Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 95

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 1
Chunk 95
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.3)(1,099)(28.9)64 100.0 Total$9,177 6.9 %$2,282 1.7 %$6,895 100.0 %Property expenses:Real estate taxes638 3.4 %$(464)(2.5)%$1,102 100.0 %Utilities843 20.7 670 16.5 173 100.0 Operating services(1,318)(5.2)(2,526)(10.0)1,208 100.0 Total$163 0.3 %$(2,320)(4.8)%$2,483 — %

OTHER DATA:Number of Consolidated Properties21201Multifamily portfolio (number of units)6,2965,534762

Revenue from leases. Revenue from leases from Same-Store Properties increased $3.0 million, or 2.5 percent, for 2025 as compared to 2024, due primarily to an increase in market rental rates.

Other income.  Other income from Same-Store Properties decreased $1.1 million, or 28.9 percent primarily due to retail early lease termination fees recognized in 2024.

Utilities. Utilities from Same-Store Properties increased $0.7 million, or 16.5 percent, due primarily to increase in electric and gas consumption and rates.

Operating services. Operating services from Same-Store Properties decreased $2.5 million, or 10.0 percent, due primarily to reduced insurance costs and reduced operating expenses at Liberty Towers during the renovation project.

Property management expense. Property management expense decreased $1.1 million, or 11.8 percent due primarily to the satisfaction of stay-on award conditions in 2024. See Note 12: Commitments and Contingencies to the Consolidated Financial Statements.

Depreciation and amortization. Depreciation and amortization increased $3.3 million, or 8.1 percent due to the consolidation of Sable in the second quarter of 2025.

Land and other impairments, net. During 2025, the Company recorded $15.7 million of impairment on three developable 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