Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 112

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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 The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance; and (2) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company continuously assesses its determination of the primary beneficiary for each entity and assesses reconsideration events that may cause a change in the original determinations. The Operating Partnership is considered a VIE of the parent company, Veris Residential, Inc.During the three months ended September 30, 2025, the Company sold the developable land parcel, PI South - Building 2, owned through a consolidated joint venture and VIE. See Note 3: Investments in Rental Properties - Dispositions of Rental Properties and Developable Land for additional information.As of September 30, 2025 and December 31, 2024, the Company’s investments in consolidated real estate joint ventures, which are variable interest entities in which the Company is deemed to be the primary beneficiary, have total real estate assets of $398.8 million and $442.4 million, respectively, other assets of $6.3 million and $5.6 million, respectively, mortgages of $282.4 million and $284.1 million, respectively, and other liabilities of $16.3 million and $15.2 million, respectively. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could 

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differ from those estimates. Certain reclassifications have been made to prior period amounts in order to conform with current period presentation, primarily related to classification of certain properties as discontinued operations.During 2024, the Company revised the terminology used for certain financial statement line items to better align with itsoperational activities and provide a clearer representation of the nature of its business. The Company has renamed financial statement line items “Real estate services” and “Real estate services expenses” on the Consolidated Statements ofOperations as “Management fees” and “Property management,” respectively. The change in terminology does not impactthe amounts reported in the financial statements. Comparative periods have been renamed to reflect this change forconsistency.

 2.    SIGNIFICANT ACCOUNTING