Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 8

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 2
Chunk 8
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(1,318)(5.2)(2,526)(10.0)1,208 100.0 Total$163 0.3 %$(2,320)(4.8)%$2,483 — %

OTHER DATA:Number of Consolidated Properties21201Multifamily portfolio (number of units)6,2965,534762

Revenue from leases. Revenue from leases from Same-Store Properties increased $3.0 million, or 2.5 percent, for 2025 as compared to 2024, due primarily to an increase in market rental rates.

Other income.  Other income from Same-Store Properties decreased $1.1 million, or 28.9 percent primarily due to retail early lease termination fees recognized in 2024.

Utilities. Utilities from Same-Store Properties increased $0.7 million, or 16.5 percent, due primarily to increase in electric and gas consumption and rates.

Operating services. Operating services from Same-Store Properties decreased $2.5 million, or 10.0 percent, due primarily to reduced insurance costs and reduced operating expenses at Liberty Towers during the renovation project.

Property management expense. Property management expense decreased $1.1 million, or 11.8 percent due primarily to the satisfaction of stay-on award conditions in 2024. See Note 12: Commitments and Contingencies to the Consolidated Financial Statements.

Depreciation and amortization. Depreciation and amortization increased $3.3 million, or 8.1 percent due to the consolidation of Sable in the second quarter of 2025.

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

Interest expense. Interest expense increased $4.4 million, or 10.2 percent primarily due to the consolidation of Sable, interest expense incurred on the 2024 Term Loan, and the higher strike rate of the replacement interest-rate cap that hedges the Upton mortgage loan, partially offset by lower interest expense as a result of the payoff of mortgage loans in 2024.

Interest and other investment income. Interest income decreased $2.0 million, or 95.4 percent primarily related to interest income earned on higher cash balances in 2024. 

47

Equity in earnings of unconsolidated joint ventures. Equity in earnings of unconsolidated joint ventures increased $1.2