Annual report pursuant to Section 13 and 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.22.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2022
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 and has tax abatement agreements on other properties, as follows:
Pilot Payments
PILOT 2022 2021 2020
Property Name Location Asset Type Expiration Dates (Dollars in Thousands)
Port Imperial South 1/3 Garage (a) Weehawken, NJ Parking Garage 12/2020 $ —  $ —  $ 303 
BLVD 475 (Monaco) (b) Jersey City, NJ Multifamily 2/2021 —  443  1,811 
111 River Street (c) Hoboken, NJ Office 4/2022 —  1,470  1,470 
Harborside Plaza 4A (d) Jersey City, NJ Office 2/2022 —  1,057  1,062 
Harborside Plaza 5 (e) Jersey City, NJ Office 6/2022 —  4,324  4,415 
BLVD 401 (Marbella 2) (f) Jersey City, NJ Multifamily 4/2026 1,692  1,277  1,151 
RiverHouse 11 at Port Imperial (g) Weehawken, NJ Multifamily 7/2033 1,514  1,369  1,143 
Port Imperial 4/5 Hotel (h) Weehawken, NJ Hotel 12/2033 2,925  2,925  2,161 
RiverHouse 9 at Port Imperial (i) Weehawken, NJ Multifamily 6/2046 1,295  350  — 
Haus 25 (j) Jersey City, NJ Mixed-Use (i) 975  —  — 
The James (k) Park Ridge, NJ Multifamily 6/2051 318  —  — 
Total Pilot taxes $ 8,719  $ 13,215  $ 13,516 
(a)Taxes to be paid at 100 percent on the land value of the project only over five year period and allows for a phase in of real estate taxes on the building improvement value at zero percent in year one and 95 percent in years two through five.
(b)The annual PILOT is equal to ten percent of Gross Revenues, as defined.
(c)The property was disposed of in the first quarter of 2022.
(d)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $49.5 million.
(e)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million.
(f)The annual PILOT is equal to ten percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined.
(g)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.
(h)The annual PILOT is equal to two percent of Total Project Costs, as defined.
(i)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.
(j)For a term of 25 years following substantial completion, which occured in the second quarter of 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined.
(k)For a term of 30 years following substantial completion which occurred in June 2021. 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.
Schedule of Future Minimum Rental Payments Of Ground Leases
Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of December 31, 2022, are as follows (dollars in thousands):
As of December 31, 2022
Year Amount
2023 $ 192
2024 192
2025 199
2026 199
2027 200
2028 through 2101 31,664
Total lease payments 32,646
Less: imputed interest (29,418)
Total $ 3,228

As of December 31, 2021
Year Amount
2022 $ 1,695
2023 1,702
2024 1,721
2025 1,728
2026 1,728
2027 through 2101 151,253
Total lease payments 159,827
Less: imputed interest (136,141)
Total $ 23,686