Company: VRE
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000924901-25-000028
Chunk: 71

Company: Veris Residential, Inc.
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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 other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the estimated fair value of the investment. Estimated fair values which are based on discounted cash flow models include all estimated cash inflows and outflows over a specified holding period. Capitalization rates and discount rates utilized in these models are based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.

These financial statements should be read in conjunction with the Company’s audited Annual Report on Form 10-K for the year ended December 31, 2024, as certain disclosures in this Quarterly Report on Form 10-Q that would duplicate those included in the 10-K are not included in these financial statements.

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Table of Contents`

Results From Operations

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

(dollars in thousands)Three Months Ended March 31,DollarChangePercent Change 20252024Revenue from rental operations and other:Revenue from leases$61,965 $60,642 $1,323 2.2 %Parking income3,749 3,7454 0.1 Other income1,324 2,031(707)(34.8)Total revenues from rental operations67,038 66,418 620 0.9 Property expenses:Real estate taxes9,212 9,177 35 0.4 Utilities2,807 2,271536 23.6 Operating services10,993 12,570 (1,577)(12.5)Total property expenses23,012 24,018 (1,006)(4.2) Non-property revenues:Management fees718 922 (204)(22.1)Total non-property revenues718 922 (204)(22.1)Non-property expenses:Property management4,385 5,242(857)(16.3)General and administrative10,068 11,088(1,020)(9.2)Transaction related costs308 516(208)(40.3)Depreciation and amortization21,253 20,1171,136 5.6 Land and other impairments, net3,200 — 3,200 100.0 Total non-property expenses39,214 36,963 2,251 6.1 Operating profit5