RECENT TRANSACTIONS (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Recent Transactions [Abstract] |
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| Schedule Of Real Estate Properties Acquired |
The Company acquired the following rental property during the year ended December 31, 2022 (dollars in thousands):
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| Acquisition Date |
Property |
Location |
Property
Type |
# of
Apartment Units |
Acquisition
Cost |
| 7/21/2022 |
The James (a) |
Park Ridge, NJ |
Multifamily |
240 |
$ |
130,308 |
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| Total Acquisitions |
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240 |
$ |
130,308 |
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(a) This acquisition was funded using funds available with the Company's qualified intermediary from prior property sales proceeds and through borrowing under the Company's revolving credit facility.
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| Schedule Of Properties Which Commenced Initial Operations |
The following property commenced initial operations during the years ended December 31, 2022 and 2021 (dollars in thousands):
2022
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In Service
Date |
Property |
Location |
Property
Type |
# of
Apartment Units |
Total Development
Costs Incurred |
| 04/01/22 |
Haus25 (a) |
Jersey City |
Multifamily |
750 |
$ |
485,587 |
| Totals |
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750 |
$ |
485,587 |
(a)As of December 31, 2022, all apartment units are in service. The development costs includes approximately $53.4 million in land costs.
2021
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In Service
Date |
Property |
Location |
Property
Type |
# of
Apartment Units |
Total Development
Costs Incurred |
| 03/01/21 |
The Upton (a) |
Short Hills, NJ |
Multifamily |
193 |
$ |
101,269 |
| 07/01/21 |
Riverhouse 9 at Port Imperial (b) |
Weehawken, NJ |
Multifamily |
313 |
164,633 |
| Totals |
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506 |
$ |
265,902 |
(a)As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.9 million in land costs.
(b)As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.7 million in land costs.
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| Schedule Of Assets Held For Sale |
The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands):
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Suburban
Office
Portfolio
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Other Assets & Liabilities
Held for Sale
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Total |
| Land |
$ |
4,336 |
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$ |
88,507 |
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$ |
92,843 |
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| Building & Other |
30,389 |
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112,165 |
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142,554 |
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| Less: Accumulated depreciation |
(12,165) |
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(16,759) |
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(28,924) |
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| Less: Cumulative unrealized losses on property held for sale |
(4,440) |
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(8,100) |
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(12,540) |
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| Real estate held for sale, net |
$ |
18,120 |
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$ |
175,813 |
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$ |
193,933 |
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| Other assets and liabilities |
Suburban
Office
Portfolio (a) |
Other
Assets
Held for Sale |
Total |
| Unbilled rents receivable, net (a) |
$ |
368 |
$ |
— |
$ |
368 |
| Deferred charges, net (a) |
426 |
— |
426 |
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| Total deferred charges & other assets, net |
457 |
985 |
1,442 |
| Mortgages & loans payable, net (a) |
— |
(85,664) |
(85,664) |
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| Accounts payable, accrued exp & other liability |
(759) |
(473) |
(1,232) |
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(a) Expected to be removed with the completion of the sales.
The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands):
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Assets
Held for Sale |
| Land |
$ |
159,968 |
| Building & Other |
618,216 |
| Less: Accumulated depreciation |
(159,538) |
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| Real estate held for sale, net |
$ |
618,646 |
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| Other assets and liabilities |
Assets
Held for Sale |
| Unbilled rents receivable, net (a) |
$ |
30,526 |
| Deferred charges, net (a) |
16,056 |
| Total intangibles, net (a) |
31,155 |
| Total deferred charges & other assets, net (b) |
69,410 |
| Mortgages & loans payable, net (a) |
(397,953) |
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| Total below market liability (a) |
(24,098) |
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| Accounts payable, accrued exp & other liability (c) |
(49,648) |
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| Unearned rents/deferred rental income (a) |
(5,831) |
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(a)Expected to be removed with the completion of the sales.
(b)Includes $19.2 million of right of use assets expected to be removed with the completion of the sales.
(c)Includes $20.5 million of right of use liabilities expected to be removed with the completion of the sales.
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| Schedule Of Real Estate Properties Sold And Disposed |
The Company disposed of the following rental property during the year ended December 31, 2022 (dollars in thousands):
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Disposition
Date |
Property |
Location |
# of
Bldgs. |
Rentable
Square
Feet |
Property
Type |
Net
Sales
Proceeds |
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Net
Carrying
Value |
Realized
Gains
(Losses)/
Unrealized
Losses, net |
Discontinued
Operations
Realized
Gains
(losses)/
Unrealized
Losses, net |
| 01/21/22 |
111 River Street |
Hoboken, New Jersey |
1 |
566,215 |
Office |
$ |
208,268 |
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(a) |
$ |
206,432 |
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$ |
1,836 |
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$ |
— |
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| 10/07/22 |
101 Hudson Street |
Jersey City, New Jersey |
1 |
1,246,283 |
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Office |
342,578 |
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(b) |
270,198 |
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72,380 |
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— |
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| Unrealized gains (losses) on real estate held for sale |
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$ |
(8,100) |
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$ |
(4,440) |
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| Totals |
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2 |
1,812,498 |
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$ |
550,846 |
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$ |
476,630 |
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$ |
66,116 |
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$ |
(4,440) |
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(a) The $150 million mortgage loan encumbering the property was repaid at closing, for which the Company incurred costs of $6.3 million. These costs were expensed as loss from extinguishment of debt during the year ended December 31, 2022.
(b) The $250 million mortgage loan encumbering the property was assumed by the purchaser at closing, for which the Company incurred costs of $1.0 million. These costs were expensed as loss from extinguishment of debt during the year ended December 31, 2022. The assumed mortgage was a non-cash portion of this sales transaction.
The Company disposed of the following rental properties during the year ended December 31, 2021 (dollars in thousands):
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Disposition
Date |
Property/Address |
Location |
# of
Bldgs. |
Rentable
Square
Feet |
Property
Type |
Net
Sales
Proceeds |
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Net
Carrying
Value |
Realized
Gains
(Losses)/
Unrealized
Losses, net |
Discontinued
Operations
Realized
Gains
(losses)/
Unrealized
Losses, net |
| 01/13/21 |
100 Overlook Center |
Princeton, New Jersey |
1 |
149,600 |
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Office |
$ |
34,724 |
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(a) |
$ |
26,488 |
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$ |
— |
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$ |
8,236 |
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| 03/25/21 |
Metropark portfolio (b) |
Edison and Iselin, New Jersey |
4 |
926,656 |
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Office |
247,351 |
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233,826 |
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— |
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13,525 |
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| 04/20/21 |
Short Hills portfolio (c) |
Short Hills, New Jersey |
4 |
828,413 |
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Office |
248,664 |
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245,800 |
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— |
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2,864 |
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| 06/11/21 |
Red Bank portfolio |
Red Bank, New Jersey |
5 |
659,490 |
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Office |
80,730 |
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78,364 |
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— |
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2,366 |
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| 06/30/21 |
Retail land leases |
Hanover and Parsippany, New Jersey |
— |
— |
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Land Lease |
41,957 |
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37,951 |
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4,006 |
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— |
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| 07/26/21 |
7 Giralda Farms |
Madison, New Jersey |
1 |
236,674 |
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Office |
28,182 |
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30,143 |
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— |
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(1,961) |
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| 10/20/21 |
4 Gatehall Drive |
Parsippany, New Jersey |
1 |
248,480 |
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Office |
24,239 |
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23,717 |
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— |
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522 |
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| 12/16/21 |
Retail land lease Unit B |
Hanover, New Jersey |
— |
— |
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Land Lease |
5,423 |
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6,407 |
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(984) |
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— |
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| Totals |
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16 |
3,049,313 |
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$ |
711,270 |
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$ |
682,696 |
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$ |
3,022 |
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$ |
25,552 |
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(a)As part of the consideration from the buyer, a related party, 678,302 Common Units were redeemed by the Company at a book value of $10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its revolving credit facility. See Note 16: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership.
(b)Includes $10 million of seller financing provided to the buyers of the Metropark portfolio. See Note 5: Deferred charges and other assets, net.
(c)The mortgage loan encumbering three of the properties was defeased at closing, for which the Company incurred costs of $22.6 million. These costs were expensed as loss from extinguishment of debt.
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| Schedule Of Disposition Of Developable Land |
The Company disposed of the following developable land holdings during the year ended December 31, 2022 (dollars in thousands):
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Disposition
Date |
Property Address |
Location |
Net
Sales
Proceeds |
Net
Carrying
Value |
Realized
Gains
(losses)/
Unrealized
Losses, net |
| 03/22/22 |
Palladium residential land |
West Windsor, New Jersey |
$ |
23,908 |
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$ |
24,182 |
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$ |
(274) |
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| 03/22/22 |
Palladium commercial land |
West Windsor, New Jersey |
4,688 |
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1,791 |
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2,897 |
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| 04/15/22 |
Port Imperial Park parcel |
Weehawken, New Jersey |
29,331 |
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29,744 |
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(413) |
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| 04/21/22 |
Urby II/III |
Jersey City, New Jersey |
68,854 |
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13,316 |
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55,538 |
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| 11/03/22 |
Port Imperial Parcels 3 & 16 (a) |
Weehawken, New Jersey |
24,885 |
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25,371 |
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(486) |
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| Totals |
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$ |
151,666 |
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$ |
94,404 |
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$ |
57,262 |
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The Company disposed of the following developable land holdings during the year ended December 31, 2021 (dollars in thousands):
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Disposition
Date |
Property Address |
Location |
Net
Sales
Proceeds |
Net
Carrying
Value |
Realized
Gains
(losses)/
Unrealized
Losses, net |
| 05/24/21 |
Horizon common area |
Hamilton, New Jersey |
$ |
745 |
$ |
634 |
$ |
111 |
| 12/22/21 |
346/360 University Ave |
Newark, New Jersey |
4,266 |
2,262 |
2,004 |
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| Totals |
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$ |
5,011 |
$ |
2,896 |
$ |
2,115 |
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