Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 154

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 8
Chunk 154
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3: Investments in Rental Properties to the Consolidated Financial Statements.

Gain (loss) on sale of unconsolidated joint venture interests.   During 2025, the Company sold its interests in two unconsolidated joint ventures and recorded a gain on sale for its interest of $5.1 million.  During 2024, the Company's joint venture sold its underlying multifamily rental property and recorded a gain on the sale for its interest of $7.1 million.

Gain (loss) from extinguishment of debt, net.  During 2025, the Company wrote off unamortized deferred financing costs of $3.2 million relating to the extinguishment of the 2024 Term Loan and two mortgage loans.  During 2024, the Company wrote off unamortized deferred financing costs of $0.8 million relating to the early extinguishment of two mortgage loans. 

Discontinued operations. The Company recognized income from discontinued operations of $3.9 million in 2025 primarily as a result of the successful resolution of real estate tax appeals related to formerly owned office properties, and $1.9 million in 2024.  In 2024, the Company recognized $1.5 million realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net.  See Note 7: Discontinued Operations to the Consolidated Financial Statements.

49

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 service, general and administrative expenses, operating capital expenditures, dividends, and transaction-related expenses. The Company expects to meet its short-term liquidity requirements generally through its working capital, which may include proceeds from the sales of rental properties