Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 9

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 2
Chunk 9
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 presented herein is not necessarily comparable to FFO presented by other real estate companies due to the fact that not all real estate companies use the same definition. However, the Company’s FFO is comparable to the FFO of real estate companies that use the current definition of the National Association of Real Estate Investment Trusts (“NAREIT”).

As the Company considers its primary earnings measure, net income available to common shareholders, as defined by GAAP, to be the most comparable earnings measure to FFO, the following table presents a reconciliation of net income available to common shareholders to FFO, as calculated in accordance with NAREIT’s current definition, for the three months ended March 31, 2025 and 2024 (in thousands):

Three Months EndedMarch 31,20252024Net income (loss) available to common shareholders$(10,699)$(3,903)Add (deduct): Noncontrolling interests in Operating Partnership(998)(523)Noncontrolling interests in discontinued operations11 155 Real estate-related depreciation and amortization on continuing operations (a)23,445 22,631 Real estate-related depreciation and amortization on discontinued operations— 668 Continuing operations: (Gain) loss on sale from unconsolidated joint ventures— (7,100)Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net— (1,548)Funds from operations available to common stock and Operating Partnership unitholders (b)$11,759 $10,380 

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(a)Includes the Company’s share from unconsolidated joint ventures, and adjustments for noncontrolling interests of $2.3 million and $2.7 million for the three months ended March 31, 2025 and 2024, respectively. Excludes non-real estate-related depreciation and amortization of $0.2 million for the three months ended March 31, 2025 and 2024, respectively.

(b)Net loss available to common shareholders included $3.2 million and zero of land impairment charges for the three months ended March 31, 2025 and 2024.  Net loss available to common shareholders also included $0.2 million loss on disposition of developable land for the three months ended March 31, 2025 and a $0.8 million gain for the three months ended March 31, 202