COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of 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 as follows:

				PILOT Payments				PILOT Payments
Property Name	Location	Asset Type	PILOT Expiration Dates	Three Months Ended September 30,				Nine Months Ended September 30,
				2024		2023		2024		2023
				(Dollars in Thousands)				(Dollars in Thousands)
BLVD 401 (a)	Jersey City, NJ	Multifamily	4/2026	$	528	$	446	$	1,671	$	1,310
RiverHouse 11 at Port Imperial (b)	Weehawken, NJ	Multifamily	7/2033	482		388		1,431		1,167
Port Imperial 4/5 Hotel (c)	Weehawken, NJ	Hotel	12/2033	—		—		—		224
RiverHouse 9 at Port Imperial (d)	Weehawken, NJ	Multifamily	6/2046	434		422		1,292		1,176
Haus25 (e)	Jersey City, NJ	Mixed-Use	3/2047	907		670		2,321		1,817
The James (f)	Park Ridge, NJ	Multifamily	6/2051	206		143		622		430
Total PILOT taxes				$	2,557	$	2,069	$	7,337	$	6,124

(a)The annual PILOT is equal to 10 percent percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined.

(b)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.

(c)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.

(d)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.

(e)The annual PILOT is equal to seven percent of Gross Revenues, as defined, for a term of 25 years.

(f)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.

Schedule of Future Minimum Rental Payments of Ground Leases

Future minimum rental payments under the terms of all non-cancelable office and ground leases under which the Company is the lessee, as of September 30, 2024 and December 31, 2023, are as follows (dollars in thousands):

Year	As of September 30, 2024 Amount
October 1 through December 31, 2024	$	318
2025	1,279
2026	1,279
2027	1,280
2028	494
2029 through 2101	31,447
Total lease payments	36,097
Less: imputed interest	(29,347)
Total	$	6,750

Year	As of December 31, 2023 Amount
2024	$	1,272
2025	1,279
2026	1,279
2027	1,280
2028	494
2029 through 2101	31,447
Total lease payments	37,051
Less: imputed interest	(29,700)
Total	$	7,351