Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 59

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 59
---
es) on disposition of rental property and impairments, net in our Consolidated Statements of Operations.  For properties classified as discontinued operations as of December 31, 2024, the impairment charges described below are reflected within the Discontinued operations section in our Consolidated Statements of Operations for all periods presented.Impairment charges, and their related triggering events and fair value measurements, recognized during the years ended December 31, 2024, 2023 and 2022 were as follows:2024 — During the year ended December 31, 2024, the Company recognized an impairment charge of $2.6 million on one developable land parcel based upon its estimated selling price.  The land parcel was sold in January 2025. 2023 — During the year ended December 31, 2023, the Company recognized impairment charges for the following properties in order to reduce their carrying values to their estimated fair values, as follows:•$32.5 million on one office property due to the shortening of its expected hold period; the fair value measurement was determined by estimating discounted cash flows using two significant unobservable inputs, which were the cash flow discount rate (11%) and terminal capitalization rate (9%); the property was sold in March 2024;•$3.6 million on one office property based on its estimated selling price; the property was sold in September 2023;•$9.3 million on three land parcels based on their estimated selling prices; the land parcels were sold in April 2024.2022 — During the year ended December 31, 2022, the Company recognized impairment charges for the following properties in order to reduce their carrying values to their estimated fair values, as follows:•$94.8 million on four office properties due to the shortening of their expected hold periods; the fair value measurement was determined by estimating discounted cash flows using two significant unobservable inputs, which were the cash flow discount rate (range of 7.5% to 13%) and terminal capitalization rate (range of 5.5% to 8.75%); the properties were sold during 2023;•$12.5 million on two hotels and one office property based on their estimated selling price; the properties were sold during 2023;•$9.4 million on four land parcels based on their estimated selling prices. One parcel of the land was sold in November 2022.

12.