Quarterly report [Sections 13 or 15(d)]

MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS

v3.26.1
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS
As of March 31, 2026, nine of the Company’s properties, with a total carrying value of approximately $1.7 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 March 31, 2026.
A summary of the Company’s mortgages as of March 31, 2026 and December 31, 2025 is as follows (dollars in thousands):
Property/Project Name Lender  
Effective
Rate (a)
  March 31,
2026		   December 31,
2025		   Maturity
Portside 2 at East Pier (b) New York Life Insurance Company   4.56  % $ —  $ 93,782  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  % 112,935  113,462  08/10/26
The Upton (c) Bank of New York Mellon SOFR+ 1.58  % 75,000  75,000  10/27/26
RiverHouse 9 at Port Imperial (d) JP Morgan SOFR+ 1.41  % 110,000  110,000  06/21/27
BLVD 475 The Northwestern Mutual Life Insurance Co.   2.91  % 160,307  161,201  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 Pacific Life 5.59  % 181,544  181,544  08/01/29
Port Imperial South 4/5 Garage American General Life & A/G PC   4.85  % 30,133  30,524  12/01/29
Principal balance outstanding   $ 1,243,980  $ 1,339,574   
Unamortized deferred financing costs   (6,641) (7,416)  
     
Total mortgages, loans payable and other obligations, net   $ 1,237,339  $ 1,332,158   
(a)Reflects effective rate of debt, including deferred financing costs, comprised of debt initiation costs, and other transaction costs, as applicable.
(b)As of March 31, 2026, this mortgage was fully repaid.
(c)As of March 31, 2026, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in November 2026.
(d)As of March 31, 2026, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in July 2026.
Cash Paid for Interest
Cash paid for interest for the three months ended March 31, 2026 and 2025 was $16.1 million and $19.1 million, respectively. No interest was capitalized by the Company for the three months ended March 31, 2026 and 2025.
Summary of Indebtedness
(dollars in thousands) March 31,
2026		 December 31,
2025
  Balance Weighted Average
Interest Rate		 Balance
Weighted Average
Interest Rate
Fixed Rate & Hedged Debt, including Term Loan and Revolving Credit Facility (a) (b) $ 1,361,339  4.98  % $ 1,362,158  4.90  %
(a)     As of March 31, 2026 and December 31, 2025, includes debt with interest rate caps outstanding with a notional amount of $330.0 million.
(b)    Excludes $3.0 million and $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 March 31, 2026 and December 31, 2025, respectively.