Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 92

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 92
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 performing procedures relating to the assessment of indicators of impairment for rental property held for use, net is a critical audit matter are (i) the significant judgment by management in assessing whether there are any indicators that the value of the Company’s rental properties held for use may be impaired and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to management’s assessment of indicators of impairment related to property operating performance, changes in anticipated holding period, and general market conditions. 

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s assessment of indicators of impairment for rental properties held for use. These procedures also included, among others (i) testing management’s process for assessing whether there are any indicators that the value of the Company’s rental properties held for use may be impaired; (ii) testing the completeness and accuracy of the underlying data used in management’s assessment of indicators of impairment; and (iii) evaluating the reasonableness of management’s assessment of indicators of impairment related to property operating performance, changes in anticipated holding period, and general market conditions. Evaluating property operating performance involved considering current and past performance of the properties. Evaluating the anticipated holding period involved considering management’s intent with respect to holding or disposing of the properties. Evaluating the general market conditions involved considering changes in market conditions and evidence obtained in other areas of the audit.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 24, 2025

We have served as the Company’s auditor since 1998.

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VERIS RESIDENTIAL, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts)

ASSETSDecember 31,2024December 31,2023Rental propertyLand and leasehold interests$458,946 $474,499 Buildings and improvements2,634,321 2,782,468 Tenant improvements14,784 30,908 Furniture, fixtures and equipment112,201 103,613 3,220,252 3,391,488 Less – accumulated depreciation and amortization(432,531)(443,781)2,787,721 2,947,707 Real estate held for sale, net7,291 58,608 Net investment in rental property2,795,012 3,