MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Mortgages, Loans Payable And Other Obligations

A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2025 and 2024 is as follows (dollars in thousands):


Property Name	Lender		Effective Rate (a)		December 31, 2025		December 31, 2024		Maturity



Portside 2 at East Pier (b)	New York Life Insurance Company		4.56	%	93,782		95,427		03/10/26
BLVD 425	New York Life Insurance Company		4.17	%	131,000		131,000		08/10/26
BLVD 401	New York Life Insurance Company		4.29	%	113,462		115,515		08/10/26
Portside at East Pier (c)	KKR	SOFR+	2.75	%	—		56,500		09/07/26
The Upton (d)	Bank of New York Mellon	SOFR+	1.58	%	75,000		75,000		10/27/26

RiverHouse 9 at Port Imperial (e)	JP Morgan	SOFR+	1.41	%	110,000		110,000		06/21/27
Quarry Place at Tuckahoe (f)	Natixis Real Estate Capital LLC		4.48	%	—		41,000		08/05/27
BLVD 475	The Northwestern Mutual Life Insurance Co.		2.91	%	161,201		164,712		11/10/27
Haus25	Freddie Mac		6.04	%	343,061		343,061		09/01/28
RiverHouse 11 at Port Imperial	The Northwestern Mutual Life Insurance Co.		4.52	%	100,000		100,000		01/10/29

Sable (g)	Pacific Life		5.59	%	181,544		—		08/01/29
Port Imperial South 4/5 Garage	American General Life & A/G PC		4.85	%	30,524		31,098		12/01/29
The Emery at Overlook Ridge (h)	Flagstar Bank		3.21	%	—		70,653		01/01/31

Principal balance outstanding					1,339,574		1,333,966
Unamortized deferred financing costs					(7,416)		(10,492)

Total mortgages, loans payable and other obligations, net					$	1,332,158	$	1,323,474

(a)Reflects effective rate of debt, including deferred financing costs, comprised of debt initiation costs, and other transaction costs, as applicable.

(b)On June 11, 2024, the lender terminated the Company's payment guarantee of 10 percent of the outstanding principal.

(c)As of December 31, 2025 this mortgage was fully repaid and the corresponding interest-rate cap was terminated.

(d)As of December 31, 2025, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring November 2026.

(e)As of December 31, 2025, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in July 2026.

(f)In September 2025, the Company sold the property encumbered by this mortgage, simultaneously assigning the mortgage to the purchaser. See Note 3: Investments in Rental Property for more information.

(g)The Company consolidated its interest in Sable on April 21, 2025 as a result of the Sable JV Interest Acquisition. See Note 3: Investments in Rental Properties for more information.

(h)As of December 31, 2025, this mortgage was fully repaid.

Schedule of Principal Payments

Scheduled principal payments for the Company’s mortgages, loans payable and other obligations, including the Revolving Credit Facility, as of December 31, 2025 are as follows (dollars in thousands):


Period	Scheduled Amortization		Principal Maturities		Total
2026	$	6,121	$	411,404	$	417,525
2027	3,791		294,494		298,285
2028	733		343,061		343,794
2029	573		309,397		309,970


Sub-total	11,218		1,358,356		1,369,574
Unamortized deferred financing costs (a)	(7,416)		—		(7,416)

Totals	$	3,802	$	1,358,356	$	1,362,158

(a) Excludes $3.7 million of unamortized deferred financing costs recorded in Deferred charges and other assets, net, pertaining to the Company's Revolving Credit Facility as of December 31, 2025.

Schedule of Indebtedness

SUMMARY OF INDEBTEDNESS


(dollars in thousands)	December 31, 2025				December 31, 2024
	Balance		Weighted Average Interest Rate		Balance		Weighted Average Interest Rate
Fixed Rate & Hedged Debt, including Term Loan and Revolving Credit Facility (a)	$	1,362,158	4.90	%	$	1,670,313	5.05	%
Unhedged portion of Revolving Credit Facility	—		—	%	2,000		7.08	%

Totals/Weighted Average, net of unamortized deferred financing costs (b):	$	1,362,158	4.90	%	$	1,672,313	5.05	%

(a) As of December 31, 2025 and 2024, includes debt with interest rate caps outstanding with a notional amount of $330.0 million and $591.5 million, respectively.

(b) Excludes $3.7 million and $4.7 million of unamortized deferred financing costs recorded in Deferred charges and other assets, net, pertaining to the Company's Revolving Credit Facility as of December 31, 2025 and 2024, respectively.