Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 38

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 38
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 property commenced initial operations (dollars in thousands):In ServiceDatePropertyLocationPropertyType# ofApartment Units Total DevelopmentCosts Incurred04/01/22Haus25 (a)Jersey CityMultifamily750$485,587Totals   750$485,587(a)As of December 31, 2022, all  apartment units were in service. The development costs included approximately $53.4 million in land costs.Dispositions of Rental Properties and Developable LandDispositions during 2024The Company disposed of the following rental properties during the year ended December 31, 2024 (dollars in thousands) DispositionDatePropertyLocation# ofBldgs.RentableSquareFeetProperty TypeNetSalesProceedsNetCarryingValueDiscontinued Operations Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net03/20/24Harborside 5Jersey City, New Jersey1977,225 Office81,515 81,228 287 Others (a)3,160 Totals1977,225 $81,515 $81,228 $3,447 (a)Others represent return of a $1.9 million escrow not originally expected to be received at the time of closing and resolution of estimated accrued expenses from various previously sold rental properties.The Company disposed of the following developable land holdings during the year ended December 31, 2024 (dollars in thousands):DispositionDatePropertyLocationNetSalesProceedsNetCarryingValueGain (loss) on disposition of developable land01/03/242 CampusParsippany-Troy Hills, New Jersey$10,155 $9,371 $784 04/16/24107 MorganJersey City, New Jersey$50,630 $50,929 (a)$(299)04/30/246 Becker Farm / 85 LivingstonRoseland, New Jersey$27,985 $16,955 $11,030 Totals  $88,770 $77,255 $11,515 

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(a)Carrying value reflects previously recorded impairment charges of $10.5 million.Dispositions during 2023The Company disposed of the following rental property during the year ended December 31, 2023 (dollars in thousands):DispositionDatePropertyLocation# ofBldgs.RentableSquareFeetPropertyType