Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 104

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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 this software. Although we have not been served with a copy of the complaint, we understand from media reports that the complaint alleges collusion among the defendants to fix rents in violation of the Sherman Act, the New Jersey Antitrust Act, and the New Jersey Consumer Fraud Act. We believe this 

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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 March 31, 2025 and December 31, 2024, are as follows (dollars in thousands):YearAs of March 31, 2025Amount April 1 through December 31, 2025$96020261,27920271,280202849420292222030 through 2101 31,226Total lease payments35,461Less: imputed interest(29,128)Total$6,333 YearAs of December 31, 2024Amount2025$1,27920261,27920271,280202849420292222030 through 2101 31,225Total lease payments35,779Less: imputed interest(29,235)Total$6,544Office and ground lease expenses incurred by the Company amounted to $0.6 million for the three months ended March 31, 2025 and 2024.The Company had capitalized operating leases for one office and two ground leases, which had balances of $3.0 million and $1.9 million, respectively, at March 31, 2025. Such amounts represent the net present value (“NPV”) of future payments detailed above. The one office and two ground leases used incremental borrowing rates of 6.0 percent and 7.6 percent, respectively, to arrive at the NPV and have weighted average remaining lease terms of 3.0 years and 76.4 years, respectively. These rates were arrived at by adjusting the fixed rates of the Company’s mortgage debt with debt having terms approximating the remaining lease term of the Company’s office and ground leases and calculating notional rates for fully-collateralized loans.OTHERDuring the first quarter of 2024