COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2025

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
Property Name	Location	Asset Type	PILOT Expiration Dates	Three Months Ended March 31,
				2025		2024
				(Dollars in Thousands)
BLVD 401 (a)	Jersey City, NJ	Multifamily	4/2026	$	537	$	442
RiverHouse 11 at Port Imperial (b)	Weehawken, NJ	Multifamily	7/2033	483		457
RiverHouse 9 at Port Imperial (c)	Weehawken, NJ	Multifamily	6/2046	447		407
Haus25 (d)	Jersey City, NJ	Multifamily	3/2047	765		697
The James (e)	Park Ridge, NJ	Multifamily	6/2051	227		206
Total PILOT taxes				$	2,459	$	2,209

(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 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.

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

(e)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 March 31, 2025 and December 31, 2024, are as follows (dollars in thousands):

Year	As of March 31, 2025 Amount
April 1 through December 31, 2025	$	960
2026	1,279
2027	1,280
2028	494
2029	222
2030 through 2101	31,226
Total lease payments	35,461
Less: imputed interest	(29,128)
Total	$	6,333

Year	As of December 31, 2024 Amount
2025	$	1,279
2026	1,279
2027	1,280
2028	494
2029	222
2030 through 2101	31,225
Total lease payments	35,779
Less: imputed interest	(29,235)
Total	$	6,544