Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 7

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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,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 stay-on award conditions in 2024. See Note 12: Commitments and Contingencies to the Consolidated Financial Statements.

Transaction related costs. Transaction related costs increased $2.0 million, or 143.8 percent.  During 2025, the Company recorded costs primarily related to compensation attributable to completed transactions and non-recurring strategic advisory matters.  During 2024, the Company recorded transaction related costs primarily related to the sale of the former Office Portfolio and the withdrawal of its public offering of common stock.

Depreciation and amortization. Depreciation and amortization increased $3.2 million, or 5.2 percent due to the consolidation of Sable in the second quarter of 2025, partially offset by the sale of multifamily properties in the third quarter of 2025.

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