COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

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:

Property Name	Location	Asset Type	PILOT Expiration Dates	Pilot Payments Three Months Ended June 30,				Pilot Payments Six Months Ended June 30,
				2022		2021		2022		2021
				(Dollars in Thousands)				(Dollars in Thousands)
BLVD 475 (Monaco) (a)	Jersey City, NJ	Multifamily	2/2021	$	—	$	—	$	—	$	474
111 River Street (b)	Hoboken, NJ	Office	4/2022	—		370		85		739
Harborside Plaza 4A (c)	Jersey City, NJ	Office	2/2022	—		264		218		528
Harborside Plaza 5 (d)	Jersey City, NJ	Office	6/2022	1,109		1,080		2,217		2,159
BLVD 401 (Marbella 2) (e)	Jersey City, NJ	Multifamily	4/2026	376		327		735		587
RiverHouse 11 at Port Imperial (f)	Weehawken, NJ	Multifamily	7/2033	356		416		706		668
Port Imperial 4/5 Hotel (g)	Weehawken, NJ	Hotel	12/2033	733		536		1,466		1,071
RiverHouse 9 at Port Imperial (h)	Weehawken, NJ	Multifamily	6/2046	318		—		640		—
Haus25 (i)	Jersey City, NJ	Mixed-Use	3/2047	124		—		124		—
Total Pilot taxes				$	3,016	$	2,993	$	6,191	$	6,226

(a)The annual PILOT is equal to ten percent of Gross Revenues, as defined.

(b)The property was disposed of in the first quarter of 2022.

(c)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $49.5 million.

(d)The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million.

(e)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.

(f)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.

(g)The annual PILOT is equal to two percent of Total Project Costs, as defined.

(h)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.

(i)For a term of 25 years following substantial completion, which occurred on April 1, 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined.

Future Minimum Rental Payments Of Ground Leases

Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of June 30, 2022 and December 31, 2021, are as follows (dollars in thousands):

Year	As of June 30, 2022 Amount
July 1 through December 31, 2022	$	96
2023	192
2024	192
2025	199
2026	199
2027 through 2101	31,864
Total lease payments	32,742
Less: imputed interest	(29,540)
Total	$	3,202

Year	As of December 31, 2021 Amount
2022	$	1,695
2023	1,702
2024	1,721
2025	1,728
2026	1,728
2027 through 2101	151,253
Total lease payments	159,827
Less: imputed interest	(136,141)
Total	$	23,686