Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 131

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 8
Chunk 131
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’s estimate of the net sales price 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.During the three and six months ended June 30, 2025, the Company recognized impairment charges of $12.5 million and $15.7 million, respectively, on two and three developable land parcels, respectively, 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 three and six months ended June 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.There were no impairment charges recognized during the three and six months ended June 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: PILOT PaymentsPILOT PaymentsProperty NameLocationAsset TypePILOTExpiration DatesThree Months Ended June 30,Six Months Ended June 30,2025202420252024(Dollars in Thousands)(Dollars in Thousands)BLVD 401 (a)Jersey City, NJMultifamily4/2026$574$701$1,111$1,143Sable (b)Jersey City, NJMultifamily2/20271,259(b)1,259(b)RiverHouse 11 at Port Imperial (c)Weehawken, NJMultifamily7/2033428492911949RiverHouse 9 at Port Imperial (d)Weehawken, NJMultifamily6/2046404451851858Haus25 (e)Jersey City, NJMultifamily3/20477457171,5101,414The James (f)Park Ridge, NJMultifamily6/2051230210457416