Quarterly report [Sections 13 or 15(d)]

COMMITMENTS AND CONTINGENCIES (Tables)

v3.25.3
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2025
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 (dollars in thousands):
Property Name Location Asset Type PILOT
Expiration Dates		 PILOT Payments
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
BLVD 401 (a) Jersey City, NJ Multifamily 4/2026 $ 601 $ 528 $ 1,712 $ 1,671
Sable (b) Jersey City, NJ Multifamily 2/2027 1,253 (b) 2,512 (b)
RiverHouse 11 at Port Imperial (c) Weehawken, NJ Multifamily 7/2033 433 482 1,344 1,431
RiverHouse 9 at Port Imperial (d) Weehawken, NJ Multifamily 6/2046 400 434 1,251 1,292
Haus25 (e) Jersey City, NJ Multifamily 3/2047 783 907 2,293 2,321
The James (f) Park Ridge, NJ Multifamily 6/2051 236 206 693 622
Total PILOT payments $ 3,706 $ 2,557 $ 9,805 $ 7,337
(a)The annual PILOT is equal to 10 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 10 percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined. The Company consolidated its interest in Sable on April 21, 2025 as a result of the Sable JV Interest Acquisition. See Note 3: Investments in Rental Properties - Acquisition of Controlling Interest in Unconsolidated Joint Venture for additional information.
(c)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.
(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)The annual PILOT is equal to seven percent of Gross Revenues, as defined, for a term of 25 years.
(f)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. The property was disposed of during the third quarter of 2025.
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, 2025 and December 31, 2024, are as follows (dollars in thousands):
Year
As of September 30, 2025
Amount
October 1 through December 31, 2025 $ 320
2026 1,279
2027 1,280
2028 494
2029 222
2030 through 2101 31,226
Total lease payments 34,821
Less: imputed interest (28,920)
Total $ 5,901
Year
As of December 31, 2024
Amount
2025 $ 1,279
2026 1,279
2027 1,280
2028 494
2029 222
2030 through 2101 31,225
Total lease payments 35,779
Less: imputed interest (29,235)
Total $ 6,544