Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 59

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 59
---
 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. 

22

The following is a summary of the Company's unconsolidated joint ventures as of September 30, 2025 and December 31, 2024 (dollars in thousands):Property DebtEntity / Property NameNumber ofApartment UnitsCompany'sEffectiveOwnership %Carrying ValueAs of September 30, 2025September 30,2025December 31,2024BalanceMaturityDateInterestRateMetropolitan at 40 Park (a)130units(a)$— $689 $— — — %RiverTrace at Port Imperial 316units22.5 %3,597 4,074 82,000 11/10/26 3.21 %The Capstone at Port Imperial360units40.0 %17,731 20,519 135,000 12/22/25SOFR+1.20 %Riverpark at Harrison141units45.0 %— — 30,097 07/01/353.19 %Station House378units50.0 %31,513 31,509 85,716 07/01/334.82 %Urby at Harborside (b)762units(b)— 52,832 — — — %PI North - Land (a)829potential units(a)— 1,678 — — —Totals:$52,841 $111,301 $332,813 (a)In April 2025, the Company