Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 43

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 43
---
UnrealizedLosses, net01/24/2565 LivingstonRoseland, NJ$7,139 $7,295 (a)$(156)Totals  $7,139 $7,295 $(156)(a) Carrying value reflects previously recorded impairment charges of $2.6 million.

17

 Table of Contents

The Company disposed of the following rental properties during the three months ended March 31, 2024 (dollars 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