Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 119

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 8
Chunk 119
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334.82 %Urby at Harborside (c)762units(c)— 52,832 — — — %PI North - Land (b)829potential units(b)— 1,678 — — —Totals:$53,618 $111,301 $333,459 (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. See Note 3: Investments in Rental Properties - Dispositions of Unconsolidated Joint Ventures.(c)The Company owned an 85 percent interest with shared control over major decisions such as approval of budgets, property financing and leasing guidelines. In April 2025, the Company acquired the remaining 15 percent controlling interest in the joint venture and consolidated its full interest in the property.  See Note 3: Investments in Rental Properties - Acquisition of Controlling Interest in Unconsolidated Joint Venture.

22

The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three and six months ended June 30, 2025 and 2024, respectively (dollars in thousands):Three Months EndedJune 30,Six Months EndedJune 30,Entity / Property Name2025202420252024Metropolitan and Lofts at 40 Park (a)$(112)$(47)$(361)$(474)RiverTrace at Port Imperial 149 132 309 291 The Capstone at Port Imperial 188 (5)349 44 Riverpark at Harrison54 68 108 136 Station House57 (133)46 (171)Urby at Harborside 190 3,084 3,917 3,587 PI North - Land (a)— (166)— (226)Company's equity in earnings (loss) of unconsolidated joint ventures (b)$526 $2,933 $4,368 $3,187 (a)In January 2024, the