Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 6

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 2
Chunk 6
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(dollars in thousands)Six Months Ended June 30,DollarChangePercent Change 20252024Revenue from rental operations and other:Revenue from leases$131,313 $121,559 $9,754 8.0 %Parking income8,125 7,667458 6.0 Other income2,762 3,797(1,035)(27.3)Total revenues from rental operations142,200 133,023 9,177 6.9 Property expenses:Real estate taxes19,317 18,679 638 3.4 Utilities4,910 4,067843 20.7 Operating services23,880 25,198 (1,318)(5.2)Total property expenses48,107 47,944 163 0.3 Non-property revenues:Management fees1,484 1,793 (309)(17.2)Total non-property revenues1,484 1,793 (309)(17.2)Non-property expenses:Property management8,473 9,608(1,135)(11.8)General and administrative19,673 20,063(390)(1.9)Transaction related costs1,878 1,406472 33.6 Depreciation and amortization43,724 40,4333,291 8.1 Land and other impairments, net15,667 — 15,667 100.0 Total non-property expenses89,415 71,510 17,905 25.0 Operating profit6,162 15,362 (9,200)(59.9)Other (expense) income:Interest expense(47,564)(43,176)(4,388)10.2 Interest and other investment income 95 2,074 (1,979)(95.4)Equity in earnings (losses) of unconsolidated joint ventures4,368 3,1871,181 37.1 Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net(6,877)—(6,877)(100.0)Gain (loss) on disposition of developable land36,410 11,515 24,895 216.2 Gain (loss) on sale of unconsolidated joint venture interests5,122 7,100 (