Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 41

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 41
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 Jersey68,854 13,316 55,538 11/03/22Port Imperial Parcels 3 & 16 (a)Weehawken, New Jersey24,885 25,371 (486)Totals$151,666 $94,404 $57,262 (a)    Included non-cash expenses of $2.5 million. Dispositions of Unconsolidated Joint Venture2024 — On January 12, 2024, the Company's joint venture sold the Lofts at 40 Park multifamily rental property for $30.3 million of which the Company received net proceeds of $6.0 million. The Company recorded a gain on the sale for its interest of approximately $7.1 million in Gain (loss) on sale of unconsolidated joint venture interests in the Consolidated Statement of Operations.On October 22, 2024, the Company's joint venture sold the Shops at 40 Park retail property for $15.7 million, of which the Company did not receive any net proceeds after repayment of property-level debt, selling expenses, and preferred return distributions to its joint venture partner. The Company recorded a loss on the sale for its interest of approximately $0.2 million in Gain (loss) on sale of unconsolidated joint venture interests in the Consolidated Statement of Operations.2022 — On November 30, 2022, the Company's Hyatt Regency Hotel Jersey City joint venture was sold for $117.0 million of which the Company received net proceeds of $8.2 million. The Company recorded a gain on the sale for its interest of approximately $7.7 million in Discontinued Operations - Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net.  

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Real Estate Held for SaleThe following table summarizes the real estate held for sale, net (dollars in thousands): Year Ended December 31,20242023Land$9,910$59,464Building & Other—9,688Less: Accumulated depreciation—— Less: Cumulative unrealized losses on property held for sale(2,619)(10,544)Real estate held for sale, net$7,291$58,6082024 — As of December 31, 2024, the Company had classified a developable land parcel, located in Roseland, New Jersey, as held for