Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.22.2.2
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 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
September 30,		 PILOT Payments Nine Months Ended
September 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 — 363 85 1,103
Harborside Plaza 4A (c) Jersey City, NJ Office 2/2022 — 222 218 662
Harborside Plaza 5 (d) Jersey City, NJ Office 6/2022 — 1,085 2,000 3,244
BLVD 401 (Marbella 2) (e) Jersey City, NJ Multifamily 4/2026 450 372 1,185 959
RiverHouse 11 at Port Imperial (f) Weehawken, NJ Multifamily 7/2033 432 355 1,138 1,023
Port Imperial 4/5 Hotel (g) Weehawken, NJ Hotel 12/2033 729 729 2,189 2,189
RiverHouse 9 at Port Imperial (h) Weehawken, NJ Multifamily 6/2046 321 — 961 —
Haus25 (i) Jersey City, NJ Mixed-Use 3/2047 343 — 467 —
The James (j) Park Ridge, NJ Multifamily 6/2051 — — — —
Total Pilot taxes $ 2,275 $ 3,126 $ 8,243 $ 9,654
(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.
(j)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.
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 September 30, 2022 and December 31, 2021, are as follows (dollars in thousands):
Year
As of September 30, 2022
Amount
October 1 through December 31, 2022 $ 48
2023 192
2024 192
2025 199
2026 199
2027 through 2101 31,864
Total lease payments 32,694
Less: imputed interest (3,215)
Total $ 29,479
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