Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN RENTAL PROPERTIES

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INVESTMENTS IN RENTAL PROPERTIES
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 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 holdings during the nine months ended September 30, 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 
04/16/24 107 Morgan Jersey City, New Jersey 50,630  50,929  (a) (299)
04/30/24 6 Becker Farm / 85 Livingston Roseland, NJ 27,985  16,955  11,030 
Totals     $ 88,770  $ 77,255  $ 11,515 
(a)Carrying value reflects previously recorded impairment charges of $10.5 million.
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.
In October 2024, the Company's joint venture sold the Shops at 40 Park retail property for $15.7 million, of which the Company did not receive any net proceeds after repayment of property-level debt, selling expenses, and preferred return distributions to its joint venture partner. The Company does not expect to record a material loss related to the sale.
Real Estate Held for Sale
As of September 30, 2024, the Company did not have any assets classified as held for sale.
As of December 31, 2023, the Company had classified as held for sale several developable land parcels, which are
located in Jersey City and Parsippany, New Jersey and have been subsequently sold. The following table summarizes the real estate held for sale, net as of December 31, 2023:
(dollars in thousands)
 December 31,
2023
Land $ 59,464 
Building & Other 9,688 
Less: Accumulated depreciation — 
Less: Cumulative unrealized losses on property held for sale (10,544)
Real estate held for sale, net $ 58,608
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. See Note 7: Discontinued Operations.