Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 89

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 89
---
 in thousands):DispositionDatePropertyLocation# ofBldgs.RentableSquareFeetProperty TypeNetSalesProceedsNetCarryingValueDiscontinued OperationsRealizedGains(Losses)/UnrealizedLosses, net03/20/24Harborside 5Jersey City, New Jersey1977,225Office$81,515 $81,228 $287 Others (a)1,261 Totals  $81,515 $81,228 $1,548 (a) Others represent resolution of estimated accrued expenses from various previously sold rental properties.The Company disposed of the following developable land holding during the three months ended March 31, 2024 (dollars in thousands):DispositionDatePropertyLocationNetSalesProceedsNetCarryingValueRealizedGains(Losses)/UnrealizedLosses, net01/03/242 CampusParsippany-Troy Hills, New Jersey$10,155 $9,371 $784 Totals  $10,155 $9,371 $784 Dispositions of Unconsolidated Joint VenturesIn 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 for $7.1 million. In January 2024, the Company's joint venture sold the Lofts at 40 Park multifamily rental property for $30.3 million and the Company recorded a gain on the sale for its interest of approximately $7.1 million during the three months ended March 31, 2024.Acquisitions of Unconsolidated Joint Venture InterestsIn April 2025, the Company acquired the remaining 15% interest in the joint venture owning Urby at Harborside for $38.5 million.  Upon closing, the Company owned 100% of the interests in the property, and as a result, consolidated the  multifamily asset and the corresponding property-level mortgage of $181.8 million for reporting purposes. The property-level mortgage was subsequently modified to be an interest-only mortgage.  Real Estate Held for SaleAs of March 31, 2025, the Company had classified two developable land parcels, which are located in Wall Township, New Jersey and White Plains, New York, as held for sale. In April 2025, the developable land parcel located in Wall