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

COMMITMENTS AND CONTINGENCIES (Tables)

v3.25.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 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 (dollars in thousands):
PILOT PILOT Payments
Property Name Location Asset Type Expiration Dates 2025 2024 2023
BLVD 401 (a) Jersey City, NJ Multifamily 4/2026 2,153  2,235  1,754 
Sable (b) Jersey City, NJ Multifamily 2/2027 3,453  (b) (b)
RiverHouse 11 at Port Imperial (c) Weehawken, NJ Multifamily 7/2033 1,744  1,924  1,735 
Port Imperial 4/5 Hotel (d) Weehawken, NJ Hotel 12/2033 —  —  224 
RiverHouse 9 at Port Imperial (e) Weehawken, NJ Multifamily 6/2046 1,613  1,751  1,608 
Haus25 (f) Jersey City, NJ Multifamily 3/2047 3,123  3,070  2,619 
The James (g) Park Ridge, NJ Multifamily 6/2051 693  881  714 
Total PILOT taxes $ 12,779  $ 9,861  $ 8,654 
(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 Property - Acquisitions of Controlling Interest in Unconsolidated Joint Venture for additional 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 two percent of Total Project Costs, as defined. The property was disposed of during the first quarter of 2023.
(e)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.
(f)The annual PILOT is equal to seven percent of Gross Revenues, as defined, for a term of 25 years.
(g)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. The property was disposed of in August 2025.
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, are as follows (dollars in thousands):
As of December 31, 2025
Year Amount
2026 $ 1,279
2027 1,280
2028 494
2029 222
2030 222
2031 through 2101 31,003
Total lease payments 34,500
Less: imputed interest (28,820)
Total $ 5,680
As of December 31, 2024
Year Amount
2025 $ 1,279
2026 1,279
2027 1,280
2028 494
2029 222
2029 through 2101 31,225
Total lease payments 35,779
Less: imputed interest (29,235)
Total $ 6,544