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