mortgages, loans payable and other obligations, net   $ 1,322,036  $ 1,323,474   
(a)Reflects effective rate of debt, including deferred financing costs, comprised of debt initiation costs, and other transaction costs, as applicable.
(b)On June 11, 2024, the lender terminated the Company's payment guarantee of 10 percent of the outstanding principal.
(c)As of March 31, 2025, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in September 2026.
(d)As of March 31, 2025, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in November 2026.
(e)As of March 31, 2025, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in July 2026.
(f)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 March 31, 2025 and 2024 was $19.1 million and $19.5 million, respectively. No interest was capitalized by the Company for the three months ended March 31, 2025 and 2024.
Summary of Indebtedness
(dollars in thousands) March 31,
2025		 December 31,
2024
  Balance Weighted Average
Interest Rate		 Balance
Weighted Average
Interest Rate
Fixed Rate & Hedged Debt, including Term Loan and Revolving Credit Facility (a) $ 1,667,208  5.05  % $ 1,670,313  5.05  %
Unhedged portion of Revolving Credit Facility —  —  % 2,000  7.08  %
Totals/Weighted Average, net of unamortized deferred financing costs (b): $ 1,667,208  5.05  % $ 1,672,313  5.05  %
(a)     As of March 31, 2025 and December 31, 2024, includes debt with interest rate caps outstanding with a notional amount of $591.5 million.
(b)    Excludes $4.2 million and $4.7 million of unamortized deferred financing costs recorded in Deferred charges and other assets, net, pertaining to the Company's Revolving Credit Facility as of March 31, 2025 and December 31, 2024, respectively.