Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 91

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 1
Chunk 91
---
 Operating services from Same-Store properties increased $1.9 million, or 18.9 percent, due primarily to insurance adjustments relating to renewal rates and previously sold properties in 2024.

Property management. Property management increased $0.5 million, or 13.3 percent, due primarily to higher severance costs in 2025. 

Transaction related costs. During the third quarter of 2025, the Company recorded transaction related costs of $1.6 million, primarily related to compensation attributable to completed transactions.

Land and other impairments, net. During the third quarter of 2024, the Company recorded $2.6 million of impairments on a developable land parcel.

Equity in earnings (losses) of unconsolidated joint ventures. Equity in earnings of unconsolidated joint ventures increased $0.6 million, or 226.9 percent due primarily to one time other expenses recognized by Urby during the third quarter of 2024.

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.

45

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.

46

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