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MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Summary Of Mortgages, Loans Payable And Other Obligations
A summary of the Company’s mortgages, loans payable and other obligations as of September 30, 2022 and December 31, 2021 is as follows (dollars in thousands):
Property/Project NameLender 
Effective
Rate (a)
 September 30,
2022		 December 31,
2021		 Maturity
111 River St. (b)Athene Annuity and Life Company 3.90 %$— $150,000 — 
Port Imperial 4/5 Hotel (c)Fifth Third BankLIBOR+3.40 %89,000 89,000 04/01/23
Portside at Pier One CBRE Capital Markets/FreddieMac 3.57 %58,998 58,998 08/01/23
Signature PlaceNationwide Life Insurance Company 3.74 %43,000 43,000 08/01/24
Liberty TowersAmerican General Life Insurance Company 3.37 %265,000 265,000 10/01/24
Haus25 (d)QuadReal FinanceLIBOR+2.70 %297,324 255,453 12/01/24
Portside 5/6 (e)New York Life Insurance Company 4.56 %97,000 97,000 03/10/26
BLVD 425New York Life Insurance Company 4.17 %131,000 131,000 08/10/26
BLVD 401New York Life Insurance Company 4.29 %117,000 117,000 08/10/26
101 Hudson (f)Wells Fargo CMBS 3.20 %250,000 250,000 10/11/26
The Upton (g)Bank of New York MellonLIBOR+1.58 %75,000 75,000 10/27/26
145 Front at City SquareMUFG Union BankLIBOR+1.84 %63,000 63,000 12/10/26
Riverhouse 9 at Port Imperial (h)JP Morgan Chase BankSOFR+1.41 %110,000 87,175 06/01/27
Quarry Place at TuckahoeNatixis Real Estate Capital LLC 4.48 %41,000 41,000 08/05/27
BLVD 475 N/SThe Northwestern Mutual Life Insurance Co. 2.91 %165,000 165,000 11/10/27
Riverhouse 11 at Port ImperialThe Northwestern Mutual Life Insurance Co. 4.52 %100,000 100,000 01/10/29
Soho Lofts (i)New York Community Bank 3.77 %160,000 160,000 07/01/29
Port Imperial South 4/5 GarageAmerican General Life & A/G PC 4.85 %32,293 32,664 12/01/29
Emery at Overlook RidgeNew York Community Bank 3.21 %72,000 72,000 01/01/31
Principal balance outstanding 2,166,615 2,252,290  
Unamortized deferred financing costs (8,909)(11,220) 
   
Total mortgages, loans payable and other obligations, net $2,157,706 $2,241,070  
(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)In January 2022, the Company repaid this mortgage loan upon disposition of the property which was collateral against the mortgage loan. This mortgage loan did not permit early pre-payment. As a result of the disposal of the property, the Company incurred costs of approximately $6.3 million at closing, which was expensed as loss from extinguishment of debt in the first quarter of 2022. See Note 3-Recent Transactions.
(c)In May 2021, the Company executed an agreement extending its maturity date to April 2023, with a six month extension option. The Company repaid $5 million of the outstanding principal and has guaranteed $14.5 million of the outstanding principal, subject to certain conditions. The loan requires a debt service coverage charge test (“DSCR Test”), with which the Company was not in compliance for the quarter ended September 30, 2022. Therefore, the Company was required to deposit three months of interest amounting to $0.9 million into an escrow account and sweep all excess property level cash flows into such escrow account until two consecutive periods have passed where the Company is in compliance with the DSCR Test. The Company does not believe this will have a material impact on its results of operations or financial condition.
(d)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.
(e)The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.
(f)In October 2022, this loan was assumed by the purchaser of the property encumbered by the loan.
(g)On October 27, 2021, the Company obtained a $75 million mortgage loan maturing in October 2026 and repaid the existing construction loan. The Company entered into an interest-rate cap agreement for the mortgage loan.
(h)The construction loan had a maximum borrowing capacity of $92 million. On June 21, 2022, the Company obtained a $110 million mortgage loan maturing in June 2027 from a different lender and repaid the existing construction loan. The Company entered into an interest-rate cap agreement for the mortgage loan.
(i)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)September 30,
2022		December 31,
2021
 Balance
Weighted Average
Interest Rate (a)
Balance
Weighted Average
Interest Rate (a)
Fixed Rate & Hedged Debt (a)$1,710,512 3.69 %$1,675,353 3.71 %
Revolving Credit Facility & Other Variable Rate Debt556,194 5.42 %713,717 3.32 %
Totals/Weighted Average:$2,266,706 4.12 %$2,389,070 3.60 %
(a) Includes debt with interest rate caps outstanding with a notional amount of $185 million.