v3.25.2
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
REVENUES        
Total revenues $ 75,928 $ 67,476 $ 143,684 $ 134,816
EXPENSES        
Real estate taxes 10,105 9,502 19,317 18,679
Utilities 2,103 1,796 4,910 4,067
Operating services 12,887 12,628 23,880 25,198
Property management 4,088 4,366 8,473 9,608
General and administrative 9,605 8,975 19,673 20,063
Transaction related costs 1,570 890 1,878 1,406
Depreciation and amortization 22,471 20,316 43,724 40,433
Land and other impairments, net 12,467 0 15,667 0
Total expenses 75,296 58,473 137,522 119,454
OTHER (EXPENSE) INCOME        
Interest expense (24,604) (21,676) (47,564) (43,176)
Interest and other investment income 70 1,536 95 2,074
Equity in earnings (losses) of unconsolidated joint ventures 526 2,933 4,368 3,187
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net (6,877) 0 (6,877) 0
Gain (loss) on disposition of developable land 36,566 10,731 36,410 11,515
Gain (loss) on sale of unconsolidated joint venture interests 5,122 0 5,122 7,100
Gain (loss) from extinguishment of debt, net 0 (785) 0 (785)
Other income (expense), net 528 (250) 423 5
Total other (expense) income, net 11,331 (7,511) (8,023) (20,080)
Income (loss) from continuing operations before income tax expense 11,963 1,492 (1,861) (4,718)
Provision for income taxes (93) (176) (135) (235)
Net income (loss) from continuing operations 11,870 1,316 (1,996) (4,953)
Discontinued operations:        
Income (loss) from discontinued operations (27) 1,419 109 1,671
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 0 0 0 1,548
Total discontinued operations, net (27) 1,419 109 3,219
Net income (loss) 11,843 2,735 (1,887) (1,734)
Noncontrolling interests in consolidated joint ventures 149 543 2,274 1,038
Noncontrolling interests in Operating Partnership of income (loss) from continuing operations (1,009) (153) (11) 370
Noncontrolling interests in Operating Partnership in discontinued operations 2 (122) (9) (277)
Redeemable noncontrolling interests (81) (81) (162) (378)
Net income (loss) available to common shareholders $ 10,904 $ 2,922 $ 205 $ (981)
Basic earnings per common share:        
Income (loss) from continuing operations (in dollars per share) $ 0.12 $ 0.02 $ 0 $ (0.04)
Discontinued operations (in dollars per share) 0.00 0.01 0 0.03
Net income (loss) available to common shareholders (in dollars per share) 0.12 0.03 0.00 (0.01)
Diluted earnings per common share:        
Income (loss) from continuing operations (in dollars per share) 0.12 0.02 0 (0.04)
Discontinued operations (in dollars per share) 0 0.01 0 0.03
Net income (loss) available to common shareholders (in dollars per share) $ 0.12 $ 0.03 $ 0.00 $ (0.01)
Basic weighted average shares outstanding (in shares) 93,392 92,663 93,227 92,469
Diluted weighted average shares outstanding (in shares) 102,259 101,952 102,164 101,160
Revenue from leases        
REVENUES        
Total revenues $ 69,348 $ 60,917 $ 131,313 $ 121,559
Management fees        
REVENUES        
Total revenues 766 871 1,484 1,793
Parking income        
REVENUES        
Total revenues 4,376 3,922 8,125 7,667
Other income        
REVENUES        
Total revenues $ 1,438 $ 1,766 $ 2,762 $ 3,797

Source