Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 46

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 46
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11,826)(24,219)(11,092)(70,822)Depreciation and amortization(8,804)(13,417)(8,754)(13,587)(8,682)(16,730)Interest expense(9,926)(18,262)(10,049)(20,439)(10,191)(19,586)Net income (loss)$5,087 $17,036 $5,027 $371 $2,986 $548 

(a)Includes Metropolitan and Lofts at 40 Park, RiverTrace at Port Imperial, The Capstone at Port Imperial, Riverpark at Harrison, Station House, PI North - Land, Liberty Landing, Hyatt Regency Hotel Jersey City, other interests in various unconsolidated joint ventures including interests in assets previously owned and interest in ventures whose businesses are related to its core operations that are not expected to significantly impact the Company's operations in the near term. 

5.    DEFERRED CHARGES AND OTHER ASSETS, NET

(dollars in thousands)December 31,2024December 31,2023Deferred leasing costs$4,765 $8,324 Deferred financing costs (a)6,296 771 Deferred charges11,061 9,095 Accumulated amortization(4,558)(5,063)Deferred charges, net6,503 4,032 In-place lease values, related intangibles and other assets, net (b)(c)9,519 10,034 Right of use assets (d)5,145 6,161 Prepaid expenses and other assets, net 27,309 33,729 Total deferred charges and other assets, net$48,476 $53,956 (a)This amount relates to the deferred financing costs associated with the revolving credit facility. Deferred financing costs related to all other debt liabilities are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b)The value of acquired above and below market lease intangibles in which the Company is the lessor are recognized in rental revenue over the terms of the respective leases. The impact of amortizing the acquired above and below-market lease intangibles increased revenue by approximately $30 thousand, $0.1 million and $0.2 million for the years ended December 31, 2024, 2023 and 2022