Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.23.3
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2023
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 Three PILOT Payments Nine
Property Name Location Asset Type PILOT
Expiration Dates		 Months Ended
September 30,		 Months Ended
September 30,
2023 2022 2023 2022
(Dollars in Thousands) (Dollars in Thousands)
111 River Street (a) Hoboken, NJ Office 4/2022 $ — $ — $ — $ 85
Harborside Plaza 4A (b) Jersey City, NJ Office 2/2022 — — — 218
Harborside Plaza 5 (c) Jersey City, NJ Office 6/2022 — — — 2,000
BLVD 401 (Marbella 2) (d) Jersey City, NJ Multifamily 4/2026 446 450 1,310 1,185
RiverHouse 11 at Port Imperial (e) Weehawken, NJ Multifamily 7/2033 388 432 1,167 1,138
Port Imperial 4/5 Hotel (f) Weehawken, NJ Hotel 12/2033 — 729 224 2,189
RiverHouse 9 at Port Imperial (g) Weehawken, NJ Multifamily 6/2046 422 321 1,176 961
Haus25 (h) Jersey City, NJ Mixed-Use 3/2047 670 343 1,817 467
The James (i) Park Ridge, NJ Multifamily 6/2051 143 — 430 —
Total Pilot taxes $ 2,069 $ 2,275 $ 6,124 $ 8,243
(a)The property was disposed of in the first quarter of 2022.
(b)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $49.5 million.
(c)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million.
(d)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.
(e)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.
(f)The annual PILOT is equal to two percent of Total Project Costs, as defined. The property was disposed of during the first quarter of 2023.
(g)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.
(h)For a term of 25 years following substantial completion, which occurred in April 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined.
(i)The property was acquired in July 2022. 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 office and ground leases under which the Company is the lessee, as of September 30, 2023 and December 31, 2022, are as follows (dollars in thousands):
Year
As of September 30, 2023
Amount
October 1 through December 31, 2023 $ 318
2024 1,272
2025 1,279
2026 1,279
2027 1,280
2028 through 2101 31,940
Total lease payments 37,368
Less: imputed interest (29,820)
Total $ 7,548
Year
As of December 31, 2022
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