MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS (Tables)

A summary of the Company’s mortgages, loans payable and other obligations as of June 30, 2025 and December 31, 2024 is as follows (dollars in thousands):


Property/Project Name	Lender		Effective Rate (a)		June 30, 2025		December 31, 2024		Maturity

Portside 2 at East Pier (b)	New York Life Insurance Company		4.56	%	$	94,614	$	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	%	114,500		115,515		08/10/26

Portside at East Pier (c)	KKR	SOFR+	2.75	%	56,500		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	%	162,969		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		5.20	%	181,544		—		08/01/29
Port Imperial South 4/5 Garage	American General Life & A/G PC		4.85	%	30,815		31,098		12/01/29
The Emery at Overlook Ridge (h)	Flagstar Bank		3.21	%	69,902		70,653		01/01/31

Principal balance outstanding					$	1,469,905	$	1,333,966
Unamortized deferred financing costs					(9,941)		(10,492)

Total mortgages, loans payable and other obligations, net					$	1,459,964	$	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 June 30, 2025, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in September 2026.

(d)As of June 30, 2025, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in November 2026.

(e)As of June 30, 2025, this mortgage is hedged with an interest-rate cap with a strike rate of 3.5%, expiring in July 2026.

(f)As of June 30, 2025, the Company identified this $41.0 million mortgage, and the related unamortized deferred financing costs of $0.1 million, as a liability held for sale. See Note 3: Investments in Rental Properties 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)Effective rate reflects the fixed rate period, which ends on January 1, 2026. After that period ends, the Company must make a one-time election of how to compute the interest rate for this loan: (a) the floating-rate option, the sum of the highest prime rate as published in the New York Times on each applicable Rate Change Date plus 2.75% annually or (b) the fixed-rate option, the sum of the Five Year Fixed Rate Advance of the Federal Home Loan Bank of New York in effects as of the first business day of the month which is three months prior to the Rate Change Date plus 3.00% annually.

Summary of Indebtedness


(dollars in thousands)	June 30, 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) (b)	$	1,698,339	4.96	%	$	1,670,313	5.05	%
Unhedged portion of Revolving Credit Facility	127,000		7.06	%	2,000		7.08	%

Totals/Weighted Average, net of unamortized deferred financing costs (c):	$	1,825,339	5.11	%	$	1,672,313	5.05	%

(a) As of June 30, 2025 and December 31, 2024, includes debt with interest rate caps outstanding with a notional amount of $441.5 million and $591.5 million, respectively.

(b) As of June 30, 2025, includes $40.9 million classified as Liabilities held for sale, net on the Company's Consolidated Balance Sheets.