Company: VRE
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000924901-25-000051
Chunk: 152

Company: Veris Residential, Inc.
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 8
Chunk 152
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ishment of debt, net. During the second quarter of 2024, the Company wrote off unamortized deferred financing costs of $0.8 million relating to the early extinguishment of two mortgage loans.

Other income (expense), net. During the second quarter of 2025, the Company recognized income related to a forfeited sale deposit.

Discontinued operations. The Company recognized de minimis losses from discontinued operations in 2025, and income from discontinued operations of $1.4 million in 2024.  See Note 7: Discontinued Operations to the Consolidated Financial Statements.

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Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

(dollars in thousands)Six Months Ended June 30,DollarChangePercent Change 20252024Revenue from rental operations and other:Revenue from leases$131,313 $121,559 $9,754 8.0 %Parking income8,125 7,667458 6.0 Other income2,762 3,797(1,035)(27.3)Total revenues from rental operations142,200 133,023 9,177 6.9 Property expenses:Real estate taxes19,317 18,679 638 3.4 Utilities4,910 4,067843 20.7 Operating services23,880 25,198 (1,318)(5.2)Total property expenses48,107 47,944 163 0.3 Non-property revenues:Management fees1,484 1,793 (309)(17.2)Total non-property revenues1,484 1,793 (309)(17.2)Non-property expenses:Property management8,473 9,608(1,135)(11.8)General and administrative19,673 20,063(390)(1.9)Transaction related costs1,878 1,406472 33.6 Depreciation and amortization43,724 40,4333,291 8.1 Land and other impairments, net15,667 — 15,667 100.0 Total non-property expenses89,415 71,510 17,905 25.0 Operating profit6,162 15,362 (9,200)(59.9)Other (expense) income:Interest expense(47,564)(43