Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.22.2
COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
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:
Property Name Location Asset Type PILOT
Expiration Dates		 Pilot Payments Three Months Ended
June 30,		 Pilot Payments Six Months Ended
June 30,
2022 2021 2022 2021
(Dollars in Thousands) (Dollars in Thousands)
BLVD 475 (Monaco) (a) Jersey City, NJ Multifamily 2/2021 $ — $ — $ — $ 474
111 River Street (b) Hoboken, NJ Office 4/2022 — 370 85 739
Harborside Plaza 4A (c) Jersey City, NJ Office 2/2022 — 264 218 528
Harborside Plaza 5 (d) Jersey City, NJ Office 6/2022 1,109 1,080 2,217 2,159
BLVD 401 (Marbella 2) (e) Jersey City, NJ Multifamily 4/2026 376 327 735 587
RiverHouse 11 at Port Imperial (f) Weehawken, NJ Multifamily 7/2033 356 416 706 668
Port Imperial 4/5 Hotel (g) Weehawken, NJ Hotel 12/2033 733 536 1,466 1,071
RiverHouse 9 at Port Imperial (h) Weehawken, NJ Multifamily 6/2046 318 — 640 —
Haus25 (i) Jersey City, NJ Mixed-Use 3/2047 124 — 124 —
Total Pilot taxes $ 3,016 $ 2,993 $ 6,191 $ 6,226
(a)The annual PILOT is equal to ten percent of Gross Revenues, as defined.
(b)The property was disposed of in the first quarter of 2022.
(c)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $49.5 million.
(d)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million.
(e)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.
(f)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.
(g)The annual PILOT is equal to two percent of Total Project Costs, as defined.
(h)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.
(i)For a term of 25 years following substantial completion, which occurred on April 1, 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined.
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 June 30, 2022 and December 31, 2021, are as follows (dollars in thousands):
Year
As of June 30, 2022
Amount
July 1 through December 31, 2022 $ 96
2023 192
2024 192
2025 199
2026 199
2027 through 2101 31,864
Total lease payments 32,742
Less: imputed interest (29,540)
Total $ 3,202
Year
As of December 31, 2021
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