Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 162

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 8
Chunk 162
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 Company’s share from unconsolidated joint ventures, and adjustments for noncontrolling interests of $0.9 million and $2.4 million for the three months ended June 30, 2025 and 2024, and $3.2 million and $5.1 million for the six months ended June 30, 2025 and 2024, respectively. Excludes non-real estate-related depreciation and amortization of $0.1 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively, and $0.3 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively.

(b)Net income (loss) available to common shareholders included $12.5 million and $14.1 million of land impairment charges, after allocations to Noncontrolling interests in consolidated joint ventures, for the three and six months ended June 30, 2025, respectively. There were no land impairment charges in the three and six months ended June 30, 2024.  Net income (loss) available to common shareholders also included gains on disposition of developable land of $36.6 million and $10.7 million for the three months ended June 30, 2025 and June 30, 2024, respectively, and $36.4 million and $11.5 million for the six months ended June 30, 2025 and 2024, respectively. These balances are included in the calculation to arrive at funds from operations as such charges relate to non-depreciable assets.

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

We consider portions of this information, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “potential,” “projected,” “should,” “expect,” “anticipate,” “estimate,” “target,” “continue” or comparable terminology. Forward-looking statements are inherently