Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 152

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 8
Chunk 152
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 13.6 Net income (loss)$79,439 $(12,641)$92,080 (728.4)%

47

The following is a summary of the changes in revenue from rental operations and other, and property expenses in 2025, as

compared to 2024, divided into Same-Store Properties and Acquired and Sold Properties (excluding properties classified as discontinued operations):

(dollars in thousands)TotalCompanySame-StorePropertiesAcquired and Sold PropertiesDollarChangePercent ChangeDollarChangePercentChangeDollarChangePercentChangeRevenue from rental operations and other:Revenue from leases$15,152 8.2 %$3,447 1.9 %$11,705 6.4 %Parking income448 3.9 219 1.9 229 2.0 Other income(887)(17.6)(883)(17.5)(4)(0.1)Total$14,713 7.3 %$2,783 1.4 %$11,930 6.0 %Property expenses:Real estate taxes2,195 8.1 %$305 1.1 %$1,890 6.9 %Utilities1,096 17.7 744 12.0 352 5.7 Operating services1,334 3.8 (439)(1.2)1,773 5.0 Total$4,625 6.7 %$610 0.9 %$4,015 5.8 %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 $3.4 million, or 1.9 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 $0.9 million, or 17.5 percent primarily due to early lease termination fees recognized in 2024.

Utilities. Utilities from Same-Store Properties increased $0.7 million, or 12.0 percent, due primarily to increase in electric and gas consumption and rates.

Property management expense. Property management expense decreased $0.6 million, or 4.8 percent due primarily to the satisfaction of