Quarterly report [Sections 13 or 15(d)]

COMMITMENTS AND CONTINGENCIES (Tables)

v3.26.1
COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2026
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):
Property Name Location Asset Type PILOT
Expiration Dates		 PILOT Payments
Three Months Ended March 31,
2026 2025
BLVD 401 (a) Jersey City, NJ Multifamily 4/2026 $ 409 $ 537
Sable (b) Jersey City, NJ Multifamily 2/2027 920 (b)
RiverHouse 11 at Port Imperial (c) Weehawken, NJ Multifamily 7/2033 340 483
RiverHouse 9 at Port Imperial (d) Weehawken, NJ Multifamily 6/2046 303 447
Haus25 (e) Jersey City, NJ Multifamily 3/2047 514 765
The James (f) Park Ridge, NJ Multifamily 6/2051 — 227
Total PILOT payments $ 2,486 $ 2,459
(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.
(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. The property was disposed of during the third quarter of 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):
Year
As of March 31, 2026
Amount
April 1 through December 31, 2026 $ 960
2027 1,280
2028 494
2029 222
2030 222
2031 through 2101 31,003
Total lease payments 34,181
Less: imputed interest (28,726)
Total $ 5,455
Year
As of December 31, 2025
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