Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 150

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 8
Chunk 150
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4.

Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net. During the third quarter of 2025, the Company recognized net realized gains of $91.0 million on the dispositions of four multifamily properties. See Note 3: Investments in Rental Properties to the Consolidated Financial Statements.

Gain (loss) on disposition of developable land.  During the third quarter of 2025, the Company sold a developable land parcel, and as a result, recognized a loss on disposition of $1.1 million. See Note 3: Investments in Rental Properties to the Consolidated Financial Statements.

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Gain (loss) from extinguishment of debt, net. During the third quarter of 2025, the Company wrote off unamortized deferred financing costs of $3.2 million relating to the repayment of the 2024 Term Loan and two mortgage loans.

Discontinued operations. Income from discontinued operations increased $3.6 million, primarily as a result of the successful resolution of real estate tax appeals in 2025 related to formerly owned office properties.  See Note 7: Discontinued Operations to the Consolidated Financial Statements.

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Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

(dollars in thousands)Nine Months Ended September 30,DollarChangePercent Change 20252024Revenue from rental operations and other:Revenue from leases$198,938 $183,786 $15,152 8.2 %Parking income12,018 11,570448 3.9 Other income4,161 5,048(887)(17.6)Total revenues from rental operations215,117 200,404 14,713 7.3 Property expenses:Real estate taxes29,446 27,251 2,195 8.1 Utilities7,292 6,1961,096 17.7 Operating services36,688 35,354 1,334 3.8 Total property expenses73,426 68,801 4,625 6.7 Non-property revenues:Management fees2,007 2,587 (580)(22.4)Total non-property revenues2,007 2,587 (580)(22.4)Non-property expenses:Property management12,734 13,370(636)(4.8)