Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 27

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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Item 1. Financial Statements

The accompanying unaudited consolidated balance sheets, statements of operations, of comprehensive income (loss), of changes in equity, and of cash flows and related notes thereto, have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. The financial statements reflect all adjustments consisting only of normal, recurring adjustments, which are, in the opinion of management, necessary for a fair statement for the interim periods. 

The aforementioned financial statements should be read in conjunction with the notes to the aforementioned financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto included in Veris Residential, Inc.’s and Veris Residential, L.P.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

The results of operations for the three-month period ended March 31, 2025 are not necessarily indicative of the results to be expected for the entire fiscal year or any other period.

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Table of ContentsVERIS RESIDENTIAL, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited)

ASSETSMarch 31,2025December 31,2024Rental propertyLand and leasehold interests$456,789$458,946Buildings and improvements2,627,1492,634,321Tenant improvements15,06714,784Furniture, fixtures and equipment113,997112,2013,213,0023,220,252Less – accumulated depreciation and amortization(451,540)(432,531)2,761,4622,787,721Real estate held for sale, net9,1387,291Net investment in rental property2,770,6002,795,012Cash and cash equivalents7,5967,251Restricted cash14,51217,059Investments in unconsolidated joint ventures111,607111,301Unbilled rents receivable, net2,4092,253Deferred charges and other assets, net43,68048,476Accounts receivable1,1691,375Total assets$2,951,573$2,982,727LIABILITIES AND EQUITYRevolving credit facility and term loans$345,