Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 92

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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914 (a)Company's effective ownership percentage represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.(b)The Company's ownership interests in these ventures are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. In April 2025, the Company sold its interest 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. Refer to Note 3 - Investments in Rental Properties - Dispositions of Unconsolidated Joint Ventures.(c)The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. In April 2025, the Company acquired the remaining 15% interest in the joint venture.  Refer to Note 3 - Investments in Rental Properties - Acquisitions of Unconsolidated Joint Venture Interests.The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three months ended March 31, 2025 and 2024, respectively (dollars in thousands):Three Months EndedMarch 31,Entity / Property Name20252024MultifamilyMetropolitan and Lofts at 40 Park (a)$(249)$(427)RiverTrace at Port Imperial 160 159 The Capstone at Port Imperial 161 49 Riverpark at Harrison54 68 Station House(11)(38)Urby at Harborside 3,727 503 PI North - Land— (60)Company's equity in earnings (loss) of unconsolidated joint ventures (b)$3,842 $254 (a)In January 2024, the joint venture sold the Lofts at 40 Park multifamily rental property for $30.3 million and the Company recorded a gain on the sale for its interest of approximately $7.1 million.(b)Amounts are net of amortization of basis differences of $154 thousand for each of the three months ended March 31, 2025 and 2024.

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5.    DEFERRED CHARGES AND OTHER ASSETS, NET

(dollars in thousands)March 31,2025December 31,2024Deferred leasing costs$4,821$4,765Deferred financing costs (a)6,307