Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 4

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 2
Chunk 4
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6 percent due primarily to recognition of the Urby at Harborside tax credit of $2.6 million at share in the first quarter in 2025 compared to the second quarter in 2024, and the improved operating performance of its unconsolidated joint ventures as a result of higher rental rates, occupancy and reduced rental concessions.

Gain (loss) on disposition of developable land.  During the first quarter of 2025, the Company sold 65 Livingston and as a result, recognized as loss on disposition of $0.2 million.  During the first quarter of 2024, the Company sold 2 Campus and as a result, recognized a gain on disposition of developable land of $0.8 million.  See Note 3: Investments in Rental Properties to the Financial Statements.

Gain on sale of unconsolidated joint venture interests.  During the first quarter of 2024, the Company's joint venture sold the Lofts at 40 Park multifamily rental property for $30.3 million and the Company recorded a gain on the sale for its interest of approximately $7.1 million during the three months ended March 31, 2024.

Discontinued operations. The Company recognized income from discontinued operations of $0.1 million and $0.3 million in 2025 and 2024, respectively. In 2024, the Company recognized realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net, of $1.5 million, on these properties. See Note 7: Discontinued Operations to the Financial Statements.

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Table of Contents`

LIQUIDITY AND CAPITAL RESOURCES

Liquidity

Overview

Liquidity is a measurement of the Company's ability to meet cash requirements, including ongoing commitments to repay borrowings, pay dividends, fund acquisitions of real estate assets and other general business needs. In addition to cash on hand, the primary sources of funds for short-term and long-term liquidity requirements, including working capital, distributions, debt service and additional investments, consist of: (i) borrowings under the revolving credit facility; (ii) proceeds from sales of real estate; and (iv) cash flow from operations. The Company believes these sources of financing will be sufficient to meet our short-term and long-term liquidity requirements.

The Company's cash flow from operations primarily consists of rental revenue which is the principal source of funds that is used to pay operating expenses, debt