Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 117

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 117
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 read in conjunction with the Company’s audited Annual Report on Form 10-K for the year ended December 31, 2024, as certain disclosures in this Quarterly Report on Form 10-Q that would duplicate those included in the 10-K are not included in these financial statements.

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Table of Contents`

Results From Operations

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

(dollars in thousands)Three Months Ended March 31,DollarChangePercent Change 20252024Revenue from rental operations and other:Revenue from leases$61,965 $60,642 $1,323 2.2 %Parking income3,749 3,7454 0.1 Other income1,324 2,031(707)(34.8)Total revenues from rental operations67,038 66,418 620 0.9 Property expenses:Real estate taxes9,212 9,177 35 0.4 Utilities2,807 2,271536 23.6 Operating services10,993 12,570 (1,577)(12.5)Total property expenses23,012 24,018 (1,006)(4.2) Non-property revenues:Management fees718 922 (204)(22.1)Total non-property revenues718 922 (204)(22.1)Non-property expenses:Property management4,385 5,242(857)(16.3)General and administrative10,068 11,088(1,020)(9.2)Transaction related costs308 516(208)(40.3)Depreciation and amortization21,253 20,1171,136 5.6 Land and other impairments, net3,200 — 3,200 100.0 Total non-property expenses39,214 36,963 2,251 6.1 Operating profit5,530 6,359 (829)(13.0)Other (expense) income:Interest expense(22,960)(21,500)(1,460)6.8 Interest and other investment income 25 538(513)(95.4)Equity in earnings (losses) of unconsolidated joint ventures3,842 2543,588 1412.6 Gain (loss) on disposition of developable land(156)