Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 149

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 8
Chunk 149
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.9 %$4,222 6.8 %Parking income(10)(0.3)(48)(1.2)38 1.0 Other income148 11.8 120 9.6 28 2.2 Total$5,536 8.2 %$1,248 1.9 %$4,288 6.4 %Property expenses:Real estate taxes$1,557 18.2 %$787 9.2 %$770 9.0 %Utilities253 11.9 126 5.9 127 6.0 Operating services2,652 26.1 1,920 18.9 732 7.2 Total$4,462 21.4 %$2,833 13.6 %$1,629 7.8 %OTHER DATA:Number of Consolidated Properties16155Multifamily portfolio (number of units)5,3864,6241,672

Revenue from leases. Revenue from leases from Same-Store properties increased $1.2 million, or 1.9 percent, due primarily to an increase in market rental rates.

Real estate taxes. Real estate taxes from Same-Store properties increased  $0.8 million, or 9.2 percent, due primarily to an increase in tax rates and increased PILOT taxes based on higher revenues in 2025.

Operating services. Operating services from Same-Store properties increased $1.9 million, or 18.9 percent, due primarily to insurance adjustments relating to renewal rates and previously sold properties in 2024.

Property management. Property management increased $0.5 million, or 13.3 percent, due primarily to higher severance costs in 2025. 

Transaction related costs. During the third quarter of 2025, the Company recorded transaction related costs of $1.6 million, primarily related to compensation attributable to completed transactions.

Land and other impairments, net. During the third quarter of 2024, the Company recorded $2.6 million of impairments on a developable land parcel.

Equity in earnings (losses) of unconsolidated joint ventures. Equity in earnings of unconsolidated joint ventures increased $0.6 million, or 226.9 percent due primarily to one time other expenses recognized by Urby during the third quarter of 202