Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 114

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 8
Chunk 114
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 face of the income statement. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027; early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 will have on the Company's consolidated financial statements.

3.    INVESTMENTS IN RENTAL PROPERTIES

Dispositions of Rental Properties and Developable Land

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The Company disposed of the following rental properties during the nine months ended September 30, 2025 (dollars in thousands):DispositionDatePropertyLocationUnitsProperty TypeNetSalesProceedsNetCarryingValueRealized Gains (Losses) Unrealized Losses, net07/09/25Signature PlaceMorris Plains, NJ197Multifamily$83,254 $47,701 $35,553 07/22/25145 Front at City SquareWorcester, MA365Multifamily121,030 80,742 40,288 08/14/25The JamesPark Ridge, NJ240Multifamily115,090 114,716 (a)374 09/25/25Quarry Place at TuckahoeEastchester, NY108Multifamily61,774 (b)46,952 14,822 Totals$381,148 $290,111 $91,037 (a) Net carrying value reflects previously recorded impairment charges of $6.9 million.(b) Net sales proceeds include the buyer's assumption of the $41.0 million mortgage loan encumbering the property.The Company disposed of the following developable land holdings during the nine months ended September 30, 2025 (dollars in thousands):DispositionDatePropertyLocationNetSalesProceedsNetCarryingValueGain (loss) on disposition of developable land01/24/2565 LivingstonRoseland, NJ$7,139 $7,295 (a)$(156)04/03/25Wall LandWall Township, NJ30,152 4,116 26,036 04/29/251 Water StreetWhite Plains, NY15,563 5,033 10,530 08/28/25PI South - Building 2Weehawken, NJ36,520 (b)37,638 (c)(1,118)Totals  $89,374 $54,