Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 71

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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 are significant unobservable assumptions. Assumptions that were utilized in the fair value calculations include, but are not limited to, discount rates, market capitalization rates, expected lease rental rates, third-party broker information and information from potential buyers, as applicable. Valuations of real estate identified as held for sale are based on estimated sale prices, net of estimated selling costs, of such property. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price 

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may be based on a number of unobservable assumptions, including, but not limited to, the Company’s estimates of future cash flows, market capitalization rates and discount rates, if applicable. For developable land, an estimated per-unit market value assumption is also considered based on development rights or plans for the land.The Company recognized no impairment charges during the three months ended September 30, 2025, and $15.7 million of impairment charges during the nine months ended September 30, 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)We