Annual report [Section 13 and 15(d), not S-K Item 405]

VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS

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VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUES      
Total revenues $ 288,434 $ 271,074 $ 260,295
EXPENSES      
Real estate taxes 38,361 37,424 34,687
Utilities 9,290 8,151 7,700
Operating services 47,962 48,239 50,769
Property management 16,673 17,247 14,188
General and administrative 36,753 39,059 44,443
Transaction-related costs 3,750 1,565 7,627
Depreciation and amortization 86,263 82,774 86,235
Land and other impairments, net 17,984 2,619 9,324
Total expenses 257,036 237,078 254,973
OTHER (EXPENSE) INCOME      
Interest expense (88,579) (87,976) (89,355)
Interest cost of mandatorily redeemable noncontrolling interests 0 0 (49,782)
Interest and other investment income 370 2,366 5,515
Equity in earnings (losses) of unconsolidated joint ventures 5,257 3,934 3,102
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net 90,831 0 0
Gain (loss) on disposition of developable land 34,040 11,515 7,068
Gain (loss) on sale of unconsolidated joint venture interests 5,122 6,946 0
Gain (loss) from extinguishment of debt, net (3,530) (777) (5,606)
Other income (expense), net 148 (701) 2,871
Total other income (expense), net 43,659 (64,693) (126,187)
Income (loss) from continuing operations before income tax expense 75,057 (30,697) (120,865)
Provision for income taxes (231) (276) (492)
Income (loss) from continuing operations after income tax expense 74,826 (30,973) (121,357)
Discontinued operations:      
Income (loss) from discontinued operations 4,115 862 (32,686)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 0 3,447 41,682
Total discontinued operations, net 4,115 4,309 8,996
Net income (loss) 78,941 (26,664) (112,361)
Noncontrolling interests in consolidated joint ventures 3,538 1,924 2,319
Noncontrolling interests in Operating Partnership of loss (income) from continuing operations (6,569) 2,531 11,174
Noncontrolling interests in Operating Partnership in discontinued operations (347) (371) (779)
Redeemable noncontrolling interests (324) (540) (7,618)
Net income (loss) available to common shareholders $ 75,239 $ (23,120) $ (107,265)
Basic earnings per common share:      
Income (loss) from continuing operations (in dollars per share) $ 0.77 $ (0.29) $ (1.31)
Discontinued operations (in dollars per share) 0.04 0.04 0.09
Net income (loss) available to common shareholders (in dollars per share) 0.81 (0.25) (1.22)
Diluted earnings per common share:      
Income (loss) from continuing operations (in dollars per share) 0.76 (0.29) (1.31)
Discontinued operations (in dollars per share) 0.04 0.04 0.09
Net income (loss) available to common shareholders (in dollars per share) $ 0.80 $ (0.25) $ (1.22)
Basic weighted average shares outstanding (in shares) 93,355 92,695 91,883
Diluted weighted average shares outstanding (in shares) 102,363 101,381 100,812
Revenue from leases      
REVENUES      
Total revenues $ 264,459 $ 245,690 $ 235,117
Management fees      
REVENUES      
Total revenues 2,561 3,338 3,868
Parking income      
REVENUES      
Total revenues 15,834 15,463 15,498
Other income      
REVENUES      
Total revenues $ 5,580 $ 6,583 $ 5,812