RECENT TRANSACTIONS (Tables)
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9 Months Ended |
Sep. 30, 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 three months ended September 30, 2022 (dollars in thousands):
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| Acquisition Date |
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Property |
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Location |
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Property Type |
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# of
Apartment Units |
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Acquisition
Cost |
| 7/21/2022 |
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The James (a) |
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Park Ridge, NJ |
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Multifamily |
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240 |
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$ |
130,308 |
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| Total Acquisitions |
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$ |
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 unsecured revolving credit facility.
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| Schedule Of Properties Commencing Initial Operations |
The following property commenced initial operations during the nine months ended September 30, 2022 (dollars in thousands):
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| In Service Date |
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Property |
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Location |
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Property Type |
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# of
Apartment Units |
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Total
Development
Costs Incurred |
| 04/01/22 |
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Haus25 (a) |
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Jersey City |
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Multifamily |
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750 |
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$ |
485,128 |
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| Totals |
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750 |
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$ |
485,128 |
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(a) As of September 30, 2022, 750 apartment units are currently available for occupancy.
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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 |
Total |
| Land |
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$ |
4,336 |
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$ |
139,526 |
$ |
143,862 |
| Building & Other |
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30,388 |
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457,610 |
487,998 |
| Less: Accumulated depreciation |
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(12,165) |
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(145,201) |
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(157,366) |
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| Less: Cumulative unrealized losses on property held for sale |
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(4,440) |
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$ |
(5,100) |
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(9,540) |
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| Real estate held for sale, net |
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$ |
18,119 |
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$ |
446,835 |
$ |
464,954 |
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| Other assets and liabilities |
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Suburban
Office
Portfolio |
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Other Assets & Liabilities
Held for Sale |
Total |
| Unbilled rents receivable, net (a) |
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$ |
479 |
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$ |
15,863 |
$ |
16,342 |
| Deferred charges, net (a) |
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554 |
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11,615 |
12,169 |
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| Mortgages & loans payable, net (a) (b) |
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— |
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(339,832) |
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(339,832) |
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| Accounts payable, accrued exp & other liability |
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(755) |
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(4,909) |
(5,664) |
| Unearned rents/deferred rental income (a) |
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— |
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(3,781) |
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(3,781) |
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(a)Expected to be removed with the completion of the sales.
(b)Includes a $250 million mortgage assumed by the purchaser of a property disposed of in October 2022.
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| Schedule Of Real Estate Properties Sold And Disposed |
The Company disposed of the following rental property during the nine months ended September 30, 2022 (dollars in thousands):
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Disposition
Date |
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Property |
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Location |
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# of
Bldgs. |
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Rentable
Square
Feet |
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Property
Type |
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Net
Sales
Proceeds |
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Net
Carrying
Value |
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Realized
Gains
(Losses)
Unrealized
Losses, net |
Discontinued
Operations
Realized
Gains
(Losses)/
Unrealized
Losses, net |
| 01/21/22 |
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111 River Street |
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Hoboken, New Jersey |
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1 |
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566,215 |
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Office |
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$ |
208,268 |
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(a) |
$ |
206,432 |
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$ |
1,836 |
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$ |
— |
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| Unrealized gains (losses) on real estate held for sale |
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(5,100) |
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(4,440) |
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| Totals |
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1 |
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566,215 |
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$ |
208,268 |
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$ |
206,432 |
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$ |
(3,264) |
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$ |
(4,440) |
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(a)The mortgage loan encumbering the property was repaid at closing, for which the Company incurred costs of $6.3 million. These costs were expensed as loss from extinguishment of debt during the nine months ended September 30, 2022.
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| Schedule Of Disposed Developable Land |
The Company disposed of the following developable land holdings during the nine months ended September 30, 2022 (dollars in thousands):
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Disposition
Date |
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Property |
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Location |
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Net
Sales
Proceeds |
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Net
Carrying
Value |
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Realized
Gains
(Losses)/
Unrealized
Losses, net |
| 03/22/22 |
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Palladium residential land |
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West Windsor, New Jersey |
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$ |
23,908 |
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$ |
24,182 |
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$ |
(274) |
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| 03/22/22 |
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Palladium commercial land |
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West Windsor, New Jersey |
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4,688 |
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1,791 |
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2,897 |
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| 04/15/22 |
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Port Imperial Park parcel |
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Weehawken, New Jersey |
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29,331 |
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29,744 |
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(413) |
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| 04/21/22 |
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Urby II/III |
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Jersey City, New Jersey |
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68,854 |
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13,316 |
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55,538 |
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| Totals |
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$ |
126,781 |
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$ |
69,033 |
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$ |
57,748 |
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