Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 130

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 8
Chunk 130
---
, 2025 on three developable land parcels, based upon estimated selling prices.  The impairment charges were recorded in Land and other impairments, net, on the Company's Consolidated Statements of Operations.During the nine months ended September 30, 2025, the Company recognized an impairment charge of $6.9 million on a multifamily property classified as held for sale located in Park Ridge, NJ based upon its estimated selling price.  The impairment charge was recorded in  Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net on the Company's Consolidated Statement of Operations.The Company recognized impairment charges of $2.6 million during the three and nine months ended September 30, 2024.

12.    COMMITMENTS AND CONTINGENCIES

PILOT AGREEMENTSPursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties as follows (dollars in thousands): Property NameLocationAsset TypePILOTExpiration DatesPILOT PaymentsThree Months Ended September 30,Nine Months Ended September 30,2025202420252024BLVD 401 (a)Jersey City, NJMultifamily4/2026$601$528$1,712$1,671Sable (b)Jersey City, NJMultifamily2/20271,253(b)2,512(b)RiverHouse 11 at Port Imperial (c)Weehawken, NJMultifamily7/20334334821,3441,431RiverHouse 9 at Port Imperial (d)Weehawken, NJMultifamily6/20464004341,2511,292Haus25 (e)Jersey City, NJMultifamily3/20477839072,2932,321The James (f)Park Ridge, NJMultifamily6/2051236206693622Total PILOT payments$3,706$2,557$9,805$7,337(a)The annual PILOT is equal to 10 percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined.(b)The annual PILOT is equal to 10 percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10