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INVESTMENTS IN RENTAL PROPERTIES
 3 Months Ended
Mar. 31, 2024
Real Estate [Abstract]  
INVESTMENTS IN RENTAL PROPERTIES INVESTMENTS IN RENTAL PROPERTIES
Dispositions of Rental Properties and Developable Land
The Company disposed of the following rental properties during the three months ended March 31, 2024 (dollars in thousands):
Disposition
Date		PropertyLocation# of
Bldgs.		Rentable
Square
Feet		Property
Type		Net
Sales
Proceeds		Net
Carrying
Value		Discontinued
Operations
Realized
Gains
(Losses)/
Unrealized
Losses, net
03/20/24Harborside 5Jersey City, New Jersey1977,225 Office$81,515 $81,228 $287 
Others (a)1,261 
Totals1977,225 $81,515 $81,228 $1,548 
(a)Others represent resolution of estimated accrued expenses from various previously sold rental properties.
The Company disposed of the following developable land holding during the three months ended March 31, 2024 (dollars in thousands):
Disposition
Date		PropertyLocationNet
Sales
Proceeds		Net
Carrying
Value		Realized
Gains
(Losses)/
Unrealized
Losses, net
01/03/242 CampusParsippany-Troy Hills, New Jersey$10,155 $9,371 $784 
Totals  $10,155 $9,371 $784 
Dispositions of Unconsolidated Joint Venture
In January 2024, the Company's joint venture sold the Lofts at 40 Park multifamily rental property for $30.3 million and the Company recorded a gain on the sale for its interest of approximately $7.1 million during the three months ended March 31, 2024.
Real Estate Held for Sale
As of March 31, 2024, the Company had classified as held for sale several developable land parcels, which are located in Roseland and Jersey City, New Jersey. The following table summarizes the real estate held for sale, net:
(dollars in thousands)
March 31,
2024		December 31,
2023
Land$60,916 $59,464 
Building & Other16,603 9,688 
Less: Accumulated depreciation— — 
Less: Cumulative unrealized losses on property held for sale(10,544)(10,544)
Real estate held for sale, net$66,975$58,608
In April 2024, the developable land parcels located in Jersey City, New Jersey classified as held for sale as of March 31, 2024 were sold for gross proceeds of $54.0 million.
Discontinued Operations
The Company has discontinued operations related to its former New Jersey office and hotel portfolio (collectively, the “Office Portfolio”) which represented a strategic shift in the Company’s operations. During the first quarter of 2024, the Company identified one additional office property as discontinued operations. See Note 7: Discontinued Operations.