Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 55

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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 equity capital, applicable REIT and legal restrictions, economic conditions and other factors.Dividends declared (on a per share basis) for the six months ended June 30, 2025 were as follows:Date of DeclarationDate of RecordDate of PaymentDividend DeclaredFebruary 27, 2025March 31, 2025April 10, 2025$0.0800May 28, 2025June 30, 2025July 10, 2025$0.0800Dividends declared (on a per share basis) for the six months ended June 30, 2024 were as follows:Date of DeclarationDate of RecordDate of PaymentDividend DeclaredFebruary 27, 2024April 3, 2024April 16, 2024$0.0525May 6, 2024July 3, 2024July 16, 2024$0.0600At June 30, 2025 and December 31, 2024, the balance of the distributions payable was $8.5 million. 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 LandThe Company disposed of the following developable land holding during the six months ended June 30, 2025 (dollars in thousands):

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DispositionDatePropertyLocationNetSalesProceedsNetCarryingValueGain (loss) on disposition of developable land01/24/2565 LivingstonRoseland, NJ$7,139 $7,295 (a)$(156)