Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 57

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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630 50,929 (a)(299)04/30/246 Becker Farm / 85 LivingstonRoseland, NJ27,985 16,955 11,030 Totals  $88,770 $77,255 $11,515 (a) Carrying value reflects previously recorded impairment charges of $10.5 million.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 for $0.5 million. The Company recorded a gain on sale of its interest of approximately $0.2 million during the nine months ended September 30, 2025.In April 2025, the Company sold its interest in the PI North developable land parcels in West New York, New Jersey for $6.6 million. The Company recorded a gain on sale of its interest of approximately $4.9 million during the nine months ended September 30, 2025.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 of its interest of approximately $7.1 million during the nine months ended September 30, 2024.Acquisition of Controlling Interest in Unconsolidated Joint VentureOn April 21, 2025, the Company acquired the remaining 15% controlling interest in the joint venture which owns Sable (previously referred to as “Urby at Harborside”) for cash consideration of $38.5 million (“Sable JV Interest Acquisition”). Concurrent with the acquisition, the Company assumed the $181.8 million property-level mortgage. The acquisition was funded from the proceeds of sales previously completed. Prior to the acquisition of the controlling interest of Sable, the Company accounted for its investment in that joint venture as an equity method investment under the voting interest model within Investments in unconsolidated joint ventures on our Consolidated Balance Sheets. This transaction was accounted for as an asset acquisition under, ASC 805-50, Business Combinations. As a result of acquiring full ownership, the Company consolidated Sable onto the Consolidated Balance Sheets at the sum of the historical cost basis for the existing 85% interest and at the purchase price for the newly acquired 15% interest. The gross purchase price of the newly acquired 15% controlling interest, inclusive of transaction