Annual report [Section 13 and 15(d), not S-K Item 405]

INVESTMENTS IN RENTAL PROPERTY

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INVESTMENTS IN RENTAL PROPERTY
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
INVESTMENTS IN RENTAL PROPERTY INVESTMENTS IN RENTAL PROPERTY
Dispositions of Rental Properties and Developable Land
Dispositions during 2025
The Company disposed of the following rental properties during the year ended December 31, 2025 (dollars in thousands)
Disposition Date Property Location Units Property Type Net Sales Proceeds Net Carrying Value Realized Gains (Losses) Unrealized Losses, net
07/09/25 Signature Place Morris Plains, NJ 197  Multifamily $ 83,254  $ 45,840  $ 37,414 
07/22/25 145 Front at City Square Worcester, MA 365  Multifamily 121,030  77,688  43,342 
08/14/25 The James Park Ridge, NJ 240  Multifamily 115,090  121,593  (6,503) (a)
09/25/25 Quarry Place at Tuckahoe Eastchester, NY 108  Multifamily 61,774  (b) 46,779  14,995 
Others (c) 1,583 
Totals 910 $ 381,148  $ 291,900  $ 90,831 
(a) Includes previously recorded impairment charges of $6.9 million.
(b) Net sales proceeds include the buyer's assumption of the $41.0 million mortgage loan encumbering the property.
(c) Others represent a cumulative correction to Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net, related to years prior to 2022 of $1.6 million, with corresponding increases to Buildings and improvements of $2.0 million and Accumulated depreciation and amortization of $0.4 million.
The Company disposed of the following developable land holdings during the year ended December 31, 2025 (dollars in thousands):
Disposition
Date		 Property Location Net
Sales
Proceeds		 Net
Carrying
Value		 Gain (loss) on disposition of developable land
01/24/25 65 Livingston Roseland, NJ $ 7,139  $ 7,295  (a) $ (156)
04/03/25 Wall Land Wall Township, NJ 30,152  4,116  26,036 
04/29/25 1 Water Street White Plains, NY 15,563  5,033  10,530 
08/28/25 PI South - Building 2 Weehawken, NJ 36,520  (b) 37,638  (c) (1,118)
12/8/2025 Harborside 8/9 Jersey City, NJ 73,354  (d) 75,416  (e) (2,062)
Others (f) 810 
Totals $ 162,728  $ 129,498  $ 34,040 
(a) Net carrying value reflects previously recorded impairment charges of $2.6 million.
(b) This property was owned through a consolidated joint venture; the amounts presented in this table reflect the Company’s consolidated balances.
(c) Net carrying value reflects previously recorded impairment charges of $3.2 million.
(d) Includes deposit of $5.0 million received by the Company in May 2025.
(e) Net carrying value reflects previously recorded impairment charges of $12.5 million.
(f) Others represent reversals of estimated accrued expenses from previously sold developable land holdings.
Dispositions during 2024
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 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.
Dispositions during 2023
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 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.
Dispositions of Unconsolidated Joint Ventures
2025 — On April 21, 2025, the Company sold its interest in The Metropolitan at 40 Park multifamily rental property in Morristown, New Jersey for $0.5 million. The Company recorded a gain on sale of its interest of approximately $0.2 million in Gain (loss) on sale of unconsolidated joint venture interests in the Consolidated Statement of Operations.
On April 21, 2025, the Company sold its interest in the PI North developable land parcels in West New York, New Jersey for $6.6 million. The Company recorded a gain on sale of its interest of approximately $4.9 million in Gain (loss) on sale of unconsolidated joint venture interests in the Consolidated Statement of Operations.
2024 — On January 12, 2024, the Company's joint venture sold the Lofts at 40 Park multifamily rental property for $30.3 million of which the Company received net proceeds of $6.0 million. The Company recorded a gain on the sale for its interest of approximately $7.1 million in Gain (loss) on sale of unconsolidated joint venture interests in the Consolidated Statement of Operations.
On October 22, 2024, the Company's joint venture sold the Shops at 40 Park retail property for $15.7 million, of which the Company did not receive any net proceeds after repayment of property-level debt, selling expenses, and preferred return
distributions to its joint venture partner. The Company recorded a loss on the sale for its interest of approximately $0.2 million in Gain (loss) on sale of unconsolidated joint venture interests in the Consolidated Statement of Operations.
Acquisition of Controlling Interest in Unconsolidated Joint Venture
On April 21, 2025, the Company acquired the remaining 15% controlling interest in the joint venture which owns Sable (previously referred to as “Urby at Harborside”) for cash consideration of $38.5 million (“Sable JV Interest Acquisition”). Concurrent with the acquisition, the Company assumed the $181.8 million property-level mortgage. The acquisition was funded from the proceeds of sales previously completed.
Prior to the acquisition of the controlling interest of Sable, the Company accounted for its investment in that joint venture as an equity method investment under the voting interest model within Investments in unconsolidated joint ventures on our Consolidated Balance Sheets. This transaction was accounted for as an asset acquisition under, ASC 805-50, Business Combinations. As a result of acquiring full ownership, the Company consolidated Sable onto the Consolidated Balance Sheets at the sum of the historical cost basis for the existing 85% interest and at the purchase price for the newly acquired 15% interest.

The gross purchase price of the newly acquired 15% controlling interest, inclusive of transaction costs of $2.1 million, was allocated by major categories of assets acquired and liabilities assumed using relative fair value. The consolidated balances for Sable as of the acquisition date were as follows: $267.3 million of Net investment in rental property, $2.2 million of acquired in-place leases and other intangibles presented within Deferred charges and other assets, net, and $181.0 million of Mortgages, loans payable and other obligations, net.
Real Estate Held for Sale
As of December 31, 2025, the Company did not have any assets or liabilities classified as held for sale.
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 December 31, 2024:
(dollars in thousands)
 December 31, 2024
Land $ 9,910
Less: Cumulative unrealized losses on property held for sale (2,619)
Real estate held for sale, net $ 7,291