Veris Residential, Inc.VRE
Veris Residential, Inc. Segments Disclosure
SEGMENT REPORTING
Upon completion of the sale of the last remaining non-strategic office asset in the first quarter of 2024, the Company
reassessed its reportable segments. The Company operates as a single business segment, focusing on the ownership, operation and development of its multifamily real estate portfolio located in the United States. The chief operating decision maker, identified as the Chief Executive Officer, is regularly provided with financial reporting packages which include the financial statements presented herein.
The chief operating decision maker evaluates the performance of the Company on a consolidated basis, based upon consolidated Net income (loss), to make decisions about the Company’s operations and resource allocation. Consolidated Net income (loss) is used to monitor budget versus actual results, and in competitive analysis by benchmarking to the Company’s competitors. The significant expenses of the Company are presented within the Consolidated Statement of Operations.
Prior to 2024, the Company operated in two business segments: (i) multifamily real estate and services, and (ii) commercial and other real estate. Performance was evaluated based on net operating income from the combined properties and operations within each segment. The table below presents selected results of operations for the year ended December 31, 2023. Amounts for prior periods have been restated to conform to the current period segment reporting presentation and to align with the current property listing for discontinued operations. All properties classified as discontinued operations have been excluded. In 2024, the Company classified and sold its last remaining non-strategic office asset as discontinued operations (dollars in thousands):
Year Ended December 31, 2023 | Total Company | ||||
| Total revenues | 260,295 | ||||
| Total operating and interest expenses (a) | 290,165 | ||||
| Equity in earnings (loss) of unconsolidated joint ventures | 3,102 | ||||
| Net operating income (loss) (b) | (26,768) | ||||
(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; property management; general and administrative, transaction-related costs and interest expense, net of interest and other investment income and other income (expense), net.
(b)Net operating income (loss) represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the periods.
Veris Residential, Inc.
The following schedule reconciles net operating income (loss) to net income (loss) available to common shareholders (dollars in thousands):
| Year Ended December 31, | |||||
| 2023 | |||||
| Net operating income (loss) | $ | (26,768) | |||
| Add (deduct): | |||||
| Depreciation and amortization | (86,235) | ||||
| Land and other impairments, net | (9,324) | ||||
| Gain (loss) on disposition of developable land | 7,068 | ||||
| Gain (loss) from extinguishment of debt, net | (5,606) | ||||
| Income (loss) from continuing operations before income tax expense | (120,865) | ||||
| Provision for income taxes | (492) | ||||
Loss from continuing operations after income tax expense | (121,357) | ||||
| Discontinued operations | |||||
| Income (loss) from discontinued operations | (32,686) | ||||
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 41,682 | ||||
| Total discontinued operations, net | 8,996 | ||||
| Net income (loss) | (112,361) | ||||
| Noncontrolling interests in consolidated joint ventures | 2,319 | ||||
| Noncontrolling interests in Operating Partnership of loss (income) from continuing operations | 11,174 | ||||
| Noncontrolling interests in Operating Partnership in discontinued operations | (779) | ||||
| Redeemable noncontrolling interests | (7,618) | ||||
| Net income (loss) available to common shareholders | $ | (107,265) | |||
Veris Residential, L.P.
The following schedule reconciles net operating income (loss) to net income (loss) available to common unitholders (dollars in thousands):
| Year Ended December 31, | |||||
| 2023 | |||||
| Net operating income (loss) | $ | (26,768) | |||
| Add (deduct): | |||||
| Depreciation and amortization | (86,235) | ||||
| Land and other impairments, net | (9,324) | ||||
| Gain (loss) on disposition of developable land | 7,068 | ||||
| Gain (loss) from extinguishment of debt, net | (5,606) | ||||
| Income (loss) from continuing operations before income tax expense | (120,865) | ||||
| Provision for income taxes | (492) | ||||
| Income (loss) from continuing operations after income tax expense | (121,357) | ||||
| Discontinued operations | |||||
| Income (loss) from discontinued operations | (32,686) | ||||
| Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 41,682 | ||||
| Total discontinued operations, net | 8,996 | ||||
| Net income (loss) | (112,361) | ||||
| Noncontrolling interests in consolidated joint ventures | 2,319 | ||||
| Redeemable noncontrolling interests | (7,618) | ||||
| Net income (loss) available to common unitholders | $ | (117,660) | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 24, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.