Quarterly report [Sections 13 or 15(d)]

VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS

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VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
REVENUES        
Total revenues $ 73,440 $ 68,175 $ 217,124 $ 202,991
EXPENSES        
Real estate taxes 10,129 8,572 29,446 27,251
Utilities 2,382 2,129 7,292 6,196
Operating services 12,808 10,156 36,688 35,354
Property management 4,261 3,762 12,734 13,370
General and administrative 8,517 8,956 28,190 29,019
Transaction related costs 1,550 0 3,428 1,406
Depreciation and amortization 21,073 21,159 64,797 61,592
Land and other impairments, net 0 2,619 15,667 2,619
Total expenses 60,720 57,353 198,242 176,807
OTHER (EXPENSE) INCOME        
Interest expense (22,240) (21,507) (69,804) (64,683)
Interest and other investment income 173 181 268 2,255
Equity in earnings (losses) of unconsolidated joint ventures 340 (268) 4,708 2,919
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net 91,037 0 84,160 0
Gain (loss) on disposition of developable land (1,118) 0 35,292 11,515
Gain (loss) on sale of unconsolidated joint venture interests 0 0 5,122 7,100
Gain (loss) from extinguishment of debt, net (3,212) 8 (3,212) (777)
Other income (expense), net (121) (310) 302 (305)
Total other (expense) income, net 64,859 (21,896) 56,836 (41,976)
Income (loss) from continuing operations before income tax expense 77,579 (11,074) 75,718 (15,792)
Provision for income taxes (35) (39) (170) (274)
Net income (loss) from continuing operations 77,544 (11,113) 75,548 (16,066)
Discontinued operations:        
Income (loss) from discontinued operations 3,782 206 3,891 1,877
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 0 0 0 1,548
Total discontinued operations, net 3,782 206 3,891 3,425
Net income (loss) 81,326 (10,907) 79,439 (12,641)
Noncontrolling interests in consolidated joint ventures 907 391 3,181 1,429
Redeemable noncontrolling interests (81) (81) (243) (459)
Net income (loss) available to common shareholders $ 75,237 $ (9,692) $ 75,442 $ (10,673)
Basic earnings per common share:        
Income (loss) from continuing operations (in dollars per share) $ 0.77 $ (0.10) $ 0.77 $ (0.15)
Discontinued operations (in dollars per share) 0.04 0.00 0.04 0.03
Net income (loss) available to common shareholders (in dollars per share) 0.81 (0.10) 0.81 (0.12)
Diluted earnings per common share:        
Income (loss) from continuing operations (in dollars per share) 0.76 (0.10) 0.77 (0.15)
Discontinued operations (in dollars per share) 0.04 0 0.04 0.03
Net income (loss) available to common shareholders (in dollars per share) $ 0.80 $ (0.10) $ 0.81 $ (0.12)
Revenue from leases        
REVENUES        
Total revenues $ 67,625 $ 62,227 $ 198,938 $ 183,786
Management fees        
REVENUES        
Total revenues 523 794 2,007 2,587
Parking income        
REVENUES        
Total revenues 3,893 3,903 12,018 11,570
Other income        
REVENUES        
Total revenues 1,399 1,251 4,161 5,048
VERIS RESIDENTIAL, L.P.        
REVENUES        
Total revenues 73,440 68,175 217,124 202,991
EXPENSES        
Real estate taxes 10,129 8,572 29,446 27,251
Utilities 2,382 2,129 7,292 6,196
Operating services 12,808 10,156 36,688 35,354
Property management 4,261 3,762 12,734 13,370
General and administrative 8,517 8,956 28,190 29,019
Transaction related costs 1,550 0 3,428 1,406
Depreciation and amortization 21,073 21,159 64,797 61,592
Land and other impairments, net 0 2,619 15,667 2,619
Total expenses 60,720 57,353 198,242 176,807
OTHER (EXPENSE) INCOME        
Interest expense (22,240) (21,507) (69,804) (64,683)
Interest and other investment income 173 181 268 2,255
Equity in earnings (losses) of unconsolidated joint ventures 340 (268) 4,708 2,919
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net 91,037 0 84,160 0
Gain (loss) on disposition of developable land (1,118) 0 35,292 11,515
Gain (loss) on sale of unconsolidated joint venture interests 0 0 5,122 7,100
Gain (loss) from extinguishment of debt, net (3,212) 8 (3,212) (777)
Other income (expense), net (121) (310) 302 (305)
Total other (expense) income, net 64,859 (21,896) 56,836 (41,976)
Income (loss) from continuing operations before income tax expense 77,579 (11,074) 75,718 (15,792)
Provision for income taxes (35) (39) (170) (274)
Net income (loss) from continuing operations 77,544 (11,113) 75,548 (16,066)
Discontinued operations:        
Income (loss) from discontinued operations 3,782 206 3,891 1,877
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 0 0 0 1,548
Total discontinued operations, net 3,782 206 3,891 3,425
Net income (loss) 81,326 (10,907) 79,439 (12,641)
Noncontrolling interests in consolidated joint ventures 907 391 3,181 1,429
Redeemable noncontrolling interests (81) (81) (243) (459)
Net income (loss) available to common shareholders $ 82,152 $ (10,597) $ 82,377 $ (11,671)
Basic earnings per common share:        
Income (loss) from continuing operations (in dollars per share) $ 0.77 $ (0.10) $ 0.77 $ (0.15)
Discontinued operations (in dollars per share) 0.04 0.00 0.04 0.03
Net income (loss) available to common shareholders (in dollars per share) 0.81 (0.10) 0.81 (0.12)
Diluted earnings per common share:        
Income (loss) from continuing operations (in dollars per share) 0.76 (0.10) 0.77 (0.15)
Discontinued operations (in dollars per share) 0.04 0.00 0.04 0.03
Net income (loss) available to common shareholders (in dollars per share) $ 0.80 $ (0.10) $ 0.81 $ (0.12)
Basic weighted average units outstanding (in shares) 102,087 101,587 101,930 101,304
Diluted weighted average units outstanding (in shares) 102,493 101,587 102,273 101,304
VERIS RESIDENTIAL, L.P. | Revenue from leases        
REVENUES        
Total revenues $ 67,625 $ 62,227 $ 198,938 $ 183,786
VERIS RESIDENTIAL, L.P. | Management fees        
REVENUES        
Total revenues 523 794 2,007 2,587
VERIS RESIDENTIAL, L.P. | Parking income        
REVENUES        
Total revenues 3,893 3,903 12,018 11,570
VERIS RESIDENTIAL, L.P. | Other income        
REVENUES        
Total revenues $ 1,399 $ 1,251 $ 4,161 $ 5,048