Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 151

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 8
Chunk 151
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 million of impairment on two developable land parcels.

Interest expense. Interest expense increased $2.9 million or 13.5 percent, primarily due to the consolidation of Sable, 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 $1.5 million, or 95.4 percent primarily related to interest income earned on higher cash balances in 2024.

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Equity in earnings (losses) of unconsolidated joint ventures. Equity in earnings of unconsolidated joint ventures decreased $2.4 million, or 82.1 percent due primarily to the consolidation of Sable in the second quarter of 2025, and the 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.

Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net. During the second quarter of 2025, the Company recognized an impairment charge of $6.9 million on a multifamily property located in Park Ridge, NJ based upon its estimated selling price.

Gain (loss) on disposition of developable land.  During the second quarter of 2025, the Company sold 1 Water Street and Wall Land and as a result, recognized a gain on disposition of $36.6 million. During the second quarter of 2024, the Company sold several parcels of land and as a result, recognized a gain on disposition of developable land of $10.7 million.  See Note 3: Investments in Rental Properties to the Consolidated Financial Statements.

Gain (loss) on sale of unconsolidated joint venture interests.  During the second quarter of 2025, the Company sold its interest in The Metropolitan at 40 Park multifamily rental property in Morristown, New Jersey and recorded a gain on sale for its interest of approximately $0.2 million.  Additionally, during the second quarter of 2025 the Company sold its interest in the PI North developable land parcels in West New York, New Jersey and recorded a gain on sale for its interest of approximately $4.9 million.

Gain (loss) from extingu