Annual report pursuant to Section 13 and 15(d)

INVESTMENTS IN RENTAL PROPERTY

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INVESTMENTS IN RENTAL PROPERTY
 12 Months Ended
Dec. 31, 2023
Investments in Rental Properties [Abstract]  
INVESTMENTS IN RENTAL PROPERTY INVESTMENTS IN RENTAL PROPERTY
Acquisitions of Rental Property

During the year ended December 31, 2022, the Company acquired the following rental property (dollars in thousands):
Acquisition Date Property Location Property
Type		 # of
Apartment Units		 Acquisition
 Cost
7/21/2022 The James (a) Park Ridge, NJ Multifamily 240 $ 130,308 
Totals 240 $ 130,308 
(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.
Properties Commencing Initial Operations
During the year ended December 31, 2022, the following property commenced initial operations (dollars in thousands):
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       750 $ 485,587
(a)As of December 31, 2022, all apartment units were in service. The development costs included approximately $53.4 million in land costs.
During the year ended December 31, 2021, the following properties commenced initial operations (dollars in thousands):
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     506 $ 265,902
(a)As of December 31, 2021, all apartment units were in service. The development costs included approximately $2.9 million in land costs.
(b)As of December 31, 2021, all apartment units were in service. The development costs included approximately $2.7 million in land costs.

Additionally, a land lease located in Parsippany, New Jersey also commenced initial operations during the first quarter 2021. Development costs incurred amounted to $5.1 million. This land lease was sold by the Company during 2021.
Dispositions of Rental Properties and Developable Land
Dispositions during 2023
The Company disposed of the following rental property during the year ended December 31, 2023 (dollars in thousands):
Disposition
Date		 Property Location # of
Bldgs.		 Rentable
Square
Feet		 Property
Type		 Net
Sales
 Proceeds		 Net
 Carrying
Value		 Discontinued
Operations
Realized
 Gains
 (losses)/
Unrealized
 Losses, net
02/10/23 XS Hotels Weehawken, New Jersey 2 —  Hotel $ 93,358  (a) $ 92,578  $ 780 
04/04/23 Harborside 1, 2 and 3 Jersey City, New Jersey 3 1,886,800  Office 362,446  362,304  142 
09/13/23 Harborside 6 Jersey City, New Jersey 1 231,856  Office 44,145  43,722  423 
10/13/23 23 Main Street Holmdel, New Jersey 1 350,000  Office 15,884  (b) 13,372  2,512 
Others (c) 2,184 
Unrealized gains (losses) on real estate held for sale (3,630)
Totals 7 2,468,656  $ 515,833  $ 511,976  $ 2,411 
(a)    Included proceeds of $84.0 million used to repay the mortgage loan encumbering the property at closing.
(b)    Included deposits totaling $1.3 million received by the Company in February and August 2023.
(c)    Others represent reversals of estimated accrued expenses from previously sold rental properties.
The Company disposed of the following developable land during the year ended December 31, 2023 (dollars in thousands):
Disposition
Date		 Property Location Net
Sales
 Proceeds		 Net
Carrying
 Value		 Realized
Gains
 (losses)/
Unrealized
 Losses, net		 Discontinued
Operations
Realized
 Gains
 (losses)/
Unrealized
 Losses, net
03/17/23 Columbia-Honeywell Morris Township, New Jersey $ 8,214 
(a)
 $ 8,236  $ (22) $ — 
10/12/23 3 Campus Parsippany-Troy Hills, New Jersey 13,248  7,847  5,401  — 
10/05/23 Harborside 4 Jersey City, New Jersey 53,656  14,385  —  39,271 
Others (b) 1,689 —
Totals $ 75,118  $ 30,468  $ 7,068  $ 39,271 
(a)    Included deposits totaling $1.1 million received by the Company in December 2022 and January 2023.
(b)    Others represent reversals of estimated accrued expenses from previously sold developable land holdings.
Dispositions during 2022

The Company disposed of the following rental property during the year ended December 31, 2022 (dollars in thousands):
Disposition
Date		 Property Location # of
Bldgs.		 Rentable
Square
Feet		 Property
Type		 Net
Sales
 Proceeds		 Net
 Carrying
Value		 Discontinued
Operations
Realized
 Gains
 (losses)/
Unrealized
 Losses, net
01/21/22 111 River Street Hoboken, New Jersey 1 566,215 Office $ 208,268  (a) $ 206,432  $ 1,836 
10/07/22 101 Hudson Street Jersey City, New Jersey 1 1,246,283  Office 342,578  (b) 270,198  72,380 
Unrealized gains (losses) on real estate held for sale (12,540)
Totals 2 1,812,498  $ 550,846  $ 476,630  $ 61,676 
(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 developable land during the year ended December 31, 2022 (dollars in thousands):
Disposition
Date		 Property 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  $ 24,182  $ (274)
03/22/22 Palladium commercial land West Windsor, New Jersey 4,688  1,791  2,897 
04/15/22 Port Imperial Park parcel Weehawken, New Jersey 29,331  29,744  (413)
04/21/22 Urby II/III Jersey City, New Jersey 68,854  13,316  55,538 
11/03/22 Port Imperial Parcels 3 & 16 (a) Weehawken, New Jersey 24,885  25,371  (486)
Totals $ 151,666  $ 94,404  $ 57,262 
(a)    Included non-cash expenses of $2.5 million.
Dispositions during 2021
The Company disposed of the following rental properties during the year ended December 31, 2021 (dollars in thousands):
Disposition
Date		 Property Location # of
Bldgs.		 Rentable
Square
Feet		 Property
Type		 Net
Sales
 Proceeds		 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  Office $ 34,724  (a) $ 26,488  $ —  $ 8,236 
03/25/21 Metropark portfolio (b) Edison and Iselin, New Jersey 4 926,656  Office 247,351  233,826  —  13,525 
04/20/21 Short Hills portfolio (c) Short Hills, New Jersey 4 828,413  Office 248,664  245,800  —  2,864 
06/11/21 Red Bank portfolio Red Bank, New Jersey 5 659,490  Office 80,730  78,364  —  2,366 
06/30/21 Retail land leases Hanover and Parsippany, New Jersey — —  Land Lease 41,958  37,951  4,007  — 
07/26/21 7 Giralda Farms Madison, New Jersey 1 236,674  Office 28,182  30,143  —  (1,961)
10/20/21 4 Gatehall Drive Parsippany, New Jersey 1 248,480  Office 24,239  23,717  —  522 
12/16/21 Retail land lease Unit B Hanover, New Jersey — —  Land Lease 5,423  6,407  (984) — 
Totals     16 3,049,313    $ 711,271  $ 682,696  $ 3,023  $ 25,552 
(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.
The Company disposed of the following developable land during the year ended December 31, 2021 (dollars in thousands):
Disposition
Date		 Property 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
Totals $ 5,011 $ 2,896 $ 2,115
Dispositions of Unconsolidated Joint Venture
2022 — On November 30, 2022, the Company's Hyatt Regency Hotel Jersey City joint venture was sold for $117.0 million and the Company recorded a gain on the sale (included in discontinued operations) for its interest of approximately $7.7 million in the year ended December 31, 2022.
2021 — On September 1, 2021, the Company sold its interest in the Offices at Crystal Lake joint venture to its venture partner for $1.9 million and recorded a loss on the sale of approximately $1.9 million (included in discontinued operations) in the year ended December 31, 2021. On April 29, 2021, the Company sold its interest in the 12 Vreeland Road joint venture for a gross sales price of approximately $2.0 million, with no gain or loss on the transaction.
Real Estate Held for Sale
The following table summarizes the real estate held for sale, net (dollars in thousands):
Year Ended December 31,
2023 2022
Land $ 59,464 $ 92,843
Building & Other 9,688 142,554
Less: Accumulated depreciation —  (28,924)
Less: Cumulative unrealized losses on property held for sale (10,544) (12,540)
Real estate held for sale, net $ 58,608 $ 193,933
As of December 31, 2022, the disposal group for assets classified as held for sale also included $0.4 million and $0.4 million recorded within Unbilled rents receivable, net and Total deferred charges & other assets, net, respectively.

2023 — As of December 31, 2023, the Company had classified as held for sale several developable land parcels, which are located in Jersey City and Parsippany, New Jersey. In January 2024, a land parcel was sold for gross proceeds of $10.2 million.
2022 — As of December 31, 2022, the Company had classified as held for sale an office property of 0.4 million square feet, two hotels and several developable land parcels, which are located in Jersey City, Holmdel, Parsippany, Morris Township, Wall and Weehawken, New Jersey.
Discontinued Operations
The Company has discontinued operations related to its former New Jersey office and hotel portfolio (collectively, the “Office Portfolio”) which represented a strategic shift in the Company’s operations beginning in 2019. See Note 7: Discontinued Operations.