Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 91

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 1
Chunk 91
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Total$8,557 12.8 %$1,662 2.5 %$6,895 100.0 %Property expenses:Real estate taxes$603 6.3 %$(500)(5.3)%$1,103 100.0 %Utilities307 17.1 134 7.5 173 100.0 Operating services259 2.1 (949)(7.5)1,208 100.0 Total$1,169 4.9 %$(1,315)(5.5)%$2,484 — %

OTHER DATA:Number of Consolidated Properties20191Multifamily portfolio (number of units)6,2965,534762

Revenue from leases. Revenue from leases from Same-Store properties increased $1.7 million, or 2.8 percent, due primarily to an increase in market rental rates.

Real estate taxes. Real estate taxes from Same-Store properties decreased  $0.5 million, or 5.3 percent, due primarily to a reduction in tax rates.

Operating services. Operating services from Same-Store properties decreased $0.9 million, or 7.5 percent, due primarily to reduced insurance costs and reduced operating expenses at Liberty Towers during the renovation project.

General and administrative. General and administrative increased $0.6 million, or 7.0 percent, due primarily to higher severance costs in 2025, partially offset by reductions in stock-based compensation. 

Transaction related costs. Transaction costs increased $0.7 million, or 76.4 percent. During the second quarter of 2025, the Company recorded costs primarily related to compensation attributable to completed transactions and non-recurring strategic advisory matters.  During the second quarter of 2024, the Company recorded transaction related costs primarily related to the withdrawal of the public offering of common stock.

Depreciation and amortization. Depreciation and amortization increased $2.2 million, or 10.6 percent, due to the consolidation of Sable in the second quarter of 2025.

Land and other impairments, net. During the second quarter of 2025, the Company recorded $12.5 million of impairment on two developable land parcels.

Interest expense. Interest expense increased $2.9 million or 13.5 percent, primarily due to the consolidation of Sable, interest expense incurred on the 2024 Term Loan