XML 57 R40.htm IDEA: XBRL DOCUMENT
v3.25.4

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Unconsolidated Joint Ventures | The following is a summary of the Company's unconsolidated joint ventures as of December 31, 2025 and 2024 (dollars in thousands):
| Number of Apartment Units | Company's | Carrying Value | Property Debt As of December 31, 2025
Entity / Property Name | December 31, 2025 | Effective Ownership % | December 31, 2025 | December 31, 2024 | Balance | Maturity Date |  |  | Interest Rate
Multifamily |  |  |  |  |  |  |  |  |  |
Metropolitan and Lofts at 40 Park (a) | 130 | units | (a) | $ | — |  | $ | 689 |  | $ | — |  | — |  |  | — |
RiverTrace at Port Imperial | 316 | units | 22.50 | % | 3,353 |  | 4,074 |  | 82,000 |  | 11/10/26 |  |  | 3.21 | %
The Capstone at Port Imperial | 360 | units | 40.00 | % | 17,513 |  | 20,519 |  | 135,000 |  | 12/22/26 | (c) | SOFR+ | 1.20 | %
Riverpark at Harrison | 141 | units | 45.00 | % | — |  | — |  | 29,948 |  | 07/01/35 |  |  | 3.19 | %
Station House | 378 | units | 50.00 | % | 31,322 |  | 31,509 |  | 85,158 |  | 07/01/33 |  |  | 4.82 | %
Urby Harborside (b) | 762 | units | (b) | — |  | 52,832 |  | — |  | — |  |  | — |
PI North - Land (a) | 829 | potential units | (a) | — |  | 1,678 |  | — |  | — |  |  | — |
Totals |  |  |  | $ | 52,188 |  | $ | 111,301 |  | $ | 332,106 |  |  |  |  |
(a)In April 2025, the Company sold its interests in The Metropolitan at 40 Park multifamily rental property in Morristown, New Jersey and PI North developable land parcels in West New York, New Jersey. See Note 3: Investments in Rental Property - Dispositions of Unconsolidated Joint Ventures. (b)The Company owned an 85 percent interest with shared control over major decisions such as, approval of budgets, property financing and leasing guidelines. In April 2025, the Company acquired the remaining 15 percent controlling interest in the joint venture and consolidated its full interest in the property. See Note 3: Investments in Rental Property - Acquisition of Controlling Interest in Unconsolidated Joint Venture. (c)In December 2025, the maturity date of the mortgage loan encumbering the property was extended one year.
Schedule of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
| Year Ended December 31,
Entity / Property Name | 2025 | 2024 | 2023
Multifamily |  |  |
Metropolitan and Lofts at 40 Park (a) | $ | (361) |  | $ | (1,143) |  | $ | (1,239) |
RiverTrace at Port Imperial | 680 |  | 782 |  | 546 |
The Capstone at Port Imperial | 768 |  | 235 |  | (294) |
Riverpark at Harrison | 216 |  | 270 |  | 540 |
Station House | 38 |  | (201) |  | (299) |
Urby Harborside | 3,916 |  | 4,161 |  | 4,110 |
PI North - Land (a) | — |  | (276) |  | (240) |
Liberty Landing | — |  | — |  | (22) |
Other |  |  |
Other | — |  | 106 |  | — |
Company's equity in earnings (loss) of unconsolidated joint ventures (b) | $ | 5,257 |  | $ | 3,934 |  | $ | 3,102 |
(a) In January 2024, the joint venture sold the Lofts at 40 Park multifamily rental property. In April 2025, the Company sold its interest in The Metropolitan at 40 Park multifamily rental property in Morristown, New Jersey and PI North developable land parcels in West New York, New Jersey. See Note 3: Investments in Rental Property - Dispositions of Unconsolidated Joint Ventures. (b) Amounts are net of amortization of basis differences of $0.4 million, $0.6 million and $0.6 million for the year ended December 31, 2025, 2024 and 2023, respectively.
Schedule of Equity Method Investment, Summarized Financial Information, Balance Sheet | The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2025 and 2024 (dollars in thousands):
|  | December 31, 2025 | December 31, 2024
|  | Others (b) | Urby Harborside (a) | Others (b)
Assets: |  |  |  |
Rental Property, net |  | $ | 412,552 |  | $ | 236,589 |  | $ | 456,604 |
Other assets |  | 10,974 |  | 6,108 |  | 28,574 |
Total assets |  | $ | 423,526 |  | $ | 242,697 |  | $ | 485,178 |
Liabilities and partners'/members' capital: |  |  |  |
Mortgages and loans payable |  | $ | 332,106 |  | $ | 182,604 |  | $ | 368,642 |
Other liabilities |  | 6,209 |  | 2,260 |  | 7,155 |
Partners'/members' capital |  | 85,211 |  | 57,833 |  | 109,381 |
Total liabilities and partners'/members' capital |  | $ | 423,526 |  | $ | 242,697 |  | $ | 485,178 |
Schedule of Equity Method Investment, Summarized Financial Information, Income Statement | The following is a summary of the results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
| Year ended December 31, 2025 | Year ended December 31, 2024 | Year ended December 31, 2023
| Urby Harborside (a) | Others (b) | Urby Harborside (a) | Others (b) | Urby Harborside (a) | Others (b)
Total revenues | $ | 13,864 |  | $ | 54,596 |  | $ | 37,714 |  | $ | 72,076 |  | $ | 35,656 |  | $ | 58,616 |
Operating and other expenses | (3,795) |  | (20,970) |  | (13,897) |  | (23,361) |  | (11,826) |  | (24,219) |
Depreciation and amortization | (2,444) |  | (12,310) |  | (8,804) |  | (13,417) |  | (8,754) |  | (13,587) |
Interest expense | (2,953) |  | (15,289) |  | (9,926) |  | (18,262) |  | (10,049) |  | (20,439) |
Net income (loss) | $ | 4,672 |  | $ | 6,027 |  | $ | 5,087 |  | $ | 17,036 |  | $ | 5,027 |  | $ | 371 |
(a)In April 2025, the Company acquired the remaining 15 percent controlling interest in the joint venture and consolidated its full interest in the property. The summary of results from operations for the year ended December 31, 2025 represents results through April 2025, prior to consolidation. See Note 3: Investments in Rental Property - Acquisition of Controlling Interest in Unconsolidated Joint Venture. (b)The summarized financial information has been aggregated for the remaining unconsolidated joint ventures, as none of these equity method investees were significant on a stand-alone basis. As noted above, the Urby Harborside joint venture was consolidated in April 2025.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Equity Method Investment, Summarized Financial Information, Balance Sheet + References No definition available. + Details
Name: | vre_ScheduleOfEquityMethodInvestmentSummarizedFinancialInformationBalanceSheetTableTextBlock
Namespace Prefix: | vre_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Equity Method Investment, Summarized Financial Information, Income Statement + References No definition available. + Details
Name: | vre_ScheduleOfEquityMethodInvestmentSummarizedFinancialInformationIncomeStatementTableTextBlock
Namespace Prefix: | vre_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Unconsolidated Joint Ventures [Table Text Block] + References No definition available. + Details
Name: | vre_ScheduleOfUnconsolidatedJointVenturesTableTextBlock
Namespace Prefix: | vre_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures + References No definition available. + Details
Name: | vre_SummaryOfCompanysEquityInEarningsLossOfUnconsolidatedJointVenturesTableTextBlock
Namespace Prefix: | vre_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration