Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 58

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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 in Worcester, MA, Park Ridge, NJ, Morris Plains, NJ and Eastchester, NY, respectively.  In July 2025, 145 Front Street at City Square and Signature Place were sold for gross proceeds of $207.2 million.As of December 31, 2024, the Company had classified a developable land parcel, located in Roseland, New Jersey as held for sale, which was sold in January 2025. The following table summarizes real estate and liabilities held for sale, net as of June 30, 2025 and December 31, 2024:(dollars in thousands)June 30,2025December 31,2024Land$22,941 $9,910 Building & Other328,145 — Less: Accumulated depreciation(55,634)— Less: Cumulative unrealized losses on property held for sale(6,877)(2,619)Real estate held for sale, net$288,575$7,291Liabilities held for sale, net$40,862$—Discontinued OperationsThe Company has discontinued operations related to its former New Jersey office and hotel portfolio (collectively, the “Office Portfolio”) which represented a strategic shift in the Company’s operations.  See Note 7: Discontinued Operations.

4.    INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

As of June 30, 2025, the Company had an aggregate investment of approximately $53.6 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage multifamily rental properties. As of June 30, 2025, the unconsolidated joint ventures owned four multifamily properties totaling 1,195 apartment units. As of June 30, 2025, the Company’s unconsolidated interests range from 22.5 percent to 50.0 percent subject to specified priority allocations in certain of the joint ventures.The amounts reflected in the following tables (except for the Company’s share of equity in earnings) are based on the historical financial information of the individual joint ventures. The Company does not record losses of the joint ventures in excess of its investment balances unless the Company is liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. The outside basis portion of the Company’s investments in joint ventures is amortized over the anticipated useful lives of the underlying ventures