Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 3

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 2
Chunk 3
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,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 amortization increased $1.1 million, or 5.6 percent, due to additional capital expenditures.

Land and other impairments, net. During the first quarter of 2025, the Company recorded $3.2 million of impairment on a developable land parcel.

Interest expense. Interest expense increased $1.5 million or 6.8 percent, primarily due to 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 $0.5 million, or 95.4 percent primarily related to interest income earned on higher cash balances in 2024.

Equity in earnings (losses) of unconsolidated joint ventures. Equity in earnings of unconsolidated joint ventures increased $3.6 million, or 1412.