INVESTMENTS IN RENTAL PROPERTY (Tables)

12 Months Ended

Dec. 31, 2023

Investments in Rental Properties [Abstract]

Schedule of Real Estate Properties Acquired

During the year ended December 31, 2022, the Company acquired the following rental property (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

Totals

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

During the year ended December 31, 2022, the following property commenced initial operations (dollars in thousands):

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 were in service. The development costs included approximately $53.4 million in land costs.

During the year ended December 31, 2021, the following properties commenced initial operations (dollars in thousands):

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 were in service. The development costs included approximately $2.9 million in land costs.

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

Schedule of Real Estate Properties Sold and Disposed

The Company disposed of the following rental property during the year ended December 31, 2023 (dollars in thousands):


Disposition Date	Property	Location	# of Bldgs.	Rentable Square Feet	Property Type	Net Sales Proceeds			Net Carrying Value		Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net
02/10/23	XS Hotels	Weehawken, New Jersey	2	—	Hotel	$	93,358	(a)	$	92,578	$	780
04/04/23	Harborside 1, 2 and 3	Jersey City, New Jersey	3	1,886,800	Office	362,446			362,304		142
09/13/23	Harborside 6	Jersey City, New Jersey	1	231,856	Office	44,145			43,722		423
10/13/23	23 Main Street	Holmdel, New Jersey	1	350,000	Office	15,884		(b)	13,372		2,512
	Others (c)										2,184

Unrealized gains (losses) on real estate held for sale											(3,630)
Totals			7	2,468,656		$	515,833		$	511,976	$	2,411

(a) Included proceeds of $84.0 million used to repay the mortgage loan encumbering the property at closing.

(b) Included deposits totaling $1.3 million received by the Company in February and August 2023.

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		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											(12,540)
Totals			2	1,812,498		$	550,846		$	476,630	$	61,676

(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	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	41,958			37,951		4,007		—
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		$	711,271		$	682,696	$	3,023	$	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 during the year ended December 31, 2023 (dollars in thousands):


Disposition Date	Property	Location	Net Sales Proceeds			Net Carrying Value		Realized Gains (losses)/ Unrealized Losses, net		Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net
03/17/23	Columbia-Honeywell	Morris Township, New Jersey	$	8,214	(a)	$	8,236	$	(22)	$	—
10/12/23	3 Campus	Parsippany-Troy Hills, New Jersey	13,248			7,847		5,401		—
10/05/23	Harborside 4	Jersey City, New Jersey	53,656			14,385		—		39,271
	Others (b)							1,689		—

Totals			$	75,118		$	30,468	$	7,068	$	39,271

(a) Included deposits totaling $1.1 million received by the Company in December 2022 and January 2023.

(b) Others represent reversals of estimated accrued expenses from previously sold developable land holdings.

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


Disposition Date	Property	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) Included non-cash expenses of $2.5 million.

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


Disposition Date	Property	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

Schedule of Assets Held for Sale

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


	Year Ended December 31,
	2023		2022
Land	$	59,464	$	92,843
Building & Other	9,688		142,554
Less: Accumulated depreciation	—		(28,924)
Less: Cumulative unrealized losses on property held for sale	(10,544)		(12,540)
Real estate held for sale, net	$	58,608	$	193,933