COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2026

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 (dollars in thousands):

Property Name	Location	Asset Type	PILOT Expiration Dates	PILOT Payments
				Three Months Ended March 31,
				2026		2025
BLVD 401 (a)	Jersey City, NJ	Multifamily	4/2026	$	409	$	537
Sable (b)	Jersey City, NJ	Multifamily	2/2027	920		(b)
RiverHouse 11 at Port Imperial (c)	Weehawken, NJ	Multifamily	7/2033	340		483
RiverHouse 9 at Port Imperial (d)	Weehawken, NJ	Multifamily	6/2046	303		447
Haus25 (e)	Jersey City, NJ	Multifamily	3/2047	514		765
The James (f)	Park Ridge, NJ	Multifamily	6/2051	—		227
Total PILOT payments				$	2,486	$	2,459

(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.

(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 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. The property was disposed of during the third quarter of 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):

Year	As of March 31, 2026 Amount
April 1 through December 31, 2026	$	960
2027	1,280
2028	494
2029	222
2030	222
2031 through 2101	31,003
Total lease payments	34,181
Less: imputed interest	(28,726)
Total	$	5,455

Year	As of December 31, 2025 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