Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 45

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 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 to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations. The Company performed management, leasing, development and other services for the properties owned by the unconsolidated joint ventures, related parties to the Company, and recognized $0.7 million and $0.8 million for such services in the three months ended March 31, 2025 and 2024, respectively. The Company had $0.3 million and $0.5 million in accounts receivable due from its unconsolidated joint ventures as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025, the Company does not have any investments in unconsolidated joint ventures that are considered VIEs. 

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The following is a summary of the Company's unconsolidated joint ventures as of March 31, 2025 and December 31, 2024 (dollars in thousands):Property DebtEntity / Property NameNumber ofApartment UnitsCompany'sEffectiveOwnership % (a)Carrying ValueAs of March, 31, 2025March 31,2025December 31,2024BalanceMaturityDateInterestRateMultifamilyMetropolitan at 40 Park (b)130units25.0 %$441 $689 $34,100 10/10/25SOFR+2.85 %RiverTrace at Port Imperial 316units22.5 %3,917 4,074 82,000 11/10/26 3.21 %The Capstone at Port Imperial360units40.0 %19,810 20,519 135,000 12/22/25SOFR+1.20 %Riverpark at Harrison141units45.0 %— — 30,192 07/01/353.19 %Station House378units50.0 %31,497 31