Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 118

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 118
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784(940)(119.9)Gain (loss) on sale of unconsolidated joint venture interests— 7,100(7,100)(100.0)Other income (expense), net(105)255 (360)(141.2)Total other (expense) income, net(19,354)(12,569)(6,785)54.0 Income (loss) from continuing operations before income tax expense(13,824)(6,210)(7,614)122.6 Provision for income taxes(42)(59)17 (28.8)Income (loss) from continuing operations after income tax expense(13,866)(6,269)(7,597)121.2 Discontinued operations:Income (loss) from discontinued operations136 252 (116)(46.0)Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net— 1,548 $(1,548)(100.0)Total discontinued operations, net136 1,800 (1,664)(92.4)Net income (loss)$(13,730)$(4,469)$(9,261)207.2 %

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Table of Contents`

Revenue from leases. Revenue from leases increased $1.3 million, or 2.2 percent, due primarily to an increase in market rental rates.

Other Income. Other income decreased $0.7 million, or 34.8 percent, due primarily to lower lease termination fees and lower miscellaneous income.

Utilities. Utilities increased $0.5 million, or 23.6 percent, due primarily to increase in electric and gas consumption and rates.

Operating services. Operating services decreased $1.6 million, or 12.5 percent, due primarily to reduced insurance costs and reduced operating expenses at Liberty Towers during the renovation project.

Property management.  Property management decreased $0.9 million, or 16.3 percent, due primarily to the satisfaction of stay-on award conditions in 2024. See Note 12: Commitments and Contingencies to the Financial Statements.

General and administrative. General and administrative decreased $1.0 million, or 9.2 percent, due primarily to the satisfaction of stay-on award conditions in 2024. See Note 12: Commitments and Contingencies to the Financial Statements.

Depreciation and amortization.  Depreciation and amort