Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 49

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 49
---
89,355)$(66,381)

67

(a)Amounts exclude net gains of $632 thousand, zero and zero recognized on unconsolidated jointly owned investments for the years ended December 31, 2024, 2023 and 2022, respectively.(b)The gain or loss reclassified from Accumulated OCI into Income is recorded in Interest Expense.Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. Specifically, the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness.

As of December 31, 2024, the Company did not have any interest rate derivatives in a net liability position. 

6.    RESTRICTED CASH

Restricted cash generally includes residential security deposits for certain of the Company’s properties, and escrow and reserve funds for debt service, real estate taxes, property insurance, capital improvements, tenant improvements, and leasing costs established pursuant to certain mortgage financing arrangements, and is comprised of the following (dollars in thousands):December 31,2024December 31,2023Security deposits$9,410$9,996Escrow and other reserve funds7,64916,576Total restricted cash$17,059$26,572

7.    DISCONTINUED OPERATIONS

The Company's sale of its former Office Portfolio represented a strategic shift in the Company’s operations. As such, the results of these sold properties are classified as discontinued operations for all periods presented. The following table summarizes income (loss) from discontinued operations and the related realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net, for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):Year Ended December 31,202420232022Total revenues$2,255 $40,649$147,634Operating and other (expenses) income, net(758)(27,967)(75,869)Property impairments— (32,516)(94,811)Depreciation and amortization(635)(12,840)(34,505)Gain (loss) from extinguishment of debt,