Company: VRE
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001628280-25-045884
Chunk: 2

Company: Veris Residential, Inc.
Filing Date: 2025-10-22
Form: 10-Q
Item: Part I, Item 2
Chunk 2
---
 Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024

(dollars in thousands)Three Months Ended September 30,DollarChangePercent Change 20252024Revenue from rental operations and other:Revenue from leases$67,625 $62,227 $5,398 8.7 %Parking income3,893 3,903(10)(0.3)Other income1,399 1,251148 11.8 Total revenues from rental operations72,917 67,381 5,536 8.2 Property expenses:Real estate taxes10,129 8,572 1,557 18.2 Utilities2,382 2,129253 11.9 Operating services12,808 10,156 2,652 26.1 Total property expenses25,319 20,857 4,462 21.4  Non-property revenues:Management fees523 794 (271)(34.1)Total non-property revenues523 794 (271)(34.1)Non-property expenses:Property management4,261 3,762499 13.3 General and administrative8,517 8,956(439)(4.9)Transaction related costs1,550 — 1,550 100.0 Depreciation and amortization21,073 21,159(86)(0.4)Land and other impairments, net— 2,619 (2,619)(100.0)Total non-property expenses35,401 36,496 (1,095)(3.0)Operating profit12,720 10,822 1,898 17.5 Other (expense) income:Interest expense(22,240)(21,507)(733)3.4 Interest and other investment income 173 181(8)(4.4)Equity in earnings (losses) of unconsolidated joint ventures340 (268)608 (226.9)Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net91,037 — 91,037 100.0 Gain (loss) on disposition of developable land(1,118)— (1,118)(100.0)Gain (loss) from extinguishment of debt, net(3,212)8(3,