Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 73

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 73
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 a materially adverse effect upon the Company’s financial condition taken as whole.

30

In 2024, the Company identified potential contingent liabilities related to reverse real estate tax appeals for certain previously-sold land parcels located in Jersey City, NJ. In accordance with ASC 450, the Company evaluated the estimability and probability of these potential obligations and recorded a contingent liability of $2.1 million, inclusive of associated legal costs, in Accounts payable, accrued expenses and other liabilities on the Company's Consolidated Balance Sheets. The ultimate resolution of these matters may result in recognition of amounts different from the accrued amount, and the timing of the ultimate resolution of these contingent liabilities is uncertain. The Company will continue to monitor developments and adjust the estimated liability as new information becomes available.As previously reported, on April 23, 2025, the Company was named as a defendant in a complaint brought by the Attorney General of the State of New Jersey alleging antitrust violations by RealPage, Inc., a seller of revenue management software and owners and/or operators of multifamily housing, including us, which utilize this software. The Company was formally served with the complaint on April 30, 2025. The complaint alleges violation of the Sherman Act, the New Jersey Antitrust Act, and the New Jersey Consumer Fraud Act. We believe this lawsuit is without merit and we intend to vigorously defend against it. As this proceeding is in the early stages, it is not possible for the Company to predict the outcome nor is it possible to estimate the amount of loss, if any, which may be associated with an adverse decision in any of this matter.OFFICE AND GROUND LEASE AGREEMENTSFuture minimum rental payments under the terms of all non-cancelable office and ground leases under which the Company is the lessee, as of September 30, 2025 and December 31, 2024, are as follows (dollars in thousands):YearAs of September 30, 2025Amount October 1 through December 31, 2025$32020261,27920271,280202849420292222030 through 2101 31,226Total lease payments34,821Less: imputed interest(28,920)Total$5,901 YearAs of December 31, 2024Amount2025$1,27920261,27920271,280202849420292222030 through 2101 31,225Total lease payments35,779Less: imputed interest(29,235)Total$