Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 60

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 60
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COMMITMENTS AND CONTINGENCIES

PILOT AGREEMENTS Pursuant 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): PILOTPILOT PaymentsProperty NameLocationAsset TypeExpiration Dates202420232022BLVD 401 (a)Jersey City, NJMultifamily4/20262,235 1,754 1,692 RiverHouse 11 at Port Imperial (b)Weehawken, NJMultifamily7/20331,924 1,735 1,514 Port Imperial 4/5 Hotel (c)Weehawken, NJHotel12/2033— 224 2,925 RiverHouse 9 at Port Imperial (d)Weehawken, NJMultifamily6/20461,751 1,608 1,295 Haus25 (e)Jersey City, NJMultifamily3/20473,070 2,619 975 The James (f)Park Ridge, NJMultifamily6/2051881 714 318 Total PILOT taxes$9,861 $8,654 $8,719 

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(a)The annual PILOT is equal to 10 percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined.(b)The annual PILOT is equal to 12 percent of Gross Revenues for years 1-5, 13 percent for years 6-10 and 14 percent for years 11-15, as defined.(c)The annual PILOT is equal to two percent of Total Project Costs, as defined. The property was disposed of during the first quarter of 2023.(d)The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined.(e)The annual PILOT is equal to seven percent of Gross Revenues, as defined, for a term of 25 years.(f)The property was acquired in July 2022.  The annual PILOT is equal to 10 percent of Gross Revenues for years 1-10, 11.5 percent for years 11-21 and