MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2023

Summary Of Mortgages, Loans Payable And Other Obligations

A summary of the Company’s mortgages, loans payable and other obligations as of March 31, 2023 and December 31, 2022 is as follows (dollars in thousands):


Property/Project Name	Lender		Effective Rate (a)		March 31, 2023		December 31, 2022		Maturity

Port Imperial 4/5 Hotel (b)	Fifth Third Bank	LIBOR+	3.40	%	$	—	$	84,000	—
Portside at Pier One	CBRE Capital Markets/FreddieMac		3.57	%	58,998		58,998		08/01/23
Signature Place	Nationwide Life Insurance Company		3.74	%	43,000		43,000		08/01/24
Liberty Towers	American General Life Insurance Company		3.37	%	265,000		265,000		10/01/24
Haus25 (c)	QuadReal Finance	LIBOR+	2.70	%	297,324		297,324		12/01/24
Portside 5/6 (d)	New York Life Insurance Company		4.56	%	97,000		97,000		03/10/26
BLVD 425	New York Life Insurance Company		4.17	%	131,000		131,000		08/10/26
BLVD 401	New York Life Insurance Company		4.29	%	117,000		117,000		08/10/26

The Upton (e)	Bank of New York Mellon	LIBOR+	1.58	%	75,000		75,000		10/27/26
145 Front at City Square (f)	MUFG Union Bank	SOFR+	1.71	%	63,000		63,000		12/10/26
Riverhouse 9 at Port Imperial (g)	JP Morgan	SOFR+	1.41	%	110,000		110,000		06/21/27
Quarry Place at Tuckahoe	Natixis Real Estate Capital LLC		4.48	%	41,000		41,000		08/05/27
BLVD 475 N/S	The Northwestern Mutual Life Insurance Co.		2.91	%	165,000		165,000		11/10/27
Riverhouse 11 at Port Imperial	The Northwestern Mutual Life Insurance Co.		4.52	%	100,000		100,000		01/10/29
Soho Lofts (h)	New York Community Bank		3.77	%	160,000		160,000		07/01/29
Port Imperial South 4/5 Garage	American General Life & A/G PC		4.85	%	32,038		32,166		12/01/29
Emery at Overlook Ridge	New York Community Bank		3.21	%	72,000		72,000		01/01/31

Principal balance outstanding					1,827,360		1,911,488
Unamortized deferred financing costs					(6,862)		(7,511)

Total mortgages, loans payable and other obligations, net					$	1,820,498	$	1,903,977

(a)Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable.

(b)The loan was paid off on disposition of the hotels on February 10, 2023.

(c)This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $300 million and provides, subject to certain conditions, a one year extension option with a fee of 25 basis points. The Company entered into an interest-rate cap agreement for the mortgage loan.

(d)The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.

(e)On October 27, 2021, the Company obtained a $75 million mortgage loan and entered into an interest-rate cap agreement for the mortgage loan.

(f)On January 12, 2023, the Company entered into an interest-rate cap agreement for the mortgage loan.

(g)On June 21, 2022, the Company obtained a $110 million mortgage loan and entered into an interest-rate cap agreement for the mortgage loan.

(h)Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75% annually.

Summary Of Indebtedness

Summary of Indebtedness


(dollars in thousands)	March 31, 2023				December 31, 2022
	Balance		Weighted Average Interest Rate		Balance		Weighted Average Interest Rate
Fixed Rate & Hedged Debt (a)	$	1,820,498	4.32	%	$	1,757,308	4.27	%
Revolving Credit Facility & Other Variable Rate Debt	—		—	%	146,669		6.86	%

Totals/Weighted Average:	$	1,820,498	4.32	%	$	1,903,977	4.47	%

(a) As of March 31, 2023 and December 31, 2022, includes debt with interest rate caps outstanding with a notional amount of $548 million and $485 million.