Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 55

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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2024$0.0525May 6, 2024July 3, 2024July 16, 2024$0.0600August 5, 2024September 30, 2024October 16, 2024$0.0700At September 30, 2025 and December 31, 2024, the balance of the distributions payable was $8.6 million and $8.5 million, respectively. Impact of Recently-Issued Accounting StandardsIn November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). The guidance requires disclosing disaggregated information about certain income statement expense captions but does not change the presentation of expense information or expense captions reported on the 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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 Table of Contents

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