Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 153

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 8
Chunk 153
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 stay-on award conditions in 2024. See Note 12: Commitments and Contingencies to the Consolidated Financial Statements.

Transaction related costs. Transaction related costs increased $2.0 million, or 143.8 percent.  During 2025, the Company recorded costs primarily related to compensation attributable to completed transactions and non-recurring strategic advisory matters.  During 2024, the Company recorded transaction related costs primarily related to the sale of the former Office Portfolio and the withdrawal of its public offering of common stock.

Depreciation and amortization. Depreciation and amortization increased $3.2 million, or 5.2 percent due to the consolidation of Sable in the second quarter of 2025, partially offset by the sale of multifamily properties in the third quarter of 2025.

Land and other impairments, net. During 2025, the Company recorded $15.7 million of impairment on three developable land parcels.  During 2024, the Company recorded $2.6 million of impairments on a developable land parcel.

Interest expense. Interest expense increased $5.1 million, or 7.9 percent primarily due to the consolidation of Sable.

Interest and other investment income. Interest income decreased $2.0 million, or 88.1 percent primarily related to interest income earned on higher cash balances in 2024. 

48

Equity in earnings of unconsolidated joint ventures. Equity in earnings of unconsolidated joint ventures increased $1.8 million, or 61.3 percent, primarily to the consolidation of Sable in 2025 and disposition of the Company's interest in two unconsolidated joint ventures in 2025.

Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net. During 2025, the Company sold four multifamily properties, and as a result, recognized realized gains net of impairment charges of $84.2 million. See Note 3: Investments in Rental Properties to the Consolidated Financial Statements.

Gain (loss) on disposition of developable land.  In 2025, the Company sold several parcels of land and as a result, recognized a total gain on disposition of developable land of $35.3 million. In 2024, the Company sold several parcels of land and as a result, recognized a total gain on disposition of developable land of $11.5 million. See Note