Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 37

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 37
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 and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets.Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy:•Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;•Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and•Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the fair value measurement will be based upon the lowest level input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.Impact of Recently-Issued Accounting Standards

As of December 31, 2024, the Company adopted ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The guidance requires incremental disclosures related to a public entity’s reportable segments.  The adoption of ASU 2023-07 did not have a material impact on the Company's consolidated financial statements.  See Note 16: Segment Reporting for additional details. 

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3.    INVESTMENTS IN RENTAL PROPERTY

Acquisitions of Rental PropertyDuring the year ended December 31, 2022, the Company acquired the following rental property (dollars in thousands):Acquisition DatePropertyLocationProperty Type# of Apartment UnitsAcquisition Cost7/21/2022The James (a)Park Ridge, NJMultifamily240$130,308 Totals240$130,308 (a)    This acquisition was funded using funds available with the Company's qualified intermediary from prior property sales proceeds and through borrowing under the Company's revolving credit facility.Properties Commencing Initial OperationsDuring the year ended December 31, 2022, the following