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COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended
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Dec. 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 (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

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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