Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 117

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 8
Chunk 117
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 31,2024Land$9,910 Less: Cumulative unrealized losses on property held for sale(2,619)Real estate held for sale, net$7,291

4.    INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

As of September 30, 2025, the Company had an aggregate investment of approximately $52.8 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage multifamily rental properties. As of September 30, 2025, the unconsolidated joint ventures owned four multifamily properties totaling 1,195 apartment units. As of September 30, 2025, the Company’s unconsolidated interests range from 22.5 percent to 50.0 percent.The amounts reflected in the following tables (except for the Company’s share of equity in earnings) are based on the historical financial information of the individual joint ventures. The Company does not record losses of the joint ventures in excess of its investment balances unless the Company is liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. The outside basis portion of the Company’s investments in joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. The debt of the Company’s unconsolidated joint ventures generally is non-recourse to the Company, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations. The Company performed management, leasing, development and other services for the properties owned by the unconsolidated joint ventures, related parties to the Company, and recognized $0.5 million and $0.9 million for such services in the three months ended September 30, 2025 and 2024, respectively, and $2.0 million and $2.5 million in the nine months ended September 30, 2025 and 2024, respectively. The Company had $0.2 million and $0.5 million in accounts receivable due from its unconsolidated joint ventures as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025, the Company does not have any investments in unconsolidated joint ventures that are considered VIEs. 

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The following is a summary of the