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MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS The Company has mortgages, loans payable and other obligations which primarily consist of various loans collateralized by certain of the Company’s rental properties. As of September 30, 2023, 17 of the Company’s properties, with a total carrying value of approximately $2.6 billion, are encumbered by the Company's mortgages and loans payable. Payments on mortgages, loans payable and other obligations are generally due in monthly installments of principal and interest, or interest only. The Company was in compliance with its debt covenants under its mortgages and loans payable as of September 30, 2023.
A summary of the Company’s mortgages, loans payable and other obligations as of September 30, 2023 and December 31, 2022 is as follows (dollars in thousands):
Property/Project NameLender 
Effective
Rate (a)
 September 30,
2023		 December 31,
2022		 Maturity
Port Imperial 4/5 Hotel (b)Fifth Third BankN/A$— $84,000 — 
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
Portside 5/6 (c)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
Portside at Pier One (d)KKRSOFR+2.75 %56,500 58,998 09/07/26
The Upton (e)Bank of New York MellonSOFR+1.58 %75,000 75,000 10/27/26
145 Front at City Square (f)MUFG Union BankSOFR+1.84 %63,000 63,000 12/10/26
Riverhouse 9 at Port Imperial (g)JP MorganSOFR+1.41 %110,000 110,000 06/21/27
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
Haus25 (h)Freddie Mac6.04 %343,061 297,324 09/01/28
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 %159,513 160,000 07/01/29
Port Imperial South 4/5 GarageAmerican General Life & A/G PC 4.85 %31,778 32,166 12/01/29
Emery at Overlook Ridge (j)New York Community Bank 3.21 %72,000 72,000 01/01/31
Principal balance outstanding 1,869,852 1,911,488  
Unamortized deferred financing costs (16,053)(7,511) 
   
Total mortgages, loans payable and other obligations, net $1,853,799 $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)The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions.
(d)On August 10, 2023, the Company refinanced the Freddie Mac fixed rate loan. Additionally, a 3-year cap at a strike rate of 3.5% was placed.
(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 September 30, 2023 the Company placed a 9-month SOFR cap at a strike rate of 4.0%.
(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)On August 15, 2023, the $297 million QuadReal Finance backed construction loan was fully repaid and the existing cap was terminated through refinancing activity.
(i)Effective rate reflects the fixed rate period, which ends in July 1, 2024. After that period ends, the Company must make a one-time election of how to compute the interest rate for this loan: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually.
(j)Effective rate reflects the fixed rate period, which ends on January 1, 2026. After that period ends, the Company must make a one-time election of how to compute the interest rate for this loan: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually.
Cash Paid for Interest and Interest Capitalized
Cash paid for interest for the nine months ended September 30, 2023 and 2022 was $61.6 million and $59.0 million (of which $1.1 million and $9.7 million pertained to properties classified as discontinued operations), respectively. Interest capitalized by the Company for the nine months ended September 30, 2023 and 2022 was zero and $12.2 million, respectively.
Summary of Indebtedness
(dollars in thousands)September 30,
2023		December 31,
2022
 BalanceWeighted Average
Interest Rate		Balance
Weighted Average
Interest Rate
Fixed Rate & Hedged Debt (a)$1,853,799 4.34 %$1,757,308 4.27 %
Revolving Credit Facility, Term Loan and Other Variable Rate Debt59,067 8.92 %146,669 6.86 %
Totals/Weighted Average:$1,912,866 4.49 %$1,903,977 4.47 %
(a) As of September 30, 2023 and December 31, 2022, includes debt with interest rate caps outstanding with a notional amount of $304.5 million and $485 million, respectively.