Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 58

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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 costs of $2.1 million, was allocated by major categories of assets acquired and liabilities assumed using relative fair value.  The consolidated balances for Sable as of the acquisition date were as follows: $267.3 million of Net investment in rental property, $2.2 million of acquired in-place leases and other intangibles presented within Deferred charges and other assets, net, and $181.0 million of Mortgages, loans payable and other obligations, net.

21

Real Estate Held for Sale and Related LiabilitiesAs of September 30, 2025, the Company did not have any assets or liabilities classified as held for sale.As of December 31, 2024, the Company had classified a developable land parcel, located in Roseland, New Jersey as held for sale, which was sold in January 2025. The following table summarizes real estate held for sale, net as of December 31, 2024:(dollars in thousands)December 31,2024Land$9,910 Less: Cumulative unrealized losses on property held for sale(2,619)Real estate held for sale, net$7,291

4.    INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

As of September 30, 2025, the Company had an aggregate investment of approximately $52.8 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage multifamily rental properties. As of September 30, 2025, the unconsolidated joint ventures owned four multifamily properties totaling 1,195 apartment units. As of September 30, 2025, the Company’s unconsolidated interests range from 22.5 percent to 50.0 percent.The amounts reflected in the following tables (except for the Company’s share of equity in earnings) are based on the historical financial information of the individual joint ventures. The Company does not record losses of the joint ventures in excess of its investment balances unless the Company is liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. The outside basis portion of the Company’s investments in joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. The debt of the Company’s unconsolidated joint ventures generally is non-recourse to the Company, except for customary exceptions pertaining