Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 40

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 40
---
4 and 2023, respectively.

(2)Includes Restricted Cash of $14,512 and $25,649 as of March 31, 2025 and 2024, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

15

Table of ContentsVERIS RESIDENTIAL, INC., VERIS RESIDENTIAL, L.P. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

1.    ORGANIZATION AND BASIS OF PRESENTATION

ORGANIZATIONVeris Residential, Inc., a Maryland corporation, together with its subsidiaries (collectively, the “General Partner”) is a fully-integrated, self-administered, self-managed real estate investment trust (“REIT”). The General Partner controls Veris Residential, L.P., a Delaware limited partnership, together with its subsidiaries (collectively, the “Operating Partnership”), as its sole general partner and owned a 91.5 percent common unit interest in the Operating Partnership as of March 31, 2025 and December 31, 2024. The Company owns, operates and develops multifamily rental properties located primarily in the Northeast, as well as a portfolio of non-strategic land and commercial assets. Veris Residential, Inc. was incorporated on May 24, 1994.Unless stated otherwise or the context requires, the “Company” refers to the General Partner and its subsidiaries, including the Operating Partnership and its subsidiaries.As of March 31, 2025, the Company owned or had interests in 22 multifamily rental properties, as well as non-core assets comprised of three parking/retail properties, plus developable land (collectively, the "Properties"). The Properties are comprised of: (a) 19 wholly-owned or Company-controlled properties comprised of 16 multifamily properties and three non-core assets, plus developable land and (b) six multifamily properties and one developable land parcel owned by unconsolidated joint ventures in which the Company has investment interests.BASIS OF PRESENTATIONThe accompanying consolidated financial statements reflect all accounts of the Company, including its controlled subsidiaries, which consist principally of the Operating Partnership and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests.  See Note 2 to the 2024 10-K: Significant Accounting Policies – Investments