Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 45

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 45
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 Lofts at 40 Park multifamily rental property, and in October 2024, the Company's joint venture sold the Shops at 40 Park retail property. (b)    Pursuant to a notice letter to its joint venture partner dated January 6, 2022, the Company intends to not proceed with the acquisition and development of Liberty Landing.

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(c)    Amounts are net of amortization of basis differences of $618 thousand, $618 thousand and $154 thousand for the year ended December 31, 2024, 2023 and 2022, respectively. The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2024 and 2023 (dollars in thousands):December 31, 2024December 31, 2023Urby HarborsideOthersUrby HarborsideOthersAssets:Rental Property, net$236,589 $456,604 $244,895 $497,037 Other assets6,108 28,574 4,702 26,778 Total assets$242,697 $485,178 $249,597 $523,815 Liabilities and partners'/members' capital:Mortgages and loans payable$182,604 $368,642 $185,742 $393,999 Other liabilities2,260 7,155 1,221 7,677 Partners'/members' capital57,833 109,381 62,634 122,139 Total liabilities and partners'/members' capital$242,697 $485,178 $249,597 $523,815 The following is a summary of the results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):Year ended December 31, 2024Year ended December 31, 2023Year ended December 31, 2022Urby HarborsideOthersUrby HarborsideOthersUrby HarborsideOthersTotal revenues$37,714 $72,076 $35,656 $58,616 $32,951 $107,686 Operating and other expenses(13,897)(23,361)(