Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 95

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 95
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ated joint ventures increased $1.8 million, or 61.3 percent, primarily to the consolidation of Sable in 2025 and disposition of the Company's interest in two unconsolidated joint ventures in 2025.

Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net. During 2025, the Company sold four multifamily properties, and as a result, recognized realized gains net of impairment charges of $84.2 million. See Note 3: Investments in Rental Properties to the Consolidated Financial Statements.

Gain (loss) on disposition of developable land.  In 2025, the Company sold several parcels of land and as a result, recognized a total gain on disposition of developable land of $35.3 million. In 2024, the Company sold several parcels of land and as a result, recognized a total gain on disposition of developable land of $11.5 million. See Note 3: Investments in Rental Properties to the Consolidated Financial Statements.

Gain (loss) on sale of unconsolidated joint venture interests.   During 2025, the Company sold its interests in two unconsolidated joint ventures and recorded a gain on sale for its interest of $5.1 million.  During 2024, the Company's joint venture sold its underlying multifamily rental property and recorded a gain on the sale for its interest of $7.1 million.

Gain (loss) from extinguishment of debt, net.  During 2025, the Company wrote off unamortized deferred financing costs of $3.2 million relating to the extinguishment of the 2024 Term Loan and two mortgage loans.  During 2024, the Company wrote off unamortized deferred financing costs of $0.8 million relating to the early extinguishment of two mortgage loans. 

Discontinued operations. The Company recognized income from discontinued operations of $3.9 million in 2025 primarily as a result of the successful resolution of real estate tax appeals related to formerly owned office properties, and $1.9 million in 2024.  In 2024, the Company recognized $1.5 million realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net.  See Note 7: Discontinued Operations to the Consolidated Financial Statements.

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LIQUIDITY AND CAPITAL RESOURCES

Liqu