Company: VRE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000924901-25-000011
Chunk: 160

Company: Veris Residential, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 160
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 shareholders as an indication of the Company’s performance or to cash flows as a measure of liquidity. FFO presented herein is not necessarily comparable to FFO presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company’s FFO is comparable to the FFO of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”). 

As the Company considers its primary earnings measure, net income available to common shareholders, as defined by GAAP, to be the most comparable earnings measure to FFO, the following table presents a reconciliation of net income available to common shareholders to FFO, as calculated in accordance with NAREIT’s current definition, for the years ended December 31, 2024, 2023 and 2022 (in thousands): 

Year Ended December 31,202420232022Net income (loss) available to common shareholders$(23,120)$(107,265)$(52,066)Add (deduct):Noncontrolling interests in Operating Partnership(2,531)(11,174)(5,688)Noncontrolling interests in discontinued operations371 779 414 Real estate-related depreciation and amortization on continuing operations (a)92,164 95,695 87,572 Real estate-related depreciation and amortization on discontinued operations635 12,689 33,901 Property impairments on discontinued operations— 32,516 94,811 Continuing operations: (Gain) loss on sale from unconsolidated joint ventures(6,946)— — Discontinued operations: (Gain) loss on sale from unconsolidated joint ventures— — (7,677)Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net(1,548)(2,411)(61,676)Funds from operations available to common stock and Operating Partnership unitholders (b) (c)$59,025 $20,829 $89,591 

(a)Includes the Company’s share from unconsolidated joint ventures, and adjustments for noncontrolling interests, of $10.2 million, $10.3 million and $10.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. Excludes non-real estate-related depreciation and amortization of $0