COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

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 (dollars in thousands):


			PILOT	PILOT Payments
Property Name	Location	Asset Type	Expiration Dates	2025		2024		2023




BLVD 401 (a)	Jersey City, NJ	Multifamily	4/2026	2,153		2,235		1,754
Sable (b)	Jersey City, NJ	Multifamily	2/2027	3,453		(b)		(b)
RiverHouse 11 at Port Imperial (c)	Weehawken, NJ	Multifamily	7/2033	1,744		1,924		1,735
Port Imperial 4/5 Hotel (d)	Weehawken, NJ	Hotel	12/2033	—		—		224
RiverHouse 9 at Port Imperial (e)	Weehawken, NJ	Multifamily	6/2046	1,613		1,751		1,608
Haus25 (f)	Jersey City, NJ	Multifamily	3/2047	3,123		3,070		2,619
The James (g)	Park Ridge, NJ	Multifamily	6/2051	693		881		714

Total PILOT taxes				$	12,779	$	9,861	$	8,654

(a)The annual PILOT is equal to 10 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 10 percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined. 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 Property - Acquisitions of Controlling Interest in Unconsolidated Joint Venture for additional information.

(c)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.

(d)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.

(e)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.

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

(g)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. The property was disposed of in August 2025.

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, are as follows (dollars in thousands):


	As of December 31, 2025
Year	Amount
2026	$	1,279
2027	1,280
2028	494
2029	222
2030	222
2031 through 2101	31,003
Total lease payments	34,500
Less: imputed interest	(28,820)

Total	$	5,680


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

Total	$	6,544