RECENT TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2022

Recent Transactions [Abstract]

Schedule Of Real Estate Properties Acquired

The Company acquired the following rental property during the year ended December 31, 2022 (dollars in thousands):

Acquisition Date	Property	Location	Property Type	# of Apartment Units	Acquisition  Cost
7/21/2022	The James (a)	Park Ridge, NJ	Multifamily	240	$	130,308
Total Acquisitions				240	$	130,308

(a)    This acquisition was funded using funds available with the Company's qualified intermediary from prior property sales proceeds and through borrowing under the Company's revolving credit facility.

Schedule Of Properties Which Commenced Initial Operations

The following property commenced initial operations during the years ended December 31, 2022 and 2021 (dollars in thousands):

2022

In Service Date	Property	Location	Property Type	# of Apartment Units	Total Development Costs Incurred
04/01/22	Haus25 (a)	Jersey City	Multifamily	750	$	485,587
Totals				750	$	485,587

(a)As of December 31, 2022, all apartment units are in service. The development costs includes approximately $53.4 million in land costs.

2021

In Service Date	Property	Location	Property Type	# of Apartment Units	Total Development Costs Incurred
03/01/21	The Upton (a)	Short Hills, NJ	Multifamily	193	$	101,269
07/01/21	Riverhouse 9 at Port Imperial (b)	Weehawken, NJ	Multifamily	313	164,633
Totals				506	$	265,902

(a)As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.9 million in land costs.

(b)As of December 31, 2021, all apartment units are in service. The development costs included approximately $2.7 million in land costs.

Schedule Of Assets Held For Sale

The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands):

	Suburban Office Portfolio		Other Assets & Liabilities Held for Sale		Total
Land	$	4,336	$	88,507	$	92,843
Building & Other	30,389		112,165		142,554
Less: Accumulated depreciation	(12,165)		(16,759)		(28,924)
Less: Cumulative unrealized losses on property held for sale	(4,440)		(8,100)		(12,540)
Real estate held for sale, net	$	18,120	$	175,813	$	193,933

Other assets and liabilities	Suburban Office  Portfolio (a)		Other Assets  Held for Sale		Total
Unbilled rents receivable, net (a)	$	368	$	—	$	368
Deferred charges, net (a)	426		—		426
Total deferred charges & other assets, net	457		985		1,442
Mortgages & loans payable, net (a)	—		(85,664)		(85,664)
Accounts payable, accrued exp & other liability	(759)		(473)		(1,232)

(a)    Expected to be removed with the completion of the sales.

The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands):

	Assets  Held for Sale
Land	$	159,968
Building & Other	618,216
Less: Accumulated depreciation	(159,538)
Real estate held for sale, net	$	618,646

Other assets and liabilities	Assets  Held for Sale
Unbilled rents receivable, net (a)	$	30,526
Deferred charges, net (a)	16,056
Total intangibles, net (a)	31,155
Total deferred charges & other assets, net (b)	69,410
Mortgages & loans payable, net (a)	(397,953)
Total below market liability (a)	(24,098)
Accounts payable, accrued exp & other liability (c)	(49,648)
Unearned rents/deferred rental income (a)	(5,831)

(a)Expected to be removed with the completion of the sales.

(b)Includes $19.2 million of right of use assets expected to be removed with the completion of the sales.

(c)Includes $20.5 million of right of use liabilities expected to be removed with the completion of the sales.

Schedule Of Real Estate Properties Sold And Disposed

The Company disposed of the following rental property during the year ended December 31, 2022 (dollars in thousands):

Disposition Date	Property	Location	# of Bldgs.	Rentable Square Feet	Property Type	Net Sales  Proceeds			Net  Carrying Value		Realized  Gains  (Losses)/  Unrealized  Losses, net		Discontinued Operations Realized  Gains  (losses)/ Unrealized  Losses, net
01/21/22	111 River Street	Hoboken, New Jersey	1	566,215	Office	$	208,268	(a)	$	206,432	$	1,836	$	—
10/07/22	101 Hudson Street	Jersey City, New Jersey	1	1,246,283	Office	342,578		(b)	270,198		72,380		—
Unrealized gains (losses) on real estate held for sale											$	(8,100)	$	(4,440)
Totals			2	1,812,498		$	550,846		$	476,630	$	66,116	$	(4,440)

(a)    The $150 million mortgage loan encumbering the property was repaid at closing, for which the Company incurred costs of $6.3 million. These costs were expensed as loss from extinguishment of debt during the year ended December 31, 2022.

(b)    The $250 million mortgage loan encumbering the property was assumed by the purchaser at closing, for which the Company incurred costs of $1.0 million. These costs were expensed as loss from extinguishment of debt during the year ended December 31, 2022. The assumed mortgage was a non-cash portion of this sales transaction.

The Company disposed of the following rental properties during the year ended December 31, 2021 (dollars in thousands):

Disposition Date	Property/Address	Location	# of Bldgs.	Rentable Square Feet	Property Type	Net Sales  Proceeds			Net  Carrying Value		Realized  Gains  (Losses)/  Unrealized  Losses, net		Discontinued Operations Realized  Gains  (losses)/ Unrealized  Losses, net
01/13/21	100 Overlook Center	Princeton, New Jersey	1	149,600	Office	$	34,724	(a)	$	26,488	$	—	$	8,236
03/25/21	Metropark portfolio (b)	Edison and Iselin, New Jersey	4	926,656	Office	247,351			233,826		—		13,525
04/20/21	Short Hills portfolio (c)	Short Hills, New Jersey	4	828,413	Office	248,664			245,800		—		2,864
06/11/21	Red Bank portfolio	Red Bank, New Jersey	5	659,490	Office	80,730			78,364		—		2,366
06/30/21	Retail land leases	Hanover and Parsippany, New Jersey	—	—	Land Lease	41,957			37,951		4,006		—
07/26/21	7 Giralda Farms	Madison, New Jersey	1	236,674	Office	28,182			30,143		—		(1,961)
10/20/21	4 Gatehall Drive	Parsippany, New Jersey	1	248,480	Office	24,239			23,717		—		522
12/16/21	Retail land lease Unit B	Hanover, New Jersey	—	—	Land Lease	5,423			6,407		(984)		—
Totals			16	3,049,313		$	711,270		$	682,696	$	3,022	$	25,552

(a)As part of the consideration from the buyer, a related party, 678,302 Common Units were redeemed by the Company at a book value of $10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its revolving credit facility. See Note 16: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership.

(b)Includes $10 million of seller financing provided to the buyers of the Metropark portfolio. See Note 5: Deferred charges and other assets, net.

(c)The mortgage loan encumbering three of the properties was defeased at closing, for which the Company incurred costs of $22.6 million. These costs were expensed as loss from extinguishment of debt.

Schedule Of Disposition Of Developable Land

The Company disposed of the following developable land holdings during the year ended December 31, 2022 (dollars in thousands):

Disposition Date	Property Address	Location	Net Sales  Proceeds		Net Carrying  Value		Realized Gains  (losses)/ Unrealized  Losses, net
03/22/22	Palladium residential land	West Windsor, New Jersey	$	23,908	$	24,182	$	(274)
03/22/22	Palladium commercial land	West Windsor, New Jersey	4,688		1,791		2,897
04/15/22	Port Imperial Park parcel	Weehawken, New Jersey	29,331		29,744		(413)
04/21/22	Urby II/III	Jersey City, New Jersey	68,854		13,316		55,538
11/03/22	Port Imperial Parcels 3 & 16 (a)	Weehawken, New Jersey	24,885		25,371		(486)
Totals			$	151,666	$	94,404	$	57,262

(a)    Includes non-cash expenses of $2.5 million.

The Company disposed of the following developable land holdings during the year ended December 31, 2021 (dollars in thousands):

Disposition Date	Property Address	Location	Net Sales  Proceeds		Net Carrying  Value		Realized Gains  (losses)/ Unrealized  Losses, net
05/24/21	Horizon common area	Hamilton, New Jersey	$	745	$	634	$	111
12/22/21	346/360 University Ave	Newark, New Jersey	4,266		2,262		2,004
Totals			$	5,011	$	2,896	$	2,115