Veris Residential, Inc. Quarterly report pursuant to Section 13 or 15(d)

RECENT TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2023

The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) as of March 31, 2023:


	Office Portfolio		Other Assets Held for Sale		Total
Land	$	16,232	$	59,463	$	75,695
Building & Other	553,740		8,204		561,944
Less: Accumulated depreciation	(235,700)		—		(235,700)
Less: Cumulative unrealized losses on property held for sale	(4,440)		—		(4,440)
Real estate held for sale, net	$	329,832	$	67,667	$	397,499


Other assets and liabilities	Office Portfolio		Other Assets Held for Sale		Total
Unbilled rents receivable, net (a)	$	32,491	$	—	$	32,491
Deferred charges, net (a)	27,900		—		27,900


Accounts payable, accrued exp & other liability	(7,786)		(41)		(7,827)
Unearned rents/deferred rental income (a)	(6,624)		—		(6,624)

(a)Expected to be removed with the completion of the sales.

The Company disposed of the following rental property during the three months ended March 31, 2023 (dollars in thousands):


Disposition Date	Property	Location	# of Bldgs.	Rentable Square Feet	Property Type	Net Sales Proceeds			Net Carrying Value		Discontinued Operations Realized Gains (Losses)/ Unrealized Losses, net
02/10/23	XS Hotels	Weehawken, New Jersey	2	—	Hotel	$	93,358	(a)	$	92,578	$	780


Totals			2	—		$	93,358		$	92,578	$	780

(a)Included the proceeds of $84 million used to repay the mortgage loan encumbering the property at closing.

The Company disposed of the following developable land holding during the three months ended March 31, 2023 (dollars in thousands):


Disposition Date	Property	Location	Net Sales Proceeds			Net Carrying Value		Realized Gains (Losses)/ Unrealized Losses, net
03/17/23	Columbia-Honeywell	Morris Township, New Jersey	$	8,214	(a)	$	8,236	$	(22)




Totals			$	8,214		$	8,236	$	(22)