Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 150

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 150
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 within one year and there are no significant contingencies relating to a sale. When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the fair value.  If the fair value of the assets, less estimated costs to sell, is less than the carrying value of the assets, an adjustment to the carrying value would be recognized and recorded within the Unrealized gains (losses) on disposition of rental property to reflect the estimated fair value of the assets. The Company will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted.

In addition, on a periodic basis, management assesses whether there are any indicators, including the underlying investment property operating performance and general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the estimated fair value of the investment. Estimated fair values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.

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Results From Operations:  Year Ended December 31, 2024 Compared to Year Ended December 31, 2023Years EndedDecember 31,DollarChangePercentChange(dollars in thousands)20242023Revenue from rental operations and other:Revenue from leases$245,690 $235,117 $10,573 4.5 %Parking income15,463 15,498 (35)(0.2)Other income6,583 5,812 771 13.3 Total revenues from rental operations267,736 256,427 11,309 4.4 Property expenses:Real estate taxes37,424 34,687 2,737 7.9 Utilities8,151 7,700 451 5.9 Operating services48,239 50,769 (2,530)(5.0)Total property expenses93,814 93,156 658 0.7 Non-property revenues:Management fees3