Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 118

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 8
Chunk 118
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 Company's unconsolidated joint ventures as of September 30, 2025 and December 31, 2024 (dollars in thousands):Property DebtEntity / Property NameNumber ofApartment UnitsCompany'sEffectiveOwnership %Carrying ValueAs of September 30, 2025September 30,2025December 31,2024BalanceMaturityDateInterestRateMetropolitan at 40 Park (a)130units(a)$— $689 $— — — %RiverTrace at Port Imperial 316units22.5 %3,597 4,074 82,000 11/10/26 3.21 %The Capstone at Port Imperial360units40.0 %17,731 20,519 135,000 12/22/25SOFR+1.20 %Riverpark at Harrison141units45.0 %— — 30,097 07/01/353.19 %Station House378units50.0 %31,513 31,509 85,716 07/01/334.82 %Urby at Harborside (b)762units(b)— 52,832 — — — %PI North - Land (a)829potential units(a)— 1,678 — — —Totals:$52,841 $111,301 $332,813 (a)In April 2025, the Company sold its interests in The Metropolitan at 40 Park multifamily rental property in Morristown, New Jersey and PI North developable land parcels in West New York, New Jersey. See Note 3: Investments in Rental Properties - Dispositions of Unconsolidated Joint Ventures.(b)The Company owned an 85 percent interest with shared control over major decisions such as approval of budgets, property financing and leasing guidelines. In April 2025, the Company acquired the remaining 15 percent controlling interest in the joint venture and consolidated its full interest in the property.  See Note 3: Investments in Rental Properties - Acquisition of Controlling Interest in Unconsolidated Joint Venture.The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three and nine months ended September 30, 2025 and 2024, respectively (dollars in thousands):Three Months EndedSeptember 30,Nine Months EndedSeptember 30,Entity / Property Name