Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 60

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 60
---
 sold its interests 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.(b)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.The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three and nine months ended September 30, 2025 and 2024, respectively (dollars in thousands):Three Months EndedSeptember 30,Nine Months EndedSeptember 30,Entity / Property Name2025202420252024Metropolitan and Lofts at 40 Park (a)$— $(378)$(361)$(852)RiverTrace at Port Imperial 174 304 483 595 The Capstone at Port Imperial 154 104 504 148 Riverpark at Harrison54 68 162 204 Station House(42)(92)4 (263)Urby at Harborside — (574)3,916 3,013 PI North - Land (a)— — — (226)OtherOther300 300 Company's equity in earnings (loss) of unconsolidated joint ventures (b)$340 $(268)$4,708 $2,919 (a)In January 2024, the joint venture sold the Lofts at 40 Park multifamily rental property. 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.(b)Amounts are net of amortization of basis differences of $0.1 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively, and $0.3 million and $0.5 million for the nine months ended September 30, 2025