Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 44

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 44
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 meaningfully participate in the venture's cash flows in the near term.(c)As of December 31, 2024, through the joint venture, the Company owns a 25 percent interest in a 130-unit multifamily rental property ("The Metropolitan at 40 Park").  In January 2024, the joint venture sold the 59-unit, five story multifamily rental property ("Lofts at 40 Park"), and in October 2024, the joint venture sold the Shops at 40 Park retail property. See Note 3: Investments in Rental Property – Dispositions of Unconsolidated Joint Venture.(d)The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The Company formerly guaranteed $22 million of the principal outstanding debt, which on February 1, 2023, the lender released the Company of all obligations under the Guaranty Agreement.(e)The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6 and I that can accommodate the development of 829 apartment units. (f)The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands): Year Ended December 31,Entity / Property Name202420232022MultifamilyMetropolitan and Lofts at 40 Park (a)$(1,143)$(1,239)$(674)RiverTrace at Port Imperial 782 546 356 The Capstone at Port Imperial235 (294)(212)Riverpark at Harrison270 540 234 Station House(201)(299)(722)Urby Harborside 4,161 4,110 2,374 PI North - Land(276)(240)(205)Liberty Landing (b)— (22)36 OtherOther106 — 13 Company's equity in earnings (loss) of unconsolidated joint ventures (c)$3,934 $3,102 $1,200 (a)    In January 2024, the joint venture sold the