COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2023

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:

				PILOT Payments
Property Name	Location	Asset Type	PILOT Expiration Dates	Three Months Ended March 31,
				2023		2022
				(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	—		1,109
BLVD 401 (Marbella 2) (d)	Jersey City, NJ	Multifamily	4/2026	403		359
RiverHouse 11 at Port Imperial (e)	Weehawken, NJ	Multifamily	7/2033	374		350
Port Imperial 4/5 Hotel (f)	Weehawken, NJ	Hotel	12/2033	224		733
RiverHouse 9 at Port Imperial (g)	Weehawken, NJ	Multifamily	6/2046	382		322
Haus25 (h)	Jersey City, NJ	Mixed-Use	3/2047	574		—
The James (i)	Park Ridge, NJ	Multifamily	6/2051	143		—
Total Pilot taxes				$	2,100	$	3,176

(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.

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 March 31, 2023 and December 31, 2022, are as follows (dollars in thousands):

Year	As of March 31, 2023 Amount
April 1 through December 31, 2023	$	144
2024	192
2025	199
2026	199
2027	200
2028 through 2101	31,664
Total lease payments	32,598
Less: imputed interest	(29,357)
Total	$	3,241

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