Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 122

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 8
Chunk 122
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0.1 million and net gains of $0.04 million recognized on unconsolidated jointly owned investments during the three months ended June 30, 2025 and 2024, respectively and net losses of $0.5 million and net gains of $1.2 million during the six months ended June 30, 2025 and 2024.(b)The gain or loss reclassified from Accumulated OCI into Income is recorded in Interest Expense.Credit-risk-related Contingent FeaturesThe Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. Specifically, the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness.

As of June 30, 2025, the Company did not have any interest rate derivatives in a net liability position.  

6.    RESTRICTED CASH

Restricted cash generally includes resident and tenant security deposits for certain of the Company’s properties, and escrow and reserve funds for debt service, real estate taxes, property insurance, capital improvements, tenant improvements and 

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leasing costs established pursuant to certain mortgage financing arrangements, and is comprised of the following (dollars in thousands):June 30,2025December 31,2024Security deposits$10,814$9,410Escrow and other reserve funds7,7677,649Total restricted cash$18,581$17,059

7.    DISCONTINUED OPERATIONS

The Company's sale of its former Office Portfolio represented a strategic shift in the Company’s operations. As such, the results of these sold properties are classified as discontinued operations for all periods presented.The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net, for the three and six months ended June 30, 2025 and 2024 (dollars in thousands):Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Total Revenues$—$(277)$141$2,722Operating and other expenses, net(27)1,639 (32)(645)Depreciation and amortization— — — (668