Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 145

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 2
Chunk 145
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,812 CapstoneWest New York, NJ202140.00%36095.3 4,451 Total New Jersey Waterfront Multifamily Properties1,43894.5 4,143 OTHERRiverpark at HarrisonHarrison, NJ201445.00%14195.0 2,907 Metropolitan at 40 ParkMorristown, NJ201025.00%13093.8 3,722 Station HouseWashington, DC201550.00%37891.5 2,933 Total Other Multifamily Properties64992.8 3,085 TOTAL MULTIFAMILY PROPERTIES2,08794.0 3,814 

Unconsolidated Joint Ventures -  Developable LandPropertyLocationOwnership PercentagePotential UnitsPI North - LandWest New York, NJ20.00%829TOTAL DEVELOPABLE LAND829

(a)Average Revenue per Home is calculated as total apartment revenue for the year divided by the average percent occupied for the year, divided by the number of apartments.

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(b)Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future.  

(c)Total Rental Revenue for the year ended December 31, 2024 is calculated by adding base rents, escalations and recoveries from tenants, and parking income. 

(d)Port Imperial South - Garage and Port Imperial North - Garage include approximately 850 and 686 parking spaces, respectively.

(e)The Company has an additional 34,375 square feet of potential retail space within land developments that is not represented in this table.

(f)Property is approved for office zoning consisting of 5.19 acres.

OCCUPANCY

The following table sets forth the year-end occupancy of the Company’s Consolidated Multifamily Portfolio for the last five years:

December 31,Percent Occupied (%)202493.7202394.8202294.4202196.4202085.4

MARKET DIVERSIFICATION

The following table lists the Company’s markets, based on annualized contractual base rent of the Company's Consolidated Multifamily Portfolio: 

MarketAnnualized BaseRental Revenue($ in thousands) (a) (b)Percentage OfAnnualizedBase RentalRevenue (%)New Jersey Waterfront176,514 72.2 Massachusetts38,664 15.8 Other29,303 12.0 Totals244,481 100.0 

(a)