Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 40

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 40
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 the Company in December 2022 and January 2023.(b)    Others represent reversals of estimated accrued expenses from previously sold developable land holdings.

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Dispositions during 2022The Company disposed of the following rental property during the year ended  December 31, 2022 (dollars in thousands):DispositionDatePropertyLocation# ofBldgs.RentableSquareFeetPropertyTypeNetSales ProceedsNet CarryingValueDiscontinued Operations Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net01/21/22111 River StreetHoboken, New Jersey1566,215Office$208,268 (a)$206,432 $1,836 10/07/22101 Hudson StreetJersey City, New Jersey11,246,283 Office342,578 (b)270,198 72,380 Unrealized gains (losses) on real estate held for sale(12,540)Totals21,812,498 $550,846 $476,630 $61,676 (a)    The $150 million mortgage loan encumbering the property was repaid at closing, for which the Company incurred costs of $6.3 million. These costs were expensed as extinguishment of debt during the year ended December 31, 2022.(b)    The $250 million mortgage loan encumbering the property was assumed by the purchaser at closing, for which the Company incurred costs of $1.0 million. These costs were expensed as extinguishment of debt during the year ended December 31, 2022. The assumed mortgage comprised the non-cash portion of this sales transaction.The Company disposed of the following developable land during the year ended December 31, 2022 (dollars in thousands):DispositionDatePropertyLocationNetSales ProceedsNetCarrying ValueGain (loss) on disposition of developable land03/22/22Palladium residential landWest Windsor, New Jersey$23,908 $24,182 $(274)03/22/22Palladium commercial landWest Windsor, New Jersey4,688 1,791 2,897 04/15/22Port Imperial Park parcelWeehawken, New Jersey29,331 29,744 (413)04/21/22Urby II/IIIJersey City, New