Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 2

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 2
Chunk 2
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 or commencing 

initial operations from January 1, 2024 through June 30, 2025. 

42

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

(dollars in thousands)Three Months Ended June 30,DollarChangePercent Change 20252024Revenue from rental operations and other:Revenue from leases$69,348 $60,917 $8,431 13.8 %Parking income4,376 3,922454 11.6 Other income1,438 1,766(328)(18.6)Total revenues from rental operations75,162 66,605 8,557 12.8 Property expenses:Real estate taxes10,105 9,502 603 6.3 Utilities2,103 1,796307 17.1 Operating services12,887 12,628 259 2.1 Total property expenses25,095 23,926 1,169 4.9  Non-property revenues:Management fees766 871 (105)(12.1)Total non-property revenues766 871 (105)(12.1)Non-property expenses:Property management4,088 4,366(278)(6.4)General and administrative9,605 8,975630 7.0 Transaction related costs1,570 890680 76.4 Depreciation and amortization22,471 20,3162,155 10.6 Land and other impairments, net12,467 — 12,467 100.0 Total non-property expenses50,201 34,547 15,654 45.3 Operating profit632 9,003 (8,371)(93.0)Other (expense) income:Interest expense(24,604)(21,676)(2,928)13.5 Interest and other investment income 70 1,536(1,466)(95.4)Equity in earnings (losses) of unconsolidated joint ventures526 2,933(2,407)(82.1)Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net(6,877)— (6,877)(100.0)Gain (loss) on disposition of developable land36,566 10,73125