Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

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COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2024
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 as follows:
PILOT Payments
Property Name Location Asset Type PILOT
Expiration Dates		 Three Months Ended March 31,
2024 2023
(Dollars in Thousands)
BLVD 401 (Marbella 2) (a) Jersey City, NJ Multifamily 4/2026 $ 442 $ 403
RiverHouse 11 at Port Imperial (b) Weehawken, NJ Multifamily 7/2033 457 374
Port Imperial 4/5 Hotel (c) Weehawken, NJ Hotel 12/2033 — 224
RiverHouse 9 at Port Imperial (d) Weehawken, NJ Multifamily 6/2046 407 382
Haus25 (e) Jersey City, NJ Mixed-Use 3/2047 697 574
The James (f) Park Ridge, NJ Multifamily 6/2051 206 143
Total PILOT taxes $ 2,209 $ 2,100

(a)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.
(b)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.
(c)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.
(d)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.
(e)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.
(f)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 March 31, 2024 and December 31, 2023, are as follows (dollars in thousands):
Year
As of March 31, 2024
Amount
April 1 through December 31, 2024 $ 954
2025 1,279
2026 1,279
2027 1,280
2028 494
2029 through 2101 31,447
Total lease payments 36,733
Less: imputed interest (29,579)
Total $ 7,154
Year
As of December 31, 2023
Amount
2024 $ 1,272
2025 1,279
2026 1,279
2027 1,280
2028 494
2029 through 2101 31,447
Total lease payments 37,051
Less: imputed interest (29,700)
Total $ 7,351