Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 119

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 119
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ization increased $1.1 million, or 5.6 percent, due to additional capital expenditures.

Land and other impairments, net. During the first quarter of 2025, the Company recorded $3.2 million of impairment on a developable land parcel.

Interest expense. Interest expense increased $1.5 million or 6.8 percent, primarily due to 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 $0.5 million, or 95.4 percent primarily related to interest income earned on higher cash balances in 2024.

Equity in earnings (losses) of unconsolidated joint ventures. Equity in earnings of unconsolidated joint ventures increased $3.6 million, or 1412.6 percent due primarily to recognition of the Urby at Harborside tax credit of $2.6 million at share in the first quarter in 2025 compared to the second quarter in 2024, and the improved operating performance of its unconsolidated joint ventures as a result of higher rental rates, occupancy and reduced rental concessions.

Gain (loss) on disposition of developable land.  During the first quarter of 2025, the Company sold 65 Livingston and as a result, recognized as loss on disposition of $0.2 million.  During the first quarter of 2024, the Company sold 2 Campus and as a result, recognized a gain on disposition of developable land of $0.8 million.  See Note 3: Investments in Rental Properties to the Financial Statements.

Gain on sale of unconsolidated joint venture interests.  During the first quarter of 2024, the Company's joint venture sold the Lofts at 40 Park multifamily rental property for $30.3 million and the Company recorded a gain on the sale for its interest of approximately $7.1 million during the three months ended March 31, 2024.

Discontinued operations. The Company recognized income from discontinued operations of $0.1 million and $0.3 million in 2025 and 2024, respectively. In 2024, the Company recognized realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments