Quarterly report [Sections 13 or 15(d)]

COMMITMENTS AND CONTINGENCIES (Tables)

v3.25.2
COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Tax Abatement Agreements
Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties as follows:
PILOT Payments PILOT Payments
Property Name Location Asset Type PILOT
Expiration Dates		 Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
(Dollars in Thousands) (Dollars in Thousands)
BLVD 401 (a) Jersey City, NJ Multifamily 4/2026 $ 574 $ 701 $ 1,111 $ 1,143
Sable (b) Jersey City, NJ Multifamily 2/2027 1,259 (b) 1,259 (b)
RiverHouse 11 at Port Imperial (c) Weehawken, NJ Multifamily 7/2033 428 492 911 949
RiverHouse 9 at Port Imperial (d) Weehawken, NJ Multifamily 6/2046 404 451 851 858
Haus25 (e) Jersey City, NJ Multifamily 3/2047 745 717 1,510 1,414
The James (f) Park Ridge, NJ Multifamily 6/2051 230 210 457 416
Total PILOT taxes $ 3,640 $ 2,571 $ 6,099 $ 4,780
(a)The annual PILOT is equal to 10 percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined.
(b)The annual PILOT is equal to 10 percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined. The Company consolidated its interest in Sable on April 21, 2025 as a result of the Sable JV Interest Acquisition. See Note 3: Investments in Rental Properties - Acquisition of Controlling Interest in Unconsolidated Joint Venture for more information.
(c)The annual PILOT is equal to 12 percent of Gross Revenues for years 1-5, 13 percent for years 6-10 and 14 percent for years 11-15, as defined.
(d)The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined.
(e)The annual PILOT is equal to seven percent of Gross Revenues, as defined, for a term of 25 years.
(f)The annual PILOT is equal to 10 percent of Gross Revenues for years 1-10, 11.5 percent for years 11-21 and 12.5 percent for years 22-30, as defined.
Schedule of Future Minimum Rental Payments of Ground Leases
Future minimum rental payments under the terms of all non-cancelable office and ground leases under which the Company is the lessee, as of June 30, 2025 and December 31, 2024, are as follows (dollars in thousands):
Year
As of June 30, 2025
Amount
July 1 through December 31, 2025 $ 640
2026 1,279
2027 1,280
2028 494
2029 222
2030 through 2101 31,226
Total lease payments 35,141
Less: imputed interest (29,022)
Total $ 6,119
Year
As of December 31, 2024
Amount
2025 $ 1,279
2026 1,279
2027 1,280
2028 494
2029 222
2030 through 2101 31,225
Total lease payments 35,779
Less: imputed interest (29,235)
Total $ 6,544