Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 155

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 8
Chunk 155
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 land parcels.

Interest expense. Interest expense increased $4.4 million, or 10.2 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 $2.0 million, or 95.4 percent primarily related to interest income earned on higher cash balances in 2024. 

47

Equity in earnings of unconsolidated joint ventures. Equity in earnings of unconsolidated joint ventures increased $1.2 million, or 37.1 percent, due primarily to the improved operating performance of its unconsolidated joint ventures as a result of higher rental rates, occupancy and reduced rental concessions, partially offset by the consolidation of Sable in the second quarter of 2025.

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.  In 2025, the Company sold several parcels of land and as a result, recognized a total gain on disposition of developable land of $36.4 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 The Metropolitan at 40 Park multifamily rental property in Morristown, New Jersey and PI North developable land parcels in West New York, New Jersey and recorded a gain on sale for its interest of $5.1 million.  During 2024, the Company's joint venture sold the Lofts at 40 Park multifamily rental property in Morristown, New Jersey and recorded a gain on the sale for its interest of $7.1 million.

Gain (loss) from extinguishment of debt, net.  During 2024, the Company wrote off unamortized deferred financing costs of