Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 133

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 8
Chunk 133
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 of these matters may result in recognition of amounts different from the accrued amount, and the timing of the ultimate resolution of these contingent liabilities is uncertain. The Company will continue to monitor developments and adjust the estimated liability as new information becomes available.As previously reported, on April 23, 2025, the Company was named as a defendant in a complaint brought by the Attorney General of the State of New Jersey alleging antitrust violations by RealPage, Inc., a seller of revenue management software and owners and/or operators of multifamily housing, including us, which utilize this software. The Company was formally served with the complaint on April 30, 2025. The complaint alleges violation of the Sherman Act, the New Jersey Antitrust Act, and the New Jersey Consumer Fraud Act. We believe this 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 June 30, 2025 and December 31, 2024, are as follows (dollars in thousands):YearAs of June 30, 2025Amount July 1 through December 31, 2025$64020261,27920271,280202849420292222030 through 2101 31,226Total lease payments35,141Less: imputed interest(29,022)Total$6,119 

30

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 $0.7 million and $0.6 million for the three months ended June 30, 2025 and 2024, respectively, and $1.3 million for the six months ended June 30, 2025 and 2024.The Company had capitalized operating leases for one office and two ground leases, which had balances of $2.8 million and $1.9 million, respectively, at June