Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN RENTAL PROPERTIES

v3.24.1.u1
INVESTMENTS IN RENTAL PROPERTIES
 3 Months Ended
Mar. 31, 2024
Real Estate [Abstract]  
INVESTMENTS IN RENTAL PROPERTIES INVESTMENTS IN RENTAL PROPERTIES
Dispositions of Rental Properties and Developable Land
The Company disposed of the following rental properties during the three months ended March 31, 2024 (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
03/20/24 Harborside 5 Jersey City, New Jersey 1 977,225  Office $ 81,515  $ 81,228  $ 287 
Others (a) 1,261 
Totals 1 977,225  $ 81,515  $ 81,228  $ 1,548 
(a)Others represent resolution of estimated accrued expenses from various previously sold rental properties.
The Company disposed of the following developable land holding during the three months ended March 31, 2024 (dollars in thousands):
Disposition
Date		 Property Location Net
Sales
Proceeds		 Net
Carrying
Value		 Realized
Gains
(Losses)/
Unrealized
Losses, net
01/03/24 2 Campus Parsippany-Troy Hills, New Jersey $ 10,155  $ 9,371  $ 784 
Totals     $ 10,155  $ 9,371  $ 784 
Dispositions of Unconsolidated Joint Venture
In January 2024, the Company's joint venture sold the Lofts at 40 Park multifamily rental property for $30.3 million and the Company recorded a gain on the sale for its interest of approximately $7.1 million during the three months ended March 31, 2024.
Real Estate Held for Sale
As of March 31, 2024, the Company had classified as held for sale several developable land parcels, which are located in Roseland and Jersey City, New Jersey. The following table summarizes the real estate held for sale, net:
(dollars in thousands)
 March 31,
2024		 December 31,
2023
Land $ 60,916  $ 59,464 
Building & Other 16,603  9,688 
Less: Accumulated depreciation —  — 
Less: Cumulative unrealized losses on property held for sale (10,544) (10,544)
Real estate held for sale, net $ 66,975 $ 58,608
In April 2024, the developable land parcels located in Jersey City, New Jersey classified as held for sale as of March 31, 2024 were sold for gross proceeds of $54.0 million.
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. During the first quarter of 2024, the Company identified one additional office property as discontinued operations. See Note 7: Discontinued Operations.