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INVESTMENTS IN RENTAL PROPERTIES

9 Months Ended

Sep. 30, 2025

Dispositions of Rental Properties and Developable Land

The Company disposed of the following rental properties during the nine months ended September 30, 2025 (dollars in thousands):


Disposition Date	Property	Location	Units	Property Type	Net Sales Proceeds			Net Carrying Value			Realized Gains (Losses) Unrealized Losses, net
07/09/25	Signature Place	Morris Plains, NJ	197	Multifamily	$	83,254		$	47,701		$	35,553
07/22/25	145 Front at City Square	Worcester, MA	365	Multifamily	121,030			80,742			40,288
08/14/25	The James	Park Ridge, NJ	240	Multifamily	115,090			114,716		(a)	374
09/25/25	Quarry Place at Tuckahoe	Eastchester, NY	108	Multifamily	61,774		(b)	46,952			14,822

Totals					$	381,148		$	290,111		$	91,037

(a) Net carrying value reflects previously recorded impairment charges of $6.9 million.

(b) Net sales proceeds include the buyer's assumption of the $41.0 million mortgage loan encumbering the property.

The Company disposed of the following developable land holdings during the nine months ended September 30, 2025 (dollars in thousands):


Disposition Date	Property	Location	Net Sales Proceeds			Net Carrying Value			Gain (loss) on disposition of developable land
01/24/25	65 Livingston	Roseland, NJ	$	7,139		$	7,295	(a)	$	(156)
04/03/25	Wall Land	Wall Township, NJ	30,152			4,116			26,036
04/29/25	1 Water Street	White Plains, NY	15,563			5,033			10,530
08/28/25	PI South - Building 2	Weehawken, NJ	36,520		(b)	37,638		(c)	(1,118)

Totals			$	89,374		$	54,082		$	35,292

(a) Net carrying value reflects previously recorded impairment charges of $2.6 million.

(b) This property was owned through a consolidated joint venture; the amounts presented in this table reflect the Company’s consolidated balances.

The Company disposed of the following rental property during the nine months ended September 30, 2024 (dollars in thousands):


Disposition Date	Property	Location	Rentable Square Feet	Property Type	Net Sales Proceeds		Net Carrying Value		Discontinued Operations: Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net
03/20/24	Harborside 5	Jersey City, NJ	977,225	Office	$	81,515	$	81,228	$	287
	Others (a)								1,261
Totals					$	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 holdings during the nine months ended September 30, 2024 (dollars in thousands):


Disposition Date	Property	Location	Net Sales Proceeds		Net Carrying Value			Gain (loss) on disposition of developable land
01/03/24	2 Campus	Parsippany-Troy Hills, NJ	$	10,155	$	9,371		$	784
04/16/24	107 Morgan	Jersey City, NJ	50,630		50,929		(a)	(299)
04/30/24	6 Becker Farm / 85 Livingston	Roseland, NJ	27,985		16,955			11,030
Totals			$	88,770	$	77,255		$	11,515

(a) Carrying value reflects previously recorded impairment charges of $10.5 million.

Dispositions of Unconsolidated Joint Ventures

In April 2025, the Company sold its interest in The Metropolitan at 40 Park multifamily rental property in Morristown, New Jersey for $0.5 million. The Company recorded a gain on sale of its interest of approximately $0.2 million during the nine months ended September 30, 2025.

In April 2025, the Company sold its interest in the PI North developable land parcels in West New York, New Jersey for $6.6 million. The Company recorded a gain on sale of its interest of approximately $4.9 million during the nine months ended September 30, 2025.

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 of its interest of approximately $7.1 million during the nine months ended

September 30, 2024.

Acquisition of Controlling Interest in Unconsolidated Joint Venture

On April 21, 2025, the Company acquired the remaining 15% controlling interest in the joint venture which owns Sable (previously referred to as “Urby at Harborside”) for cash consideration of $38.5 million (“Sable JV Interest Acquisition”). Concurrent with the acquisition, the Company assumed the $181.8 million property-level mortgage. The acquisition was funded from the proceeds of sales previously completed.

Prior to the acquisition of the controlling interest of Sable, the Company accounted for its investment in that joint venture as an equity method investment under the voting interest model within Investments in unconsolidated joint ventures on our Consolidated Balance Sheets. This transaction was accounted for as an asset acquisition under, ASC 805-50, Business Combinations. As a result of acquiring full ownership, the Company consolidated Sable onto the Consolidated Balance Sheets at the sum of the historical cost basis for the existing 85% interest and at the purchase price for the newly acquired 15% interest.

The gross purchase price of the newly acquired 15% controlling interest, inclusive of transaction costs of $2.1 million, was allocated by major categories of assets acquired and liabilities assumed using relative fair value. The consolidated balances for Sable as of the acquisition date were as follows: $267.3 million of Net investment in rental property, $2.2 million of acquired in-place leases and other intangibles presented within Deferred charges and other assets, net, and $181.0 million of Mortgages, loans payable and other obligations, net.

Real Estate Held for Sale and Related Liabilities

As of September 30, 2025, the Company did not have any assets or liabilities classified as held for sale.

As of December 31, 2024, the Company had classified a developable land parcel, located in Roseland, New Jersey as held for sale, which was sold in January 2025.

The following table summarizes real estate held for sale, net as of December 31, 2024:


(dollars in thousands)	December 31, 2024
Land	$	9,910


Less: Cumulative unrealized losses on property held for sale	(2,619)
Real estate held for sale, net	$	7,291