Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 118

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 8
Chunk 118
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 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’ tangible and intangible assets acquired and liabilities assumed. 

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The debt of the Company’s unconsolidated joint ventures generally is non-recourse to the Company, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations. The Company performed management, leasing, development and other services for the properties owned by the unconsolidated joint ventures, related parties to the Company, and recognized $0.8 million for such services in the three months ended June 30, 2025 and 2024, and $1.5 million and $1.6 million in the six months ended June 30, 2025 and 2024, respectively. The Company had $0.3 million and $0.5 million in accounts receivable due from its unconsolidated joint ventures as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025, the Company does not have any investments in unconsolidated joint ventures that are considered VIEs. The following is a summary of the Company's unconsolidated joint ventures as of June 30, 2025 and December 31, 2024 (dollars in thousands):Property DebtEntity / Property NameNumber ofApartment UnitsCompany'sEffectiveOwnership % (a)Carrying ValueAs of June 30, 2025June 30,2025December 31,2024BalanceMaturityDateInterestRateMetropolitan at 40 Park (b)130units(b)$— $689 $— — — %RiverTrace at Port Imperial 316units22.5 %3,755 4,074 82,000 11/10/26 3.21 %The Capstone at Port Imperial360units40.0 %18,310 20,519 135,000 12/22/25SOFR+1.20 %Riverpark at Harrison141units45.0 %— — 30,192 07/01/353.19 %Station House378units50.0 %31,553 31,509 86,267 07/01/