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

MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS

v3.25.4
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS
As of December 31, 2025, 10 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 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 December 31, 2025.
A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2025 and 2024 is as follows (dollars in thousands):
Property Name Lender  
Effective
Rate (a)
December 31,
2025		 December 31,
2024		 Maturity
Portside 2 at East Pier (b) New York Life Insurance Company 4.56  % 93,782  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  % 113,462  115,515  08/10/26
Portside at East Pier (c) KKR SOFR+ 2.75  % —  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 (f) Natixis Real Estate Capital LLC 4.48  % —  41,000  08/05/27
BLVD 475 The Northwestern Mutual Life Insurance Co. 2.91  % 161,201  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
Sable (g) Pacific Life 5.59  % 181,544  —  08/01/29
Port Imperial South 4/5 Garage American General Life & A/G PC 4.85  % 30,524  31,098  12/01/29
The Emery at Overlook Ridge (h) Flagstar Bank 3.21  % —  70,653  01/01/31
Principal balance outstanding 1,339,574  1,333,966   
Unamortized deferred financing costs (7,416) (10,492)  
Total mortgages, loans payable and other obligations, net $ 1,332,158  $ 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 December 31, 2025 this mortgage was fully repaid and the corresponding interest-rate cap was terminated.
(d)As of December 31, 2025, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring November 2026.
(e)As of December 31, 2025, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in July 2026.
(f)In September 2025, the Company sold the property encumbered by this mortgage, simultaneously assigning the mortgage to the purchaser. See Note 3: Investments in Rental Property for more information.
(g)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 for more information.
(h)As of December 31, 2025, this mortgage was fully repaid.
SCHEDULED PRINCIPAL PAYMENTS
Scheduled principal payments for the Company’s mortgages, loans payable and other obligations, including the Revolving Credit Facility, as of December 31, 2025 are as follows (dollars in thousands):
Period
Scheduled
Amortization
 Principal
Maturities		 Total
2026 $ 6,121 $ 411,404 $ 417,525
2027 3,791 294,494 298,285
2028 733 343,061 343,794
2029 573 309,397 309,970
Sub-total 11,218 1,358,356 1,369,574
Unamortized deferred financing costs (a) (7,416) — (7,416)
Totals $ 3,802 $ 1,358,356 $ 1,362,158
(a)     Excludes $3.7 million of unamortized deferred financing costs recorded in Deferred charges and other assets, net, pertaining to the Company's Revolving Credit Facility as of December 31, 2025.
CASH PAID FOR INTEREST
Cash paid for interest for the years ended December 31, 2025, 2024 and 2023 was $78.3 million, $78.5 million and $81.6 million, (of which zero, zero and $1.4 million pertained to properties classified as discontinued operations), respectively.
SUMMARY OF INDEBTEDNESS
(dollars in thousands) December 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)		 $ 1,362,158  4.90  % $ 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):		 $ 1,362,158  4.90  % $ 1,672,313  5.05  %
(a)    As of December 31, 2025 and 2024, includes debt with interest rate caps outstanding with a notional amount of $330.0 million and $591.5 million, respectively.
(b)    Excludes $3.7 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 December 31, 2025 and 2024, respectively.