~~0000924901vre:ShopsAtFortyParkPropertyMember2021-01-012021-12-31~~


(Title of Each Class)	Trading Symbol(s)	(Name of Each Exchange on Which Registered)
Veris Residential, Inc.
Common Stock, $0.01 par value	VRE	New York Stock Exchange

Veris Residential, L.P.
None	N/A	None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.


Veris Residential, Inc.	Yes	~~YES~~x No o NO 
Veris Residential, L.P.		~~YES~~Yes x NONo o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.


Veris Residential, Inc.						~~YES~~Yes o No NOx
Veris Residential, L.P.						~~YES~~Yes o NONo x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Veris Residential, Inc.	Yes	~~YES~~x No o NO 
Veris Residential, L.P.		~~YES~~Yes x NONo o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


Veris Residential, Inc.	Yes	~~YES~~x No o NO 
Veris Residential, L.P.		~~YES~~Yes x NONo o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Veris Residential, Inc.:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

Veris Residential, L.P.:

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 USC. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. YES x NO o

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.


Veris Residential, Inc.			o
Veris Residential, L.P.			o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).


Veris Residential, Inc.			o
Veris Residential, L.P.			o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)


Veris Residential, Inc.						YES o NO ☒
Veris Residential, L.P.						YES o NO ☒

As of June 30, ~~2021,~~2022, the aggregate market value of the voting stock held by non-affiliates of Veris Residential, Inc. was ~~$1,484,991,935.~~$1,148,886,979. The aggregate market value was computed with reference to the closing price on the New York Stock Exchange on such date. This calculation does not reflect a determination that persons are affiliates for any other purpose. The registrant has no non-voting common stock.

As of February ~~18, 2022, 90,948,675~~15, 2023, 91,164,664 shares of common stock, $0.01 par value, of Veris Residential, Inc. (“Common Stock”) were outstanding.

Veris Residential, L.P. does not have any class of common equity that is registered pursuant to Section 12 of the Exchange Act.

LOCATION OF EXHIBIT INDEX: The index of exhibits is contained herein on page number ~~118.~~119.

DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Veris Residential, Inc.’s definitive proxy statement for fiscal year ended December 31, ~~2021~~2022 to be issued in conjunction with the registrant’s annual meeting of shareholders expected to be held on June ~~15, 2022~~14, 2023 are incorporated by reference in Part III of this Form 10-K. The definitive proxy statement will be filed by the registrant with the SEC not later than 120 days from the end of the registrant’s fiscal year ended December 31, ~~2021.~~ 2022.

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EXPLANATORY NOTE

This report combines the annual reports on Form 10-K for the year ended December 31, ~~2021~~2022 of Veris Residential, Inc. and Veris Residential, L.P. Unless stated otherwise or the context otherwise requires, references to the “Operating Partnership” mean Veris Residential, L.P., a Delaware limited partnership, and references to the “General Partner” mean Veris Residential, Inc., a Maryland corporation and real estate investment trust (“REIT”), and its subsidiaries, including the Operating Partnership. References to the “Company,” “we,” “us” and “our” mean collectively the General Partner, the Operating Partnership and those entities/subsidiaries consolidated by the General Partner.

The Operating Partnership conducts the business of providing management, leasing, acquisition, development ~~construction~~ and tenant-related services for its General Partner. The Operating Partnership, through its operating divisions and subsidiaries, including the Veris property-owning partnerships and limited liability companies is the entity through which all of the General Partner’s operations are conducted. The General Partner is the sole general partner of the Operating Partnership and has exclusive control of the Operating Partnership’s day-to-day management.

As of December 31, ~~2021,~~2022, the General Partner owned an approximate ~~91.0~~90.7 percent common unit interest in the Operating Partnership. The remaining approximate ~~9.0~~9.3 percent common unit interest is owned by limited partners. The limited partners of the Operating Partnership are (1) persons who contributed their interests in properties to the Operating Partnership in exchange for common units (each, a “Common Unit”) or preferred units of limited partnership interest in the Operating Partnership or (2) recipients of long term incentive plan units of the Operating Partnership pursuant to the General Partner’s executive compensation plans.

A Common Unit of the Operating Partnership and a share of common stock of the General Partner (the “Common Stock”) have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Company. The General Partner owns a number of common units of the Operating Partnership equal to the number of issued and outstanding shares of the General Partner’s common stock. Common unitholders (other than the General Partner) have the right to redeem their Common Units, subject to certain restrictions under the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, as amended (the “Partnership Agreement”) and agreed upon at the time of issuance of the units that may restrict such right for a period of time, generally one year from issuance. The redemption is required to be satisfied in shares of Common Stock of the General Partner, cash, or a combination thereof, calculated as follows: one share of the General Partner’s Common Stock, or cash equal to the fair market value of a share of the General Partner’s Common Stock at the time of redemption, for each Common Unit. The General Partner, in its sole discretion, determines the form of redemption of Common Units (i.e., whether a common unitholder receives Common Stock of the General Partner, cash, or any combination thereof). If the General Partner elects to satisfy the redemption with shares of Common Stock of the General Partner as opposed to cash, the General Partner is obligated to issue shares of its Common Stock to the redeeming unitholder. Regardless of the rights described above, the common unitholders may not put their units for cash to the Company or the General Partner under any circumstances. With each such redemption, the General Partner’s percentage ownership in the Operating Partnership will increase. In addition, whenever the General Partner issues shares of its Common Stock other than to acquire Common Units, the General Partner must contribute any net proceeds it receives to the Operating Partnership and the Operating Partnership must issue to the General Partner an equivalent number of Common Units. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.

The Company believes that combining the annual reports on Form 10-K of the General Partner and the Operating Partnership into this single report provides the following benefits:

·•enhance investors’ understanding of the General Partner and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business of the Company;

·•eliminate duplicative disclosure and provide a more streamlined and readable presentation because a substantial portion of the disclosure applies to both the General Partner and the Operating Partnership; and

·•create time and cost efficiencies through the preparation of one combined report instead of two separate reports.

The Company believes it is important to understand the few differences between the General Partner and the Operating Partnership in the context of how they operate as a consolidated company. The financial results of the Operating Partnership are consolidated into the financial statements of the General Partner. The General Partner does not have any ~~other~~ significant assets, liabilities or operations, other than its interests in the Operating Partnership, nor does the Operating

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Partnership have employees of its own. The Operating Partnership, not the General Partner, generally executes all significant business relationships other than transactions involving the securities of the General Partner. The Operating Partnership holds substantially all of the assets of the General Partner, including ownership interests in joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by the General Partner, which are contributed to the capital of the Operating Partnership in consideration of common or preferred units in the Operating Partnership, as applicable, the Operating Partnership generates all remaining capital required by the Company’s

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business. These sources include working capital, net cash provided by operating activities, borrowings under the Company’s revolving credit facility, the issuance of secured and unsecured debt and equity securities, and proceeds received from the disposition of properties and joint ventures.

Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of the General Partner and the Operating Partnership. The limited partners of the Operating Partnership are accounted for as partners’ capital in the Operating Partnership’s financial statements as is the General Partner’s interest in the Operating Partnership. The noncontrolling interests in the Operating Partnership’s financial statements comprise the interests of unaffiliated partners in various consolidated partnerships and development joint venture partners. The noncontrolling interests in the General Partner’s financial statements are the same noncontrolling interests at the Operating Partnership’s level and include limited partners of the Operating Partnership. The differences between shareholders’ equity and partners’ capital result from differences in the equity issued at the General Partner and Operating Partnership levels.

To help investors better understand the key differences between the General Partner and the Operating Partnership, certain information for the General Partner and the Operating Partnership in this report has been separated, as set forth below:

·•Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable;

·•Item 8. Financial Statements and Supplementary Data which includes the following specific disclosures for Veris Residential, Inc. and Veris Residential, L.P.:

•Note 2. Significant Accounting Policies, where applicable;

•Note ~~15.~~14. Redeemable Noncontrolling Interests;

•Note ~~16.~~15. Veris Residential, Inc.’s Stockholders’ Equity and Veris Residential, L.P.’s Partners’ Capital;

•Note ~~17.~~16. Noncontrolling Interests in Subsidiaries; and

•Note ~~18.~~17. Segment Reporting, where ~~applicable; and~~applicable.

Note 20. Condensed Quarterly Financial Information (unaudited).

This report also includes separate Part II, Item 9A. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of the General Partner and the Operating Partnership in order to establish that the requisite certifications have been made and that the General Partner and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

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FORM 10-K

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~~FORM 10-K~~

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PART I							Page No.
Item 1		Business			~~Business~~5		5
Item 1A					Risk Factors	1110
Item 1B					Unresolved Staff Comments	23
Item 2		Properties			~~Properties~~24		24
Item 3					Legal Proceedings	29
Item 4					Mine Safety Disclosures	29

PART II
Item 5					Market for Registrant’s Common Equity, Related Stockholder Matters
	and Issuer Purchases of Equity Securities	29
Item 6		Reserved			~~Reserved~~30		32
Item 7					Management’s Discussion and Analysis of Financial Condition and
	Results of Operations	3230
Item 7A					Quantitative and Qualitative Disclosures About Market Risk	5049
Item 8					Financial Statements and Supplementary Data	5049
Item 9					Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	49
			~~Financial Disclosure~~	50
Item 9A			Controls and Procedures	50
Item 9B					Other Information	5251
Item 9C					Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	5251

PART III
Item 10					Directors, Executive Officers and Corporate Governance	52
Item 11					Executive Compensation	52
Item 12					Security Ownership of Certain Beneficial Owners and Management
	and Related Stockholder Matters	5352
Item 13					Certain Relationships and Related Transactions, and Director Independence	5352
Item 14					Principal Accounting Fees and Services	5352

PART IV
Item 15					Exhibits and Financial Statement Schedules	5453
Item 16					Form 10-K Summary	5453

EXHIBIT INDEX					118			~~118~~

SIGNATURES~~SIGNATURES~~					123			~~123~~

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PART I

ITEM 1. BUSINESS

GENERAL

Veris Residential, Inc., a Maryland corporation, together with its subsidiaries (collectively the “General Partner”), is a ~~fully~~-~~integrated,~~fully-integrated, self-administered and self-managed real estate investment trust (“REIT”). ~~In December 2021,~~

The Company develops, owns and operates predominantly multifamily rental properties located primarily in the Northeast, as well as a portfolio of Class A office properties. The Company ~~changed its names from Mack-Cali Realty Corporation~~is in the process of transitioning to a pure-play multifamily REIT and is focused on conducting business in a socially, ethically, and environmentally responsible manner, while seeking to maximize value for all stakeholders.Veris Residential, Inc. ~~and Mack-Cali Realty, L.P. to Veris Residential, L.P. reflecting the Company’s continued transition to a multifamily REIT, and~~was incorporated on ~~December 10, 2021, the General Partner began trading on the New York Stock Exchange (“NYSE”) under its new ticker symbol, “VRE.”~~ May 24, 1994.

The General Partner controls Veris Residential, L.P., a Delaware limited partnership, together with its subsidiaries (collectively, the “Operating Partnership”), as its sole general partner and owned a ~~91.0~~90.7 and ~~90.4~~91.0 percent common unit interest in the Operating Partnership as of December 31, 2022 and 2021, ~~and 2020,~~ respectively. The General Partner’s business is the ownership of interests in and operation of the Operating Partnership and all of the General Partner’s expenses are incurred for the benefit of the Operating Partnership. The General Partner is reimbursed by the Operating Partnership for all expenses it incurs relating to the ownership and operation of the Operating Partnership.

The Company owns and operates a real estate portfolio comprised predominantly of multifamily rental properties located primarily in the Northeast, as well as a portfolio of Class A office properties. The Company performs substantially all real estate management, leasing, acquisition and development on an in-house basis. Veris Residential, Inc. was incorporated on May 24, 1994. The Company’s executive offices are located at Harborside 3, 210 Hudson Street, Suite 400, Jersey City, New Jersey 07311, and its telephone number is (732) 590-1010. The Company has an internet website at www.verisresidential.com.

As of December 31, ~~2021,~~2022, the Company owned or had interests in 2224 multifamily rental properties as well as non-core assets comprised of ~~seven~~five office buildings, four parking/retail properties and ~~three~~two hotels, plus developable land (collectively, the “Properties”). The Properties are comprised of: (a) 27 wholly-owned or Company-controlled properties comprised of 1517 multifamily properties and 1210 non-core assets and (b) ~~nine~~eight properties owned by unconsolidated joint ventures in which the Company has investment interests, including seven multifamily properties and ~~two~~a non-core ~~assets.~~asset. The Properties are located in three states in the Northeast, plus the District of Columbia. For more information on the Properties, refer to Item 2.

STRATEGIC DIRECTION

On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet, which had excluded the Company’s office properties in Jersey City and Hoboken, New Jersey (collectively, the “Suburban Office Portfolio”). As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a single property not qualified to be classified as held for sale) are being classified as discontinued operations for all periods presented herein.

In late 2019 and through December 31, 2021, the Company completed the sale of all but one of its 37 properties in its Suburban Office Portfolio, totaling 6.3 million square feet, for net sales proceeds of $1.0 billion.

~~Transition to Multifamily Company~~

~~In December~~ 2021, the Company announced that it ~~has rebranded~~intended to ~~Veris Residential, Inc. reflecting its ongoing transition~~transform the Company into a pure-play multifamily REIT located in the Northeast. As part of this strategic initiative, the Company ~~as well as~~has sought to unlock shareholder value by simplifying its ~~new~~business, strengthening its balance sheet, enhancing its operational platform and aligning the Company with its corporate values and ~~focus on conducting business in a socially, ethically, and environmentally responsible manner, while seeking to maximize value for all stakeholders.~~

the sustainability-conscious lifestyle preferences of its residents. The Company ~~expects~~is executing this transformation by disposing of non-strategic assets, which included its New Jersey suburban and Waterfront office portfolios and its speculative land holdings, and strategically allocating the proceeds from such dispositions into debt repayments, selective multifamily developments and acquisitions.

Portfolio Strategy

The Company seeks to ~~continue~~own a portfolio comprised primarily of Class A multifamily properties with resort-like amenities and offerings that reflect our commitment to pursue opportunities to streamline its portfolio and enhance the stability of its revenue stream, as well as pursue overall expense savings from internal reorganizations which may result from the transition of the Company’s real estate portfolio.

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~~Environmental- and Socially-Conscious Considerations~~

The Company’s Board of Directors and management team have worked on weaving environmental, social, and governance considerations (“ESG”) into the fabric of the Company including through the establishment of its Environmental, Social and Governance ~~Committee (“ESG Committee”)~~(ESG) ideals. This includes facilities such as clubrooms and lounges, state-of-the-art fitness centers, dog parks and rooftop swimming pools, as well as ESG-driven features like electric vehicle (EV) charging stations and green roofs. The Company believes that premium amenities such as the ones offered at our multifamily properties drive resident satisfaction and generate additional revenues through amenity fees. When coupled with our commitment to providing premium resident services, such as concierges and professionally-curated events, the Company seeks to offer a multifamily experience that will maximize resident satisfaction and optimize rental revenue.

The Company’s multifamily properties have an average age of 6 years, typically requiring less maintenance capital expenditures than a more mature portfolio. The Company believes that this factor provides it with a competitive advantage as it can retain more capital and generate a higher yield as compared to an older portfolio.

Operational Strategy

The Company has a fully integrated real estate platform with operational, investment, development, financial and management services provided in-house. As part of the transformation to a pure-play multifamily REIT, the Company has focused on controlling expenses with an in-depth review of asset and property management, including reassessing vendors and contracts, restructuring teams, and refining procedures and policies. The Company has made significant investments in ~~July 2020. By strategically assessing~~modernizing and ~~managing evolving ESG risks~~streamlining the platform by reducing duplicative costs between its residential and office platforms, upgrading front office technology, reducing its cyber security vulnerabilities, and enhancing financial reporting automation.

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The platform is underpinned by a commitment to technological enhancement and innovations that allow the Company to improve efficiency, optimize net operating income, and augment the resident experience. The adoption of strategic technological tools, such as the MyVeris app, serve to streamline and strengthen residents’ interactions with the Properties, allowing them to pay rent, reserve amenities, RSVP to events, and manage maintenance requests at the touch of a button. The Company is also testing financial reporting and analysis tools which it believes will result in cost savings, robust and frequent financial analysis and further automation. The Company believes that this technology-focused approach optimizes net operating income by eliminating costly manual processes that are time consuming and prone to human error.

Investment, Disposition and Development Strategy

The Company may grow its portfolio of Class A multifamily assets through a combination of acquisitions, developments and redevelopments, and seek to enhance the portfolio through programmatic capital dispositions and capital recycling.

The Company believes it has strong relationships and networks to source off-market acquisition opportunities ~~while~~and may seek to add value to newly acquired properties by integrating ~~ESG considerations~~them into its ~~overall business model,~~ESG- and technology-focused platform. The Company has extensive experience acquiring residential and commercial assets nationally as well as in its core focus area of the Northeast, and has the capabilities to generate additional value by acquiring assets through 1031 programs, issuing OP Units, and recycling capital through dispositions of non-strategic assets. When considering acquisitions, the Company ~~is seeking~~may seek opportunities that improve the geographic diversity, asset quality, and product offering of its portfolio.

The Company has demonstrated its ability to ~~not only generate~~effectively and thoughtfully execute multiple non-strategic asset dispositions during challenging market conditions by selling over $1.6 billion in non-strategic assets to progress its transformation. The Company has sought to redeploy proceeds from sales into acquisitions, redevelopments, debt repayments or operations, as appropriate and where it believes it can create the most long-term value. The Company regularly monitors its assets to assess their long-term value ~~for~~propositions and when appropriate, may look to sell assets in its ~~shareholders, but also positively impact~~core portfolio and reinvest into other assets, if it believes that such capital recycling is warranted.

The Company believes it can further enhance shareholder value through accretive multifamily development projects at the appropriate time. The company has developed 11 of its ~~residents, tenants, employees~~multifamily assets, and has the ~~communities it serves.~~expertise to manage future investments into Class A multifamily projects to generate additional long term value.

~~SUSTAINABILITY~~

~~Our~~

Sustainability Strategy

~~At Veris Residential, the~~

The Company’s goal is to conduct its business, development, and operations of new and existing buildings in a manner that contributes to positive environmental, social and economic outcomes for all its ~~shareholders, employees, residents, tenants and communities.~~

stakeholders. The Company is focused on developing and maintaining high-quality properties, while reducing operational costs and mitigating the potential external impacts of energy, water, waste, greenhouse gas emissions and climate change. The Company’s dedicated in-house team initiates and applies sustainable practices throughout all aspects of its business, from investment and development to property operations and resident experience.

Veris Residential is a signatory to the Ten Principles of the United Nations Global Compact and was the first U.S. real estate company to join the Climate Group's EV 100 initiative. The Company is also a corporate member of the U.S. Green Building Council® and has a history of developing properties certified under the USGBC’s Leadership in Energy and Environmental Design™ (LEED®) rating system. In 2021, 25 percent (by number of units) of its wholly owned multifamily portfolio was LEED® certified and Harborside 1, its 399,600 square feet office property in Jersey City is expected to achieve LEED® Gold certification.

The Company’s existing multifamily portfolio has ~~a sector-leading average property age of 6 years, and~~ environmental considerations – particularly focused on energy consumption, water consumption and greenhouse gas emissions ~~– have been integrated~~–integrated into many existing properties and development projects since the design stage. The Company has also further invested in energy-saving technology, such as those for irrigation, lighting, and HVAC to positively impact resident experience and its assets’ value over the long-term. To improve its overall carbon footprint, the Company carefully assesses its buildings’ location based on walkability as well as accessibility to public transport, neighborhoods and parks. ~~The Company’s office properties are located on the Jersey City Waterfront, adjacent to the PATH station, light rail, ferry and other transport hubs. In addition, half~~As a result of ~~the Company’s wholly owned~~these efforts 43% of our multifamily portfolio is ~~classified as “Walkers Paradise,”~~green certified (LEED®, Energy Star or equivalent). The Company believes that its focus on sustainability also enhances value for the ~~highest standard by WalkScore®.~~Company in the short-term, through cost savings and lower capital expenditures.

Equally important is the Company’s focus on supporting the health and wellbeing of its employees, residents and tenants, which the Company has enhanced through the inclusion of on-site amenity offerings, including fitness centers and on-demand fitness programs, as well as health and safety considerations across the portfolio and within its corporate offices. The Company’s efforts led it to obtain WELL® Health and Safety certification for 14 multifamily ~~properties in 2021.~~properties.

A significant part of the Company’s commitment to sustainable development and operations is its commitment to transparent reporting of ESG performance indicators, as it recognizes the importance of this information to investors, lenders, and other stakeholders. The Company publishes an annual ESG Report that is aligned with the Global Reporting Initiative reporting framework, United Nations Sustainable Development Goals and includes the Company’s strategy, key performance indicators, annual like-for-like comparisons, and year-over-year achievements. In addition, the Company

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continues to work to further align its reporting with the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures to disclose climate-related financial risks and opportunities.

Climate Resilience

As a long-term owner and active manager of real estate assets in operation and under development, the Company recognizes that climate change is no longer a potential threat but today’s reality and is taking measured steps to mitigate its carbon footprint by assessing risks and adapting its business to ensure it is well positioned over the long-term. Event-driven (acute) and longer-term (chronic) physical risks that may result from climate change could have a material adverse effect on the Company’s properties, operations, and business. Management’s role in assessing and managing these climate-related risks and initiatives is spread across multiple teams throughout the ~~Company’s organization, including its executive leadership and its Sustainability, Development, and Property Management departments.~~Company. The Company views its proactive assessment of risks related to climate change as an opportunity to protect asset value, and as such, is implementing measures, planning and decision-making processes to protect its investments by improving resilience.

~~Reporting~~

A significant part of the Company’s commitment to sustainable development and operations is its commitment to transparent reporting of ESG performance indicators, as it recognizes the importance of this information to investors, lenders, and other stakeholders. The Company publishes an annual Corporate Social Responsibility (“CSR”) report that is aligned with the Global Reporting Initiative reporting framework, United Nations Sustainable Development Goals and includes the Company’s strategy, key performance indicators,

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~~annual like-for-like comparisons, and year-over-year achievements.~~ In ~~addition,~~2022 the Company ~~continues~~set a target to ~~work to further align~~reduce its ~~reporting with~~Scope 1 and 2 greenhouse gas emissions by 50% by 2030 and had it validated by the ~~recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures to disclose climate-related financial risks and opportunities.~~Science Based Target initiative.

HUMAN CAPITAL RESOURCES

~~Overview~~

Veris Residential is a fully-integrated REIT that, unlike many other real estate companies that outsource management and leasing to third party vendors, performs substantially all real estate management, leasing, property transactions, and development in-house.

As of December 31, ~~2021,~~2022, the Company had approximately ~~234~~215 employees, 2419 fewer than it had as of December 31, ~~2020. The~~2021 (the reduction in the number of employees was primarily due to the ongoing ~~disposition of its Suburban Office Portfolio and consolidation of its operational and organization infrastructure across its office and~~transition to a pure play multifamily ~~businesses.~~REIT). Regarding employee tenure, 3629 percent of its employees have been with the Company for at least 10 ~~years, of which 24 percent of those employees have a tenure of at least 15 years, and 12 percent have a tenure of at least 20~~ years.

Approximately 64 percent of the Company’s employees are directly involved in property management, management services, and on-site leasing and maintenance of its portfolio, including property managers, maintenance engineers, technicians, HVAC technicians, and project managers. All these personnel salaries and related costs are allocated to its real estate portfolio and management businesses and recorded in operating services or real estate services expenses. Less than five percent of the Company’s employees work in the corporate development department and are directly involved in the Company’s development pipeline. When applicable, personnel salaries and related costs of such development employees are capitalized as a development expenditure. Generally, all other employee costs, are recorded as general and administrative expense, including corporate office leasing personnel.

~~Diversity, Equity and Inclusion (DE&I)~~

At Veris Residential, the Company believes that valuing individual differences, maintaining a unified culture grounded in equality and meritocracy and creating an environment of inclusion across all facets of its business is critical to its continued success.

The Company embraces its responsibility towards the diverse and all-inclusive communities it serves and has taken proactive efforts to enhance this support to have positive impact on residents, employees and others. Such efforts have included: ~~increasing~~setting a gender ~~and ethnic diversity within the Company and its Board of Directors,~~equality target at management level by 2025, establishing employee affinity groups and introducing company wide diversity training. The Company has also become a signatory of the CEO Action for Diversity & Inclusion Pledge and the UN Women Empowerment ~~Principles.~~

~~59 percent of~~Principles and is included in the ~~Company’s employees identified as male, 40% as female and 1% as non-binary as of December 31, 2021~~

~~50 percent of the Company’s employees were persons of color or other minority groups as of December 31, 2021~~

Bloomberg GEI index since 2023. Currently, 4 of the 8 members (or 50 percent) of the Company’s Board of Directors are female and/or racially ~~diverse~~diverse.

Workforce diversity as of December 31, 2022 (excluding 3 employees that did non self-identify):

•55 percent of the Company’s employees identified as male, 44 percent as female and below 1 percent as non-binary

•53 percent of the Company’s employees were persons of color or other minority groups, up from 50 percent a year earlier.

Employee Incentives

The Company strives to provide career opportunities in an energized, inclusive, and collaborative environment tailored to retain, attract and reward highly performing employees. It does so in a culture built on the foundations of collegiality, teamwork, hard work, humility, creativity, humor, respect, acceptance, expertise and dedication to one another, its stockholders and its residents.

The Company provides a comprehensive benefits package intended to meet and exceed the needs of its employees and their families. The Company’s competitive offerings help its employees stay healthy, balance their work and personal lives, and meet their financial and retirement goals. For employees earning less than $50,000 annually, the Company pays 100 percent of the health insurance coverage premiums for its employees and their families, and generally 75 percent of the premiums of health and dental insurance coverage for all employees, as well as 100 percent of the cost of life insurance and short-term and long-term disability insurance.

In addition to flexible working arrangements, the Company offers the following enrichment opportunities and benefits to ~~its~~all eligible employees:

•~~The Company maintains a~~A 401(k) plan with a history of annual discretionary Company employee match or profit sharing contributions;

•~~The Company offers~~Minimum paid time off of 20 days in addition to public holidays, sick leave and other leaves offered by the company;

•Ability to rollover or donate paid time off;

•A 12-week fully paid parental leave;

•A legal aid program; and

•In house training and tuition reimbursement for education ~~costs for employees who have been with it for at least one year;~~costs.

~~Employees receive numerous training resources, including modules on preventing unlawful harassment, hazardous communications and real estate licensing;~~

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The Company also promotes the philanthropic efforts of its employees by providing 24 hours of paid time off toward volunteerism, matching employee charitable contributions dollar for dollar (up to $1,000 per employee per year)~~; and~~.

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~~The Company offers flexible working arrangements.~~

More information regarding the Company’s human capital policies, programs and initiatives is available under the “Investors” section of its public website and the Company’s ~~CSR~~ESG Report. Information on or through the Company’s website is not considered part of this Annual Report nor any registration statement that incorporates this Annual Report by reference.

COMPETITION

~~COMPETITION~~

~~The leasing of~~

We face competition from other real estate ~~is highly competitive. The Properties compete for residents~~companies to acquire, dispose and tenants with lessors and developers of similar properties located in their respective markets primarily on the basis of location, the quality of properties, leasing terms (including rent and other charges and allowances for tenant improvements), services or amenities provided, the design and condition of the Properties, and reputation asdevelop multifamily properties. As an owner and operator of multifamily properties, we also face competition for prospective residents from other operators whose properties may be perceived to offer a better location or better amenities or whose pricing may be perceived as a better value given the quality, ~~properties in~~location, terms and amenities that the ~~relevant markets. Additionally, the number of competitive multifamily rental properties in a particular area could have a material effect on the Company’s ability to lease residential units~~prospective resident seeks. We also compete against condominiums and ~~on rents charged. Other forms of multifamily rental properties~~single-family homes that are for sale or ~~single family housing may also provide alternatives to potential~~rent, including those offered through online platforms. Although we often compete against large, sophisticated developers and operators for development opportunities and for prospective residents, ~~of multifamily properties. The Company also experiences competition when attempting to acquire or dispose of~~ real estate ~~including~~developers and operators of any size can provide effective competition ~~from domestic~~for both real estate assets and foreign financial institutions, other REITs, life insurance companies, pension trusts, trust funds, partnerships, individual investors and others. The Company competes with other entities, some of which may have significant resources or who may be willing to accept lower returns or pay higher prices than the Company in terms of acquisition and development opportunities. potential residents.

GOVERNMENT REGULATIONS

~~Many~~

In the ordinary course of business, the development, maintenance and management of commercial and multifamily properties is subject to various laws, ordinances, and ~~governmental~~ regulations, including those concerning entitlement, building, health and safety, site and building design, environment, zoning, sales, and similar matters apply to or affect the ~~ownership and/or operation of the Properties~~real estate development industry. Multifamily properties and ~~changes in these~~their owners are subject to various laws, ordinances, and regulations, ~~or their interpretation by agencies and the courts, occur frequently.~~

~~Under various laws~~including those related to real estate broker licensing and regulations relating to ~~the protection of the environment~~recreational facilities such as swimming pools, activity centers, and ~~human health,~~other common areas. As an owner and operator of multifamily properties, we also may be subject to rent or rent stabilization laws. In addition, various federal, state, and local laws subject real estate ~~may be held liable~~owners or operators to liability for management, and the costs of removal or remediation, of certain potentially hazardous ~~or toxic substances located on or in the property.~~materials that may be present. These materials may include lead-based paint, asbestos, polychlorinated biphenyls, and petroleum-based fuels. Such laws often impose liability without regard to fault or whether the owner or operator knew of, or was responsible for, the release or ~~even knew of, the~~ presence of such substances. The presence of such substances may adversely affect the owner’s ability to rent or sell the property or to borrow using such property as collateral and may expose it to liability resulting from any release of, or exposure to, such substances. Persons who arrange for the disposal or treatment of hazardous or toxic substances at another location may also be liable for the costs of removal or remediation of such substances at the disposal or treatment facility, whether or not such facility is owned or operated by such person. Certain environmental laws impose liability for the release of asbestos-~~containing materials into the air, and third parties may also seek recovery from owners or operators of real properties for personal injury associated with asbestos~~-~~containing materials and other hazardous or toxic substances.~~

materials. In connection with the ownership ~~(direct or indirect), operation, management and development~~ of real ~~properties, the Company may~~estate, we could potentially be ~~considered an owner or operator of such properties or as having arranged for the disposal or treatment of hazardous or toxic substances and, therefore, potentially~~ liable for ~~removal~~environmental liabilities or ~~remediation~~ costs ~~as well as certain other related costs, including governmental penalties and injuries to persons and property.~~

There can be no assurance that (i) future laws, ordinances or regulations will not impose any material environmental liability, (ii) the current environmental condition of the Properties will not be affected by tenants, by the condition of land or operationsassociated with our real estate, whether currently owned, acquired in the ~~vicinity of~~future, or owned in the ~~Properties (such as the presence of underground storage tanks), or by third parties unrelated~~past. The risks related to ~~the Company, or (iii) the Company’s assessments reveal all~~government regulation, including health, safety and environmental ~~liabilities and that there~~matters, are no material environmental liabilities of which the Company is aware. If compliance with the various laws and regulations, now existing or hereafter adopted, exceeds the Company’s budgets for such items, the Company’s ability to make expected distributions to stockholders could be adversely affected.

There are no other laws or regulations which have a material effect on the Company’s operations, other than typical federal, state and local laws affecting the development and operation of real property, such as zoning laws.

described in more detail in Item 1A. Risk Factors – Operating Risks.

INDUSTRY SEGMENTS

The Company operates in two industry segments: (i) multifamily real estate and services and (ii) commercial and other real estate. As of December 31, ~~2021,~~2022, the Company does not have any foreign revenues and its business is not seasonal. Please see our financial statements attached hereto and incorporated by reference herein for financial information relating to our industry segments.

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SIGNIFICANT TENANTS

As of December 31, ~~2021,~~2022, no commercial tenant accounted for more than 10 percent of the Company’s consolidated revenues.

RECENT DEVELOPMENTS

~~Properties Commencing Initial Operations~~

~~During the year ended December 31, 2021,~~

In 2022, the Company ~~commenced initial operations~~accomplished a number of important milestones in its transformation to a pure play multifamily REIT.

The Company continued to streamline the portfolio by disposing of non-strategic office and hotel assets and selectively culling the land portfolio to right-size the Company’s equity allocated to its development pipeline and speculative land bank by:

•Disposing of two ~~multifamily properties located in Short Hills and Weehawken,~~office New Jersey ~~and containing 506 apartment units, which was completed~~Waterfront properties for net proceeds of $550.8 million, bringing total ~~costs~~proceeds realized from the disposition of ~~approximately $265.9 million. See Note 3 to the Financial Statements: Recent Transactions.~~

~~Dispositions/Real Estate Held for Sale~~

~~During the year ended December 31, 2021, the Company disposed of 16~~ office properties ~~three land leases and two~~to $1.6 billion.

•Disposing of six developable land properties in New Jersey for net sales proceeds of approximately ~~$716~~$151.7 million, ~~with net gains recorded on the sales of approximately $30.7 million~~bringing total proceeds realized from the ~~dispositions. See Note~~disposition of land parcels to $198.6 million.

•Disposing of its 50% interest in the Hyatt Hotel joint venture, with the hotel selling for gross proceeds of $117.0 million.

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•Entering into a definitive contract to sell the last remaining suburban office asset for $17.3 million gross proceeds, (subject to due diligence and closing conditions).

•Entering into a definitive contract to sell Harborside 1, 2 and 3 for $420.0 million gross proceeds (subject to ~~the Financial Statements: Recent Transactions.~~due diligence and closing conditions). Having seven land parcels under definitive contract to sell for gross proceeds of $108.6 million.

The Company ~~identified two~~thoughtfully redeployed proceeds from its disposition activities to strengthen its balance sheet, maximize its tax strategy, and enhance its portfolio by:

•Retiring $400.0 million of mortgage financing from proceeds of dispositions of office ~~properties and several developable land parcels as held for sale~~assets, bringing the total amount of debt repaid to $524.5 million.

•Paying down the Company’s revolving credit facility by $148.0 million to zero as of December 31, ~~2021. The~~2022, bringing the total ~~estimated sales proceeds,~~reduction in consolidated net ~~of expected selling costs, from these sales are expected~~indebtedness to ~~be approximately $920~~$898 million. ~~In January 2022, the Company completed the disposition of~~

•Acquiring one ~~of the office properties held~~Class A, 240-unit multifamily property located in Park Ridge, New Jersey for ~~sale at December 31, 2021 for~~$130.3 million gross ~~sales proceeds of $210 million. See Note 3 to the Financial Statements: Recent Transactions.~~proceeds.

•

~~Unconsolidated Joint Venture Activity~~

~~On April 29, 2021, the Company sold its interest in the 12 Vreeland Road joint venture for~~Commencing operations on a ~~gross sales price of approximately $2 million, with no gain or loss on the transaction. See Note 3 to the Financial Statements: Recent Transactions.~~

On September 1, 2021, the Company sold its interest in the Offices at Crystal Lake joint venture to its venture partner for $1.9 million and recorded a loss on the sale of approximately $1.9 million in the year ended December 31, 2021. See Note 3 to the Financial Statements: Recent Transactions.

~~Development Activity~~

~~The Company is developing a~~Class A, 750-unit ~~multifamily project at 25 Christopher Columbus, also known as Haus 25,~~property located in Jersey City, New Jersey ~~which began construction in the first quarter~~that as of 2019. The construction project, which is estimated to cost $469.5 million, of which $425 million has been incurred through December 31, 2021, is expected to be ready for occupancy in the second quarter of 2022. The Company has funded $169.5 million of the construction costs,February 15, 2023 was 95.9% leased and ~~the remaining construction costs are expected to be funded from a $300~~92.5% occupied.

•Refinancing $156 million construction ~~loan (of which $255.5~~loans with $185 million ~~was drawn as~~floating rate mortgage notes, resulting in total release of additional mortgage proceeds of $29 million at completion of refinancing.

•As of December 31, ~~2021)~~2022, 90% of the Company's total debt portfolio (consolidated and unconsolidated) hedged or fixed at a weighted average interest rate of 4.5%. ~~See Note 13~~The debt portfolio has a weighted average maturity of 3.9 years.

The Company continued to further enhance its ESG and operational platform by:

•Enhancing the ~~Financial Statements: Commitments and Contingencies.~~

~~Capital Markets Activity~~

~~In May 2021,~~portfolio’s composition by ending the Company entered into a revolving credit and term loan agreement that provides for a $250 million senior secured revolving credit facility (the “2021 Credit Facility”) and a $150 million senior secured term loan facility (the “2021 Term Loan”) and terminated its previous 2017 credit facility scheduled to matureyear with over 40% of the Company’s wholly-owned multifamily portfolio Green Certified (LEED® or equivalent) up from 25% in ~~July 2021. The 2021 Team Loan was repaid in July~~the end of 2021. ~~The Company also repaid various mortgages through~~

•Setting a ~~combination~~target to reduce Scope 1 and 2 emissions by 50% by 2030 validated by the Science Based Targets initiative.

•Earning 5 Star ESG rating from GRESB, the highest rating offered for distinguished ESG leadership and performance.

•Continuing focus on resident satisfaction and experience translating into an 82.75 J Turner ORA Ranking as of ~~sales, retirements and defeasances, and refinanced~~year-end 2022, compared to a ~~construction loan with permanent financing. See Note 10 to the Financial Statements: Mortgages, loans payable and other obligations.~~

~~In December 2021, the Company established an At-The-Market share offering program (“ATM Program”) through which the Company may issue and sell, from time to time, up to $200 million~~national average of ~~shares of its common stock. See Note 16 to the Financial Statements: Veris Residential, Inc. Stockholders’ Equity and Veris Residential, L.P.’s Partners’ Capital.~~62.88.

AVAILABLE INFORMATION

The Company’s corporate offices are located at Harborside 3, 210 Hudson Street, Suite 400, Jersey City, New Jersey 07311, and its telephone number is (732) 590-1010. The Company’s internet website is www.verisresidential.com. The Company makes available free of charge on or through its website the annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed

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or furnished by the ~~General Partner or the Operating Partnership~~Company pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after it electronically files or furnishes such materials to the Securities and Exchange Commission. In addition, the Company’s internet website includes other items related to corporate governance matters, including, among other things, the ~~General Partner’s~~Company’s corporate governance principles, charters of various committees of the Board of Directors ~~of the General Partner~~ and ~~the General Partner’s~~ code of business conduct and ethics applicable to all employees, officers and directors. The General Partner intends to disclose on the Company’s internet website any amendments to or waivers from its code of business conduct and ethics as well as any amendments to its corporate governance principles or the charters of various committees of the Board of Directors. Copies of these documents may be obtained, free of charge, from our internet website. Any shareholder also may obtain copies of these documents, free of charge, by sending a request in writing to: Veris Residential, Inc. Investor Relations Department, Harborside 3, 210 Hudson St., Ste. 400, Jersey City, NJ ~~07311.~~

Disclosure Regarding Forward-Looking Statements

07311 or to investorrelations@verisresidential.com.

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

We consider portions of this report, including the documents incorporated by reference, to be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of such act. Such forward-looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “potential,” “projected,” “should,” “expect,” “anticipate,” “estimate,” “target,” “continue,” or comparable terminology. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Although

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we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, we can give no assurance that such expectations will be achieved. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

In addition, the extent to which the ongoing COVID-19 pandemic impacts us and our tenants and residents will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, investors are cautioned to interpret many of the risks identified in the risk factors discussed in this Annual Report on Form 10-K for the year ended December 31, 2021, as well as the risks set forth below, as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19.

Among the factors about which we have made assumptions are:

•risks and uncertainties affecting the general economic climate and conditions, which in turn may have a negative effect on the fundamentals of our business and the financial condition of our tenants and residents;

•the value of our real estate assets, which may limit our ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by our properties or on an unsecured basis;

•the extent of any tenant bankruptcies or of any early lease terminations;

•our ability to lease or re-lease space at current or anticipated rents;

•changes in the supply of and demand for our properties;

•changes in interest rate levels and volatility in the securities markets;

•our ability to complete construction and development activities on time and within budget, including without limitation obtaining regulatory permits and the availability and cost of materials, labor and equipment;

•our ability to attract, hire and retain qualified personnel;

•forward-looking financial and operational information, including information relating to future development projects, potential acquisitions or dispositions, leasing activities, capitalization rates, and projected revenue and income;

•changes in operating costs;

•our ability to obtain adequate insurance, including coverage for natural disasters and terrorist acts;

•our credit worthiness and the availability of financing on attractive terms or at all, which may adversely impact our ability to pursue acquisition and development opportunities and refinance existing debt and our future interest expense;

•changes in governmental regulation, tax rates and similar matters; and

•other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants or residents will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated.

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For further information on factors which could impact us and the statements contained herein, see Item 1A: Risk Factors. We assume no obligation to update and supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.

ITEM 1A. RISK FACTORS

Our results from operations and ability to make distributions on our equity and debt service on our indebtedness may be affected by the risk factors set forth below. All investors should consider the following risk factors before deciding to purchase securities of the Company. The Company refers to itself as “we” or “our” in the following risk factors.

OPERATING RISKS

The ongoing coronavirus ("COVID-19") pandemic and measures intended to prevent its spread present material uncertainty and risk and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

The global outbreak of COVID-19 across many countries around the globe, including the United States, has significantly slowed global economic activity, caused significant volatility in financial markets, and resulted in unprecedented job losses causing many to fear an imminent global recession. Certain states and cities, including all of the jurisdictions in which our properties are located, have taken measures to prevent or slow the spread of COVID-19, including by instituting quarantines, vaccination mandates, restrictions on travel, "stay-at-home" rules, restrictions on types of business that may continue to operate and/or restrictions on the types of construction projects that may continue. As a result, the COVID-19 pandemic is negatively impacting almost every industry directly or indirectly, including industries in which we and our customers operate. We have modified, and might further modify, our business practices as a result of the COVID-19 pandemic, the economic and social ramification of the disease, and the societal and governmental responses in the communities in which we operate. In addition, we have adapted our operations to protect our employees, including by implementing a work from home policy. As a result, many of our employees are currently working remotely. An extended period of remote work arrangements could strain our business continuity plans, introduce operational risk, including but not limited to cybersecurity risks, and impair our ability to manage our business.

The COVID-19 pandemic presents material uncertainty and risk with respect to our financial condition, results of operations, cash flows and performance. The COVID-19 pandemic could negatively impact our business in a number of ways, including:

~~a complete or partial closure of, or other operational issues at, one or more of our properties resulting from government or customer action;~~

deterioration in the financial condition or liquidity of our tenants, customers or other counterparties, which could result in their inability to pay rents or failure to meet their contractual obligations to us;

~~the potential negative impact on our ability to complete planned acquisitions or dispositions of assets on expected terms or timelines, or at all;~~

reduced demand for space at our office properties and units at our multifamily residential properties, which could have a negative impact on our prospects for leasing current or additional space and/or renewing leases with existing tenants;

difficulty accessing debt and equity capital on attractive terms, or at all, which could result in reduced availability and increased cost of capital necessary to fund business operations, finance our development pipeline or address maturing liabilities on a timely basis;

~~costs associated with construction delays and cost overruns at our development and redevelopment projects;~~

unanticipated costs and operating expenses associated with remote work arrangements, sanitation measures performed at each of our properties, and other measures to protect the welfare of our employees and tenants; and

the potential negative impact on the health of our employees, particularly if a significant number of them are impacted, which could result in a deterioration in our ability to ensure business continuity during this disruption.

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The extent to which the COVID-19 pandemic may adversely affect our business will depend on future developments, including, among others, the severity and duration of the pandemic, the effectiveness of COVID-19 vaccines in curbing the spread of the virus, the nature and duration of other measures taken to contain the pandemic or mitigate its impact, and the direct and indirect economic impact of the pandemic and containment measures on the industries in which we and our customers operate. Among other things COVID-19 and government and our responses to the virus could (1) adversely affect the ability of our suppliers and vendors to provide products and services to us; (2) make it more difficult for us to serve our tenants, including as a result of delays or suspensions in the issuance of permits or other authorizations needed to conduct our business; (3) cause labor shortages in the available labor force due to quarantine requirements thereby making it more difficult for us to attract, hire and retain qualified personnel; and (4) increase our cost of capital and adversely impact our access to capital. Due to factors beyond our knowledge or control, including the duration and severity of COVID-19, as well as third-party actions taken to contain its spread and mitigate its public health effects, at this time we cannot estimate or predict with certainty the impact of COVID-19 or the measures the government and we take in response thereto on our financial position, results of operations and cash flows.

Adverse economic and geopolitical conditions in general and the Northeastern office markets in particular could have a material adverse effect on our results of operations, financial condition and our ability to pay distributions to you.

Our business may be affected by the continuing volatility in the financial and credit markets,, the general global economic conditions ~~continuing high unemployment,~~ and other market or economic challenges experienced by the U.S. economy or the real estate industry as a whole. Our business also may be adversely affected by local economic conditions, as substantially all of our revenues are derived from our properties located in New Jersey, New York and Massachusetts.Because our portfolio currently consists primarily of multifamily and office rental buildings (as compared to a more diversified real estate portfolio) located in the Northeast, if economic conditions persist or deteriorate, then our results of operations, financial condition and ability to service current debt and to pay distributions to our shareholders may be adversely affected by the following, among other potential conditions:

•s~~ignificant~~significant job losses in the financial and professional services industries may occur, which may decrease demand for our office space, causing market rental rates and property values to be negatively impacted;

•our ability to borrow on terms and conditions that we find acceptable, or at all, may be limited, which could reduce our ability to pursue acquisition and development opportunities and refinance existing debt, reduce our

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returns from both our existing operations and our acquisition and development activities and increase our future interest expense;

•reduced values of our properties may limit our ability to dispose of assets at attractive prices or to obtain debt financing secured by our properties and may reduce the availability of unsecured loans;

•the value and liquidity of our short-term investments and cash deposits could be reduced as a result of a deterioration of the financial condition of the institutions that hold our cash deposits or the institutions or assets in which we have made short-term investments, the dislocation of the markets for our short-term investments, increased volatility in market rates for such investments or other factors;

•reduced liquidity in debt markets and increased credit risk premiums for certain market participants may impair our ability to access capital; and

•one or more lenders under our line of credit could refuse or be unable to fund their financing commitment to us and we may not be able to replace the financing commitment of any such lenders on favorable terms, or at all.

These conditions, which could have a material adverse effect on our results of operations, financial condition and ability to pay distributions, may continue or worsen in the future.

Our performance is subject to risks associated with the real estate industry.

General: Our business and our ability to make distributions or payments to our investors depend on the ability of our properties to generate funds in excess of operating expenses (including scheduled principal payments on debt and capital expenditures). Events or conditions that are beyond our control may adversely affect our operations and the value of our properties. Such events or conditions could include:

•changes in the general economic climate and conditions;

•changes in local conditions, such as an oversupply of office space, a reduction in demand for office space, or reductions in office market rental rates;

•an oversupply or reduced demand for multifamily apartments caused by a decline in household formation, decline in employment or otherwise;

•decreased attractiveness of our properties to tenants and residents;

•competition from other office and multifamily properties;

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•development by competitors of competing multifamily communities;

•unwillingness of tenants to pay rent increases;

•rent control or rent stabilization laws, or other housing laws and regulations that could prevent us from raising multifamily rents to offset increases in operating costs;

•our inability to provide adequate maintenance;

•increased operating costs, including insurance premiums, utilities and real estate taxes, due to inflation and other factors which may not necessarily be offset by increased rents;

•changes in laws and regulations (including tax, environmental, zoning and building codes, landlord/tenant and other housing laws and regulations) and agency or court interpretations of such laws and regulations and the related costs of compliance;

•changes in interest rate levels and the availability of financing;

•the inability of a significant number of tenants or residents to pay rent;

•our inability to rent multifamily or office rental space on favorable terms; and

•civil unrest, earthquakes, acts of terrorism and other natural disasters or acts of God that may result in uninsured losses.

We may suffer adverse consequences if our revenues decline since our operating costs do not necessarily decline in proportion to our revenue: We earn a significant portion of our income from renting our properties. Our operating costs, however, do not necessarily fluctuate in relation to changes in our rental revenue. This means that our costs will not necessarily decline even if our revenues do. Our operating costs could also increase while our revenues do not. If our operating costs increase but our rental revenues do not, we may be forced to borrow to cover our costs and we may incur losses. Such losses may adversely affect our ability to make distributions or payments to our investors.

Financially distressed tenants may be unable to pay rent: If a tenant defaults, we may experience delays and incur substantial costs in enforcing our rights as landlord and protecting our investments. If a tenant files for bankruptcy, we cannot evict the tenant solely because of the bankruptcy and a potential court judgment rejecting and terminating such tenant’s lease (which would subject all future unpaid rent to a statutory cap) could adversely affect our ability to make distributions or payments to our investors as we may be unable to replace the defaulting tenant with a new tenant at a comparable rental rate without incurring significant expenses or a reduction in rental income.

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Renewing leases or re-letting space could be costly: If a tenant does not renew its lease upon expiration or terminates its lease early, we may not be able to re-lease the space on favorable terms or at all. If a tenant does renew its lease or we re-lease the space, the terms of the renewal or new lease, including the cost of required renovations or concessions to the tenant, may be less favorable than the current lease terms, which could adversely affect our ability to make distributions or payments to our investors.

Adverse developments concerning some of our major tenants and industry concentrations could have a negative impact on our revenue: We have tenants concentrated in various industries that may be experiencing adverse effects of current economic conditions. For instance, ~~13.5~~7.09 percent of our revenue is derived from tenants in the Securities, Commodity Contracts and Other Financial Services industry. Our business could be adversely affected if any of these industries suffered a downturn and/or these tenants or any other tenants became insolvent, declared bankruptcy or otherwise refused to pay rent in a timely manner or at all.

Our insurance coverage on our properties may be inadequate or our insurance providers may default on their obligations to pay claims: We currently carry comprehensive insurance on all of our properties, including insurance for liability, fire and flood. We cannot guarantee that the limits of our current policies will be sufficient in the event of a catastrophe to our properties. We cannot guarantee that we will be able to renew or duplicate our current insurance coverage in adequate amounts or at reasonable prices. In addition, while our current insurance policies insure us against loss from terrorist acts and toxic mold, in the future, insurance companies may no longer offer coverage against these types of losses, or, if offered, these types of insurance may be prohibitively expensive. If any or all of the foregoing should occur, we may not have insurance coverage against certain types of losses and/or there may be decreases in the limits of insurance available. Should an uninsured loss or a loss in excess of our insured limits occur, we could lose all or a portion of the capital we have invested in a property or properties, as well as the anticipated future revenue from the property or properties. Nevertheless, we might remain obligated for any mortgage debt or other financial obligations related to the property or properties. We cannot guarantee that material losses in excess of insurance proceeds will not occur in the future. If any of our properties were to experience a catastrophic loss, it could seriously disrupt our operations, delay revenue and result in large expenses to repair or rebuild the property. Such events could adversely affect our ability to make distributions or payments to our investors. If one or more of our insurance providers were to fail to pay a claim as a result of insolvency, bankruptcy or otherwise, the nonpayment of such claims could have an adverse effect on our financial condition and results of operations. In addition, if one or more of our insurance providers were to become subject to insolvency, bankruptcy or other proceedings and our insurance policies with the provider were terminated or

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canceled as a result of those proceedings, we cannot guarantee that we would be able to find alternative coverage in adequate amounts or at reasonable prices. In such case, we could experience a lapse in any or adequate insurance coverage with respect to one or more properties and be exposed to potential losses relating to any claims that may arise during such period of lapsed or inadequate coverage.

Illiquidity of real estate limits our ability to act quickly: Real estate investments are relatively illiquid. Such illiquidity may limit our ability to react quickly in response to changes in economic and other conditions. If we want to sell an investment, we might not be able to dispose of that investment in the time period we desire, and the sales price of that investment might not recoup or exceed the amount of our investment. The prohibition in the Internal Revenue Code of 1986, as amended (the “IRS Code”), and related regulations on a real estate investment trust holding property for sale also may restrict our ability to sell property. In addition, we acquired a significant number of our properties from individuals to whom the Operating Partnership issued Units as part of the purchase price. In connection with the acquisition of these properties, in order to preserve such individual’s income tax deferral, we contractually agreed not to sell or otherwise transfer the properties for a specified period of time, except in a manner which does not result in recognition of any built-in-gain (which may result in an income tax liability) or which reimburses the appropriate individuals for the income tax consequences of the recognition of such built-in-gains. These restrictions expired in February 2016. Upon the expiration of such restrictions we are generally required to use commercially reasonable efforts to prevent any sale, transfer or other disposition of the subject properties from resulting in the recognition of built-in gain to the appropriate individuals. After the effects of tax-free exchanges on certain of the originally contributed properties, either wholly or partially, over time, five of our properties, as well as certain land and development projects, including properties classified as held for sale as of December 31, 2021, with an aggregate carrying value of approximately $1.0 billion, are subject to these conditions. The above limitations on our ability to sell our investments could adversely affect our ability to make distributions or payments to our investors.

We may not be able to dispose of non-core office assets within our anticipated timeframe or at favorable prices: The Company has determined to sell over time properties at total estimated sales proceeds of up to ~~$732~~$212 million. While we intend to dispose of these properties opportunistically over time, there can be no assurance that these dispositions will be completed during the period of our strategic initiative. In addition, market conditions will impact our ability to dispose of these properties, and there can be no assurance that we will be successful in disposing of these properties for their estimated sales prices. A failure to dispose of these properties for their estimated market values as planned, or unfavorable tax consequences of the disposition of these properties could have a material adverse effect on our ability to finance our acquisition and development plans and could adversely affect our ability to make distributions or payments to our investors.

New acquisitions, including acquisitions of multifamily rental properties, may fail to perform as expected and will subject us to additional new risks and could adversely affect our ability to make distributions or payments to our investors: We intend to and may acquire new properties, primarily in the multifamily rental sector, assuming that we are able to obtain capital on favorable terms. Such newly acquired properties may not perform as expected and may subject us to unknown liability with respect to liabilities relating to such properties for clean-up of undisclosed environmental contamination or

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claims by tenants, residents, vendors or other persons against the former owners of the properties. Inaccurate assumptions regarding future rental or occupancy rates could result in overly optimistic estimates of future revenues. In addition, future operating expenses or the costs necessary to bring an acquired property up to standards established for its intended market position may be underestimated. The search for and process of acquiring such properties will also require a substantial amount of management’s time and attention. As our portfolio shifts from primarily commercial office properties to increasingly more multifamily rental properties we will face additional and new risks such as:

•shorter-term leases of one-year on average for multifamily rental communities, which allow residents to leave after the term of the lease without penalty;

~~increased competition from other housing sources such as other multifamily rental communities, condominiums and single-family houses that are available for rent as well as for sale;~~

•dependency on the convenience and attractiveness of the communities or neighborhoods in which our multifamily rental properties are located and the quality of local schools and other amenities; and

•dependency on the financial condition of Fannie Mae or Freddie Mac which provide a major source of financing to the multifamily rental ~~sector; and~~sector.

~~compliance with housing and other new regulations.~~

The above factors could adversely affect our ability to make distributions or payments to our investors.

Americans with Disabilities Act compliance could be costly: Under the Americans with Disabilities Act of 1990 (“ADA”), all public accommodations and commercial facilities must meet certain federal requirements related to access and use by disabled persons. Compliance with the ADA requirements could involve removal of structural barriers from certain disabled persons’ entrances. Other federal, state and local laws may require modifications to or restrict further renovations of our properties with respect to such accesses.

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Although we believe that our properties are substantially in compliance with present requirements, noncompliance with the ADA or related laws or regulations could result in the United States government imposing fines or private litigants being awarded damages against us. Such costs may adversely affect our ability to make distributions or payments to our investors.

Environmental problems are possible and may be costly: Various federal, state and local laws and regulations subject property owners or operators to liability for the costs of removal or remediation of certain hazardous or toxic substances located on or in the property. These laws often impose liability without regard to whether the owner or operator was responsible for or even knew of the presence of such substances. The presence of or failure to properly remediate hazardous or toxic substances (such as toxic mold, lead paint and asbestos) may adversely affect our ability to rent, sell or borrow against contaminated property and may impose liability upon us for personal injury to persons exposed to such substances. Various laws and regulations also impose liability on persons who arrange for the disposal or treatment of hazardous or toxic substances at another location for the costs of removal or remediation of such substances at the disposal or treatment facility. These laws often impose liability whether or not the person arranging for such disposal ever owned or operated the disposal facility. Certain other environmental laws and regulations impose liability on owners or operators of property for injuries relating to the release of ~~asbestos~~-~~containing~~asbestos-containing or other materials into the air, water or otherwise into the environment. As owners and operators of property and as potential arrangers for hazardous substance disposal, we may be liable under such laws and regulations for removal or remediation costs, governmental penalties, property damage, personal injuries and related expenses. Payment of such costs and expenses could adversely affect our ability to make distributions or payments to our investors.

Our corporate sustainability strategies may not be effective. Our sustainability strategy is focused on building and maintaining healthy, high-performance properties, while mitigating operational costs and the potential external impacts of energy, water, waste, greenhouse gas emissions and climate change. Failure to develop and maintain sustainable buildings relative to our peers could adversely impact our ability to lease space at competitive rates and negatively impact our results of operations and portfolio attractiveness.

We face risks associated with property acquisitions: We have acquired in the past, and our long-term strategy is to continue to pursue the acquisition of rental properties, primarily in the Northeast, particularly multifamily rental properties. We may be competing for investment opportunities with entities that have greater financial resources. Several developers and real estate companies may compete with us in seeking properties for acquisition, land for development and prospective tenants. Such competition may adversely affect our ability to make distributions or payments to our investors by:

•reducing the number of suitable investment opportunities offered to us;

•increasing the bargaining power of property owners;

•interfering with our ability to attract and retain tenants;

•increasing vacancies which lowers market rental rates and limits our ability to negotiate rental rates; and/or

•adversely affecting our ability to minimize expenses of operation.

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Our acquisition activities and their success are subject to the following risks:

•adequate financing to complete acquisitions may not be available on favorable terms or at all as a result of the continuing volatility in the financial and credit markets;

•even if we enter into an acquisition agreement for a property, we may be unable to complete that acquisition and risk the loss of certain non-refundable deposits and incurring certain other acquisition-related costs;

•the actual costs of repositioning or redeveloping acquired properties may be greater than our estimates;

•any acquisition agreement will likely contain conditions to closing, including completion of due diligence investigations to our satisfaction or other conditions that are not within our control, which may not be satisfied; and

•we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations, and acquired properties may fail to perform as expected; which may adversely affect our results of operations and financial condition.

Development of real estate, including the development of multifamily rental real estate could be costly: As part of our operating strategy, we may acquire land for development or construct on owned land, under certain conditions. Included among the risks of the real estate development business are the following, which may adversely affect our ability to make distributions or payments to our investors:

•financing for development projects may not be available on favorable terms;

•~~long~~-~~term~~long-term financing may not be available upon completion of construction;

•failure to complete construction and lease-up on schedule or within budget may increase debt service expense and construction and other costs; and

•failure to rent the development at all or at rent levels originally contemplated.

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Property ownership through joint ventures could subject us to the contrary business objectives of our co-venturers: We, from time to time, invest in joint ventures or partnerships in which we do not hold a controlling interest in the assets underlying the entities in which we invest, including joint ventures in which (i) we own a direct interest in an entity which controls such assets, or (ii) we own a direct interest in an entity which owns indirect interests, through one or more intermediaries, of such assets. These investments involve risks that do not exist with properties in which we own a controlling interest with respect to the underlying assets, including the possibility that (i) our co-venturers or partners may, at any time, become insolvent or otherwise refuse to make capital contributions when due, (ii) we may be responsible to our co-venturers or partners for indemnifiable losses, (iii) we may become liable with respect to guarantees of payment or performance by the joint ventures, (iv) we may become subject to buy-sell arrangements which could cause us to sell our interests or acquire our co-venturer’s or partner’s interests in a joint venture, or (v) our co-venturers or partners may, at any time, have business, economic or other objectives that are inconsistent with our objectives. Because we lack a controlling interest, our co-venturers or partners may be in a position to take action contrary to our instructions or requests or contrary to our policies or objectives. While we seek protective rights against such contrary actions, there can be no assurance that we will be successful in procuring any such protective rights, or if procured, that the rights will be sufficient to fully protect us against contrary actions. Our organizational documents do not limit the amount of available funds that we may invest in joint ventures or partnerships. If the objectives of our co-venturers or partners are inconsistent with ours, it may adversely affect our ability to make distributions or payments to our investors.

We may face increased risks and costs associated with volatility in commodity and labor prices or as a result of supply chain or procurement disruptions, which may adversely affect the status of our construction projects.

The price of commodities and skilled labor for our construction projects may increase unpredictably due to external factors, including, but not limited to, performance of third-party suppliers and contractors; overall market supply and demand; government regulation; international trade; and changes in general business, economic, or political conditions. As a result, the costs of raw construction materials and skilled labor required for the completion of our development and redevelopment projects may fluctuate significantly from time to time.

We rely on a number of third-party suppliers and contractors to supply raw materials and skilled labor for our construction projects. While we do not rely on any single supplier or vendor for the majority of our materials and skilled labor, we may experience difficulties obtaining necessary materials from suppliers or vendors whose supply chains might become impacted by economic or political changes, or difficulties obtaining adequate skilled labor from third-party contractors in a tightening labor market. It is uncertain whether we would be able to source the essential commodities, supplies, materials, and skilled labor timely or at all without incurring significant costs or delays, particularly during times of economic uncertainty resulting from events outside of our control, including, but not limited to, effects of COVID-19. We may be

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forced to purchase supplies and materials in larger quantities or in advance of when we would typically purchase them. This may cause us to require use of capital sooner than anticipated. Alternatively, we may also be forced to seek new third-party suppliers or contractors, whom we have not worked with in the past, and it is uncertain whether these new suppliers will be able to adequately meet our materials or labor needs. Our dependence on unfamiliar supply chains or relatively small supply partners may adversely affect the cost and timely completion of our construction projects. In addition, we may be unable to compete with entities that may have more favorable relationships with their suppliers and contractors or greater access to the required construction materials and skilled labor.

During ~~2021,~~2022, industry prices for certain construction materials, including steel, copper, lumber, plywood, electrical materials, and HVAC materials, experienced significant increases as a result of low inventories; surging demand fueled by the U.S. economy rebounding from the effects of COVID-19; tariffs imposed on imports of foreign steel, including on products from key competitors in the European Union (“EU”) and China; and significant changes in the U.S. steel production landscape stemming from the consolidation of certain steel-producing companies. Price surges on construction materials may result in corresponding increases in our development costs.

Short-term multifamily leases expose us to the effects of declining market rents.

Substantially all of our multifamily apartment leases are for a term of one year or less. Because these leases generally permit the residents to leave at the end of the lease term without penalty, our rental revenues are impacted by declines in market rents more quickly than if our leases were for longer terms.

Competition in the multifamily rental and residential housing markets could limit our ability to lease multifamily units or increase or maintain rents.

Our multifamily properties compete with other apartment operators as well as rental housing alternatives, such as condominiums or single-family homes for rent and short term furnished offerings such as those available from extended stay hotels or through on-line listing services. In addition, our residents and prospective residents also consider, as an alternative to renting, the purchase of a new or existing condominium or single-family home. Competitive residential housing could adversely affect our ability to lease apartment homes and to increase or maintain rental rates.

The global outbreak of COVID-19 across many countries around the globe, including the United States, has significantly slowed global economic activity and caused significant volatility in financial markets. Although the U.S. Food and Drug Administration has approved therapies and vaccines for distribution, there remain uncertainties as to the overall efficacy of the vaccines, especially as new strains of the coronavirus continue to emerge, and the level of resistance these new strains have to the existing vaccines, if any.

Certain states and cities, including all of the jurisdictions in which our properties are located, have taken and may re-institute measures to prevent or slow the spread of COVID-19, and its variants including by instituting quarantines, vaccination mandates, and testing requirements restrictions on travel, "stay-at-home" rules, restrictions on types of business that may continue to operate and/or restrictions on the types of construction projects that may continue. While vaccine availability and uptake has increased, the longer-term macro-economic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries.

•a complete or partial closure of, or other operational issues at, one or more of our properties resulting from government or customer action;

•declining household incomes and wealth or the deterioration in the financial condition or liquidity of our tenants, customers or other counterparties, which could result in their inability to pay rents or failure to meet their contractual obligations to us;

•the potential negative impact on our ability to complete planned acquisitions or dispositions of assets on expected terms or timelines, or at all;

•reduced demand for space at our office properties and units at our multifamily residential properties, which could have a negative impact on our prospects for leasing current or additional space and/or renewing leases with existing tenants;

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•difficulty accessing debt and equity capital on attractive terms, or at all, which could result in reduced availability and increased cost of capital necessary to fund business operations, finance our development pipeline or address maturing liabilities on a timely basis;

•costs associated with construction delays and cost overruns at our development and redevelopment projects;

•unanticipated costs and operating expenses associated with remote work arrangements, sanitation measures performed at each of our properties, and other measures to protect the welfare of our employees and tenants; and

•the potential negative impact on the health of our employees, particularly if a significant number of them are impacted, which could result in a deterioration in our ability to ensure business continuity during this disruption.

The extent to which the COVID-19 pandemic may adversely affect our business will depend on future developments, including, among others, the severity and duration of the pandemic, the effectiveness of COVID-19 vaccines in curbing the spread of the virus, the nature and duration of other measures taken to contain the pandemic or mitigate its impact, and the direct and indirect economic impact of the pandemic and containment measures on the industries in which we and our customers operate. Moreover, with the potential for continued new strains of COVID-19 to emerge, governments and businesses may re-impose aggressive measures to help slow its spread in the future. Among other things COVID-19 and government and our responses to the virus could (1) adversely affect the ability of our suppliers and vendors to provide products and services to us; (2) make it more difficult for us to serve our tenants, including as a result of delays or suspensions in the issuance of permits or other authorizations needed to conduct our business; (3) cause labor shortages in the available labor force due to quarantine requirements thereby making it more difficult for us to attract, hire and retain qualified personnel; and (4) increase our cost of capital and adversely impact our access to capital. Due to factors beyond our knowledge or control, including the duration and severity of COVID-19, as well as third-party actions taken to contain its spread and mitigate its public health effects, at this time we cannot estimate or predict with certainty the impact of COVID-19 or the measures the government and we take in response thereto on our financial position, results of operations and cash flows.

CAPITAL AND FINANCING RISKS

Our performance is subject to risks associated with repositioning a significant portion of the Company’s portfolio from office to multifamily rental properties.

Repositioning the Company’s office portfolio may result in impairment charges or less than expected returns on office properties and could adversely affect our ability to make distributions or payments to our investors: There can be no assurance that the Company, as it seeks to reposition a portion of its portfolio from office to the multifamily rental sector, will be able to sell office properties and purchase multifamily rental properties at prices that in the aggregate are profitable for the Company or are efficient uses of its capital or that would not result in a reduction of the Company’s cash flow, and such transactions could adversely affect our ability to make distributions or payments to our investors. Because real estate investments are relatively illiquid, it also may be difficult for the Company to promptly

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sell its office properties that are held or may be designated for sale promptly or on favorable terms, which could have a material adverse effect on the Company’s financial condition. In addition, as the Company identifies non-core office properties that may be held for sale or that it intends to hold for a shorter period of time than previously, it may determine that the carrying value of a property is not recoverable over the anticipated holding period of the property. As a result, the Company may incur impairment charges for certain of these properties to reduce their carrying values to the estimated fair market values. Moreover, as the Company seeks to reposition a portion of its portfolio from office to the multifamily rental sector, the Company may be subject to a Federal income tax on gain from sales of properties due to limitations in the IRS Code and related regulations on a real estate investment trust’s ability to sell properties. The Company intends to structure its property dispositions in a tax-efficient manner and avoid the prohibition in the IRS Code against a real estate investment trust holding properties for sale. There is no guaranty, however, that such dispositions can be achieved without the imposition of federal income tax on any gain recognized.

Unfavorable changes in market and economic conditions could adversely affect multifamily rental occupancy, rental rates, operating expenses, and the overall market value of our assets, including joint ventures. Local conditions that may adversely affect conditions in multifamily residential markets include the following:

•plant closings, industry slowdowns and other factors that adversely affect the local economy;

•an oversupply of, or a reduced demand for, apartment units;

•a decline in household formation or employment or lack of employment growth;

•the inability or unwillingness of residents to pay rent increases;

•rent control or rent stabilization laws, or other laws regulating housing, that could prevent us from raising rents to offset increases in operating costs; and

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•economic conditions that could cause an increase in our operating expenses, such as increases in property taxes, utilities, compensation of on-site associates and routine maintenance.

Changes in applicable laws, or noncompliance with applicable laws, could adversely affect our operations or expose us to liability: We must develop, construct and operate our communities in compliance with numerous federal, state and local laws and regulations, some of which may conflict with one another or be subject to limited judicial or regulatory interpretations. These laws and regulations may include zoning laws, building codes, landlord tenant laws and other laws generally applicable to business operations. Noncompliance with applicable laws could expose us to liability. Lower revenue growth or significant unanticipated expenditures may result from our need to comply with changes in (i) laws imposing remediation requirements and the potential liability for environmental conditions existing on properties or the restrictions on discharges or other conditions, (ii) rent control or rent stabilization laws or other residential landlord/tenant laws, or (iii) other governmental rules and regulations or enforcement policies affecting the development, use and operation of our communities, including changes to building codes and fire and life-safety codes.

Failure to succeed in new markets, or with new brands and community formats, or in activities other than the development, ownership and operation of residential rental communities may have adverse consequences: We are actively engaged in development and acquisition activity in new submarkets within our core, Northeast markets where we have owned and operated our historical portfolio of office properties. Our historical experience with properties in our core, Northeast markets in developing, owning and operating properties does not ensure that we will be able to operate successfully in the new multifamily submarkets. We will be exposed to a variety of risks in the multifamily submarkets, including:

•an inability to accurately evaluate local apartment market conditions;

•an inability to obtain land for development or to identify appropriate acquisition opportunities;

•an acquired property may fail to perform as we expected in analyzing our investment;

•our estimate of the costs of repositioning or developing an acquired property may prove inaccurate; and

•lack of familiarity with local governmental and permitting procedures.

Debt financing could adversely affect our economic performance.

Scheduled debt payments and refinancing could adversely affect our financial condition: We are subject to the risks normally associated with debt financing. These risks, including the following, may adversely affect our ability to make distributions or payments to our investors:

•our cash flow may be insufficient to meet required payments of principal and interest;

•payments of principal and interest on borrowings may leave us with insufficient cash resources to pay operating expenses;

•we may not be able to refinance indebtedness on our properties at maturity; and

•if refinanced, the terms of refinancing may not be as favorable as the original terms of the related indebtedness.

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As of December 31, ~~2021,~~2022, we had total outstanding indebtedness of ~~$2.4~~$1.9 billion, comprised of no outstanding borrowings ~~of $148 million~~ under our revolving credit facility and approximately ~~$2.2~~$1.9 billion of mortgages, loans payable and other obligations. We may have to refinance the principal due on our current or future indebtedness at maturity, and we may not be able to do so.

If we are unable to refinance our indebtedness on acceptable terms, or at all, events or conditions that may adversely affect our ability to make distributions or payments to our investors include the following:

•we may need to dispose of one or more of our properties upon disadvantageous terms or adjust our capital expenditures in general or with respect to our strategy of acquiring multifamily residential properties and development opportunities in particular;

•prevailing interest rates or other factors at the time of refinancing could increase interest rates and, therefore, our interest expense;

•we may be subject to an event of default pursuant to covenants for our indebtedness;

•if we mortgage property to secure payment of indebtedness and are unable to meet mortgage payments, the mortgagee could foreclose upon such property or appoint a receiver to receive an assignment of our rents and leases; and

•foreclosures upon mortgaged property could create taxable income without accompanying cash proceeds and, therefore, hinder our ability to meet the real estate investment trust distribution requirements of the IRS Code.

We are obligated to comply with financial covenants in our indebtedness that could restrict our range of operating activities: The mortgages on our properties contain customary negative covenants, including limitations on our ability,

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without the prior consent of the lender, to further mortgage the property, to enter into new leases outside of stipulated guidelines or to materially modify existing leases. In addition, our revolving credit facility contains customary requirements, including restrictions and other limitations on our ability to incur debt, debt to assets ratios and interest coverage ratios. These covenants limit our flexibility in conducting our operations and create a risk of default on our indebtedness if we cannot continue to satisfy them. Some of our debt instruments are cross-collateralized and contain cross default provisions with other debt instruments. Due to this cross-collateralization, a failure or default with respect to certain debt instruments or properties could have an adverse impact on us or our properties that are subject to the cross-collateralization under the applicable debt instrument. Failure to comply with these covenants could cause a default under the agreements and, in certain circumstances, our lenders may be entitled to accelerate our debt obligations. Defaults under our debt agreements could materially and adversely affect our financial condition and results of operations.

Rising interest rates may adversely affect our cash flow: As of December 31, ~~2021,~~2022, we have no outstanding borrowings ~~of approximately $148 million~~ under our revolving credit facility, ~~and~~ approximately ~~$570~~$147.0 million of our unhedged mortgage indebtedness ~~bear~~bearing interest at variable rates and approximately $482.3 million of our hedged mortgage indebtedness bearing interest at variable rates. We may incur additional indebtedness in the future that bears interest at variable rates. Variable rate debt creates higher debt service requirements if market interest rates increase. Higher debt service requirements could adversely affect our ability to make distributions or payments to our investors and/or cause us to default under certain debt covenants.

Our degree of leverage could adversely affect our cash flow: We fund acquisition opportunities and development partially through ~~short~~-~~term~~short-term borrowings (including our revolving credit facility), as well as from proceeds from property sales and undistributed cash. We expect to refinance projects purchased with ~~short~~-~~term~~short-term debt either with ~~long~~-~~term~~long-term indebtedness or equity financing depending upon the economic conditions at the time of refinancing. The Board of Directors has a general policy of limiting the ratio of our indebtedness to total undepreciated assets (total debt as a percentage of total undepreciated assets) to 50 percent or less, although there is no limit in our organizational documents on the amount of indebtedness that we may incur. However, we have entered into certain financial agreements which contain financial and operating covenants that limit our ability under certain circumstances to incur additional secured and unsecured indebtedness. The Board of Directors could alter or eliminate its current policy on borrowing at any time at its discretion. If this policy were changed, we could become more highly leveraged, resulting in an increase in debt service that could adversely affect our cash flow and our ability to make distributions or payments to our investors and/or could cause an increased risk of default on our obligations.

We are dependent on external sources of capital for future growth: To qualify as a real estate investment trust under the IRS Code, the General Partner must distribute to its shareholders each year at least 90 percent of its net taxable income, excluding any net capital gain. Because of this distribution requirement, it is not likely that we will be able to fund all future capital needs, including for acquisitions and developments, from income from operations. Therefore, we will have to rely on third-party sources of capital, which may or may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of things, including the market’s perception of our growth potential and our current and potential future earnings. Moreover, additional equity offerings, including sales of the General Partner’s common stock pursuant to its $200 million At-The-Market equity offering commenced in December 2021, may result in substantial dilution of our shareholders’ interests, and additional debt financing may substantially increase

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our leverage.

Adverse changes in our credit ratings could adversely affect our business and financial condition: The credit ratings previously assigned to our senior unsecured notes by nationally recognized statistical rating organizations (the “NRSROs”) were based on our operating performance, liquidity and leverage ratios, overall financial position and other factors employed by the NRSROs in their rating analyses of us. These ratings and similar ratings of us and any debt or preferred securities we may issue are subject to ongoing evaluation by the NRSROs, and we cannot assure you that any such ratings will not be changed by the NRSROs if, in their judgment, circumstances warrant. Our credit ratings can affect the amount of capital we can access, as well as the terms of any financings we may obtain. There can be no assurance that we will be able to maintain our current credit ratings, and in the event our current credit ratings are downgraded, we would likely incur higher borrowing costs and may encounter difficulty in obtaining additional financing.

The phase-out of LIBOR and transition to SOFR as a benchmark interest rate will have uncertain and possibly adverse effects: In 2018, the Alternative Reference Rate Committee (the "AARC") recommended the Secured Overnight Financing Rate (“SOFR”) as the alternative to LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities, published by the Federal Reserve Bank of New York. While we expect LIBOR to be available in substantially its current form until at least the end of June 30, 2023, it is possible that LIBOR will become unavailable prior to that point. Due to the broad use of LIBOR as a reference rate, the impact of this transition on the interest rates charged to the Company could possibly adversely affect our financing costs, including spread pricing on our revolving credit facility and certain other floating rate debt obligations, as well as our operations and cash flows.

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Additionally, although SOFR is the AARC's recommended replacement rate, it is also possible that lenders may instead choose alternative replacement rates that may differ from LIBOR in ways similar to SOFR or in ways that would result in higher interest costs for us. It is not yet possible to predict the magnitude of LIBOR's end on our borrowing costs given the remaining uncertainty about which rate(s) will replace LIBOR.

Some of our costs, such as operating and general and administrative expenses, interest expense, and real estate acquisition and construction costs, are subject to inflation.

A portion of our operating expenses is sensitive to inflation. These include expenses for property-related contracted services such as janitorial and engineering services, utilities, repairs and maintenance, and insurance. Property taxes are also impacted by inflationary changes as taxes are regularly reassessed based on changes in the fair value of our properties. We also have ground lease expenses in certain of our properties. Ground lease costs are contractual, but in some cases, lease payments reset every few years based on changes of consumer price indexes.

Our operating expenses, with the exception of ground lease rental expenses, are typically recoverable through our lease arrangements, which allow us to pass through substantially all expenses associated with property taxes, insurance, utilities, repairs and maintenance, and other operating expenses (including increases thereto) to our tenants. During inflationary periods, we may not be able to recover the cost of increases in operating expenses that exceed the fixed amounts for these expenses pursuant to our leases with tenants in our commercial office properties.

Additionally, inflationary pricing may have a negative effect on the real estate acquisitions and construction costs necessary to complete our development and redevelopment projects, including, but not limited to, costs of construction materials, labor, and services from third-party contractors and suppliers. Higher acquisition and construction costs could adversely impact our net investments in real estate and expected yields on our development and redevelopment projects, which may make otherwise lucrative investment opportunities less profitable to us. Our commercial leases have fixed rent increases which may not increase in line with inflation, this causing our net operating income to decrease. As a result, our financial condition, results of operations, and cash flows, as well as our ability to pay dividends, could be adversely affected over time.

MANAGEMENT RISKS

We may not be able to attract, integrate manage and retain personnel to execute our business strategy, and competition for skilled personnel could increase our labor costs.

Our success depends upon our ability to attract, integrate, manage and retain personnel who possess the skills and experience necessary to execute our acquisition, development, management and leasing strategies. We compete with various other companies in attracting and retaining qualified and skilled personnel. Our ability to hire and retain qualified personnel could be impaired by a lack of qualified candidates in the available labor force, the ongoing effects of the COVID-19 pandemic, including vaccination mandates, any diminution of our reputation, decrease in compensation levels relative to our competitors or modifications to our total compensation philosophy or competitor hiring programs. Competitive pressures may require that we enhance our pay and benefits package to compete effectively for such personnel. We may not be able to offset such added costs by increasing the rates we charge our tenants. If we cannot attract, hire and retain qualified personnel, our business, financial condition and results of operations would be negatively impacted. Our future success also depends upon our ability to manage the performance of our personnel. Failure to successfully manage the performance of our personnel could affect our profitability by causing operating inefficiencies that could increase operating expenses and reduce operating income.

We are dependent on our key personnel whose continued service is not guaranteed.

We are dependent upon key personnel for strategic business direction and real estate experience, including our chief executive officer, chief operating officer, chief financial officer, chief investments ~~officer, chief accounting~~ officer and general counsel. While we believe that we could find replacements for these key personnel, loss of their services could adversely affect our operations. We do not have key man life insurance for our key personnel. In addition, as the Company seeks to reposition a portion of its portfolio from office to the multifamily rental

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sector, the Company may become increasingly dependent on non-executive personnel with residential development and leasing expertise to effectively execute the Company’s long-term strategy.

~~Our real estate construction management activities are subject to risks particular to third-party construction projects.~~

~~As we may perform fixed price construction services for third parties, we are subject to a variety~~Table of risks unique to these activities. If construction costs of a project exceed original estimates, such costs may have to be absorbed by us. In addition, a construction project may be delayed due to circumstances beyond our control, or the time required to complete a construction project may be greater than originally anticipated. If any such excess costs or project delays were to be material, such events may adversely affect our cash flow and liquidity and thereby impact our ability to make distributions or payments to our investors.Contents

INVESTMENT RISKS

Certain provisions of Maryland law and the General Partner’s charter and bylaws could hinder, delay or prevent changes in control.

Certain provisions of Maryland law and General Partner's charter and bylaws have the effect of discouraging, delaying or preventing transactions that involve an actual or threatened change in control. These provisions include the following:

Removal of Directors: Under the General Partner's charter, subject to the rights of one or more classes or series of preferred stock to elect one or more directors, a director may be removed only for cause and only by the affirmative vote of at least two-thirds of all votes entitled to be cast by our stockholders generally in the election of directors. Neither the Maryland General Corporation Law nor the General Partner's charter define the term “cause.” As a result, removal for “cause” is subject to Maryland common law and to judicial interpretation and review in the context of the facts and circumstances of any particular situation.

Number of Directors, Board Vacancies, Terms of Office: The General Partner has, in its bylaws, elected to be subject to certain provisions of Maryland law which vest in the Board of Directors the exclusive right to determine the number of directors and the exclusive right, by the affirmative vote of a majority of the remaining directors, even if the remaining directors do not constitute a quorum, to fill vacancies on the board. These provisions of Maryland law, which are applicable even if other provisions of Maryland law or the charter or bylaws provide to the contrary, also provide that any director elected to fill a vacancy shall hold office for the remainder of the full term of the class of directors in which the vacancy occurred, rather than the next annual meeting of stockholders as would otherwise be the case, and until his or her successor is elected and qualifies. The General Partner has, in its corporate governance principles, adopted a mandatory retirement age of 80 years old for directors.

Stockholder Requested Special Meetings: The General Partner’s bylaws provide that its stockholders have the right to call a special meeting only upon the written request of the stockholders entitled to cast not less than a majority of all the votes entitled to be cast by the stockholders at such meeting.

Advance Notice Provisions for Stockholder Nominations and Proposals: The General Partner's bylaws require advance written notice for stockholders to nominate persons for election as directors at, or to bring other business before, any meeting of stockholders. This bylaw provision limits the ability of stockholders to make nominations of persons for election as directors or to introduce other proposals unless we are notified in a timely manner prior to the meeting.

Preferred Stock: Under the General Partner's charter, its Board of Directors has authority to issue preferred stock from time to time in one or more series and to establish the terms, preferences and rights of any such series of preferred stock, all without approval of its stockholders. As a result, its Board of Directors may establish a series of preferred stock that could delay or prevent a transaction or a change in control.

Duties of Directors with Respect to Unsolicited Takeovers: Maryland law provides protection for Maryland corporations against unsolicited takeovers by limiting, among other things, the duties of the directors in unsolicited takeover situations. The duties of directors of Maryland corporations do not require them to (a) accept, recommend or respond to any proposal by a person seeking to acquire control of the corporation, (b) authorize the corporation to redeem any rights under, or modify or render inapplicable, any stockholders rights plan, (c) make a determination under the Maryland Business Combination Act or the Maryland Control Share Acquisition Act, or (d) act or fail to act solely because of the effect the act or failure to act may have on an acquisition or potential acquisition of control of the corporation or the amount or type of consideration that may be offered or paid to the stockholders in an acquisition. Maryland law also contains a statutory presumption that an act of a director of a Maryland corporation satisfies the applicable standards of conduct for directors under Maryland law.

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Ownership Limit: In order to preserve the General Partner's status as a real estate investment trust under the IRS Code, its charter generally prohibits any single stockholder, or any group of affiliated stockholders, from beneficially owning more than 9.8 percent of its outstanding capital stock unless its Board of Directors waives or modifies this ownership limit.

Maryland Business Combination Act: The Maryland Business Combination Act provides that unless exempted, a Maryland corporation may not engage in certain business combinations, including mergers, consolidations, share exchanges or, in circumstances specified in the statute, asset transfers, issuances or reclassifications of shares of stock and other specified transactions, with an “interested stockholder” or an affiliate of an interested stockholder, for five years after the most recent date on which the interested stockholder became an interested stockholder, and thereafter unless specified criteria are met. An interested stockholder is generally a person owning or controlling, directly or indirectly, 10 percent or more of the

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voting power of the outstanding stock of the Maryland corporation. The General Partner's board of directors has exempted from this statute business combinations between the Company and certain affiliated individuals and entities. However, unless its board adopts other exemptions, the provisions of the Maryland Business Combination Act will be applicable to business combinations with other persons.

Maryland Control Share Acquisition Act: Maryland law provides that holders of “control shares” of a corporation acquired in a “control share acquisition” shall have no voting rights with respect to the control shares except to the extent approved by a vote of two-thirds of the votes eligible to cast on the matter under the Maryland Control Share Acquisition Act. “Control shares” means shares of stock that, if aggregated with all other shares of stock previously acquired by the acquirer, would entitle the acquirer to exercise voting power in electing directors within one of the following ranges of the voting power: one-tenth or more but less than one-third, one-third or more but less than a majority or a majority or more of all voting power. A “control share acquisition” means the acquisition of control shares, subject to certain exceptions.

If voting rights of control shares acquired in a control share acquisition are not approved at a stockholder’s meeting, then subject to certain conditions and limitations, the issuer may redeem any or all of the control shares for fair value. If voting rights of such control shares are approved at a stockholder’s meeting and the acquirer becomes entitled to vote a majority of the shares of stock entitled to vote, all other stockholders may exercise appraisal rights. In 2018, the General Partner's bylaws were amended to exempt any acquisition of the General Partner’s shares from the Maryland Control Share Acquisition Act. If the General Partner’s bylaws are amended to repeal or limit the exemption from the Maryland Control Share Acquisition Act, it may make it more difficult for a third party to obtain control of us and increase the difficulty of consummating a change in control.

Changes in market conditions could adversely affect the market price of the General Partner’s common stock.

As with other publicly traded equity securities, the value of the General Partner's common stock depends on various market conditions, which may change from time to time. The market price of the General Partner's common stock could change in ways that may or may not be related to our business, the General Partner's industry or our operating performance and financial condition. Among the market conditions that may affect the value of the General Partner's common stock are the following:

•the general reputation of REITs and the attractiveness of the General Partner's equity securities in comparison to other equity securities, including securities issued by other real estate-based companies;

•our financial performance; and

•general stock and bond market conditions.

The market value of the General Partner's common stock is based primarily upon the market’s perception of our growth potential and our current and potential future earnings and cash dividends. Consequently, the General Partner's common stock may trade at prices that are higher or lower than its net asset value per share of common stock.

REIT STATUS RISKS

The enactment of significant new tax legislation, generally effective for tax years beginning after December 31, 2017, could have a material and adverse effect on us and the market price of our shares.

On December 22, 2017, Pub. L. No. 15-97 (informally known as the Tax Cuts and Jobs Act (the “Act”)) was enacted into law. The Act made major changes to the Code, including a number of provisions of the Code that affect the taxation of REITs and their stockholders. The long-term effect of the significant changes made by the Act remains uncertain, and additional administrative guidance will be required in order to fully evaluate the effect of many provisions. The effect of any technical corrections with respect to the Act could have an adverse effect on us or our stockholders or holders of our debt securities.”

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Consequences of the General Partner's failure to qualify as a real estate investment trust could adversely affect our financial condition.

Failure to maintain ownership limits could cause the General Partner to lose its qualification as a real estate investment trust: In order for the General Partner to maintain its qualification as a real estate investment trust under the IRS Code, not more than 50 percent in value of its outstanding stock may be actually and/or constructively owned by five or fewer individuals (as defined in the IRS Code to include certain entities). The General Partner has limited the ownership of its outstanding shares of common stock by any single stockholder to 9.8 percent of the outstanding shares of its common stock. Its Board of Directors could waive this restriction if it was satisfied, based upon the advice of tax counsel or

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otherwise, that such action would be in the best interests of the General Partner and its stockholders and would not affect its qualification as a real estate investment trust under the IRS Code. Common stock acquired or transferred in breach of the limitation may be redeemed by us for the lesser of the price paid and the average closing price for the 10 trading days immediately preceding redemption or sold at the direction of the General Partner. The General Partner may elect to redeem such shares of common stock for Units, which are nontransferable except in very limited circumstances. Any transfer of shares of common stock which, as a result of such transfer, causes the General Partner to be in violation of any ownership limit, will be deemed void. Although the General Partner currently intends to continue to operate in a manner which will enable it to continue to qualify as a real estate investment trust under the IRS Code, it is possible that future economic, market, legal, tax or other considerations may cause its Board of Directors to revoke the election for the General Partner's to qualify as a real estate investment trust. Under the General Partner's organizational documents, its Board of Directors can make such revocation without the consent of its stockholders.

In addition, the consent of the holders of at least 85 percent of the Operating Partnership’s partnership units is required: (i) to merge (or permit the merger of) the Operating Partnership with another unrelated person, pursuant to a transaction in which the Operating Partnership is not the surviving entity; (ii) to dissolve, liquidate or wind up the Operating Partnership; or (iii) to convey or otherwise transfer all or substantially all of the Operating Partnership’s assets. As of February ~~18, 2022,~~15, 2023, the General Partner owned approximately ~~91.0~~90.7 percent of the Operating Partnership’s outstanding common partnership units.

Tax liabilities as a consequence of failure to qualify as a real estate investment trust: The General Partner has elected to be treated and has operated so as to qualify as a real estate investment trust for federal income tax purposes since the General Partner's taxable year ended December 31, 1994. Although the General Partner believes it will continue to operate in such manner, it cannot guarantee that it will do so. Qualification as a real estate investment trust involves the satisfaction of various requirements (some on an annual and some on a quarterly basis) established under highly technical and complex tax provisions of the IRS Code. Because few judicial or administrative interpretations of such provisions exist and qualification determinations are fact sensitive, the General Partner cannot assure you that it will qualify as a real estate investment trust for any taxable year.

If the General Partner fails to qualify as a real estate investment trust in any taxable year, it will be subject to the following:

•it will not be allowed a deduction for dividends paid to shareholders;

•it will be subject to federal income tax at regular corporate rates, including any alternative minimum tax, if applicable; and

•unless it is entitled to relief under certain statutory provisions, it will not be permitted to qualify as a real estate investment trust for the four taxable years following the year during which was disqualified.

A loss the General Partner's status as a real estate investment trust could have an adverse effect on us. Failure to qualify as a real estate investment trust also would eliminate the requirement that the General Partner pay dividends to its stockholders. In addition, any such dividends that the General Partner does pay to its stockholders would not constitute qualified REIT dividends and would accordingly not qualify for a deduction of up to 20 percent.

Other tax liabilities: Even if the General Partner qualifies as a real estate investment trust under the IRS Code, its subject to certain federal, state and local taxes on our income and property and, in some circumstances, certain other state and local taxes. From time to time changes in state and local tax laws or regulations are enacted, which may result in an increase in our tax liability. A shortfall in tax revenues for states and municipalities in which we operate may lead to an increase in the frequency and amount of such increase. These actions could adversely affect our financial condition and results of operations. In addition, our taxable REIT subsidiaries will be subject to federal, state and local income tax for income received in connection with certain non-customary services performed for tenants and/or third parties.

Risk of changes in the tax law applicable to real estate investment trusts: Since the Internal Revenue Service, the United States Treasury Department and Congress frequently review federal income tax legislation, we cannot predict whether, when or to what extent new federal tax laws, regulations, interpretations or rulings will be adopted. Any such legislative action may prospectively or retroactively modify our tax treatment and, therefore, may adversely affect taxation of us, and/or our investors.

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OTHER RISKS

Security breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer.

In the ordinary course of our business, we collect and store sensitive data, including intellectual property, our proprietary business information and that of our tenants and business partners, including personally identifiable information of our tenants and employees, in our data centers and on our networks and our business is at risk from and may be impacted by cybersecurity attacks. These attacks could include attempts to gain unauthorized access to our data and computer systems. Attacks can be both individual and/or highly organized attempts organized by very sophisticated hacking organizations. We employ a number of measures to prevent, detect and mitigate these threats, which include data encryption, frequent password change events, firewall detection systems, anti-virus software and frequent backups; however, there is no guarantee such efforts will be successful in preventing a cyber-attack, and we consult with outside cybersecurity firms to advise on our cybersecurity measures. We also have implemented internal controls around our treasury function, including enhanced payment authorization procedures, verification requirements for new vendor setup and vendor information changes, and bolstered outgoing payment notification process and account reconciliation procedures. We have policies and procedures in place in order to identify cybersecurity incidents and elevate such incidents to senior management in order to appropriately address and remediate any cyber-attack. Despite our security measures, our information technology and infrastructure may be vulnerable to attacks by hackers or breached due to employee error, malfeasance or other disruptions, and there can be no assurance that our actions, security measures, and controls designed to prevent, detect, or respond to intrusion; to limit access to data; to prevent loss, destruction, alteration, or exfiltration of business information; or to limit the negative impact from such attacks can provide absolute security against a cybersecurity incident. Any such breach could compromise our networks and the information stored there could be accessed, publicly disclosed, lost or stolen. Any such access, disclosure or other loss of information could result in legal claims or proceedings, liability under laws that protect the privacy of personal information, disrupt our operations, increased cybersecurity insurance premiums and damage our reputation, which could adversely affect our business.

We face possible risks associated with the physical effects of climate change.

We cannot predict with certainty whether climate change is occurring and, if so, at what rate. However, the physical effects of climate change could have a material adverse effect on our properties, operations, and business. To the extent climate change causes changes in weather patterns or severity, our markets could experience increase in storm intensity (including floods, tornadoes, hurricanes, or snow and ice storms), rising sea-levels, and changes in precipitation, temperature, air quality, and quality and availability of water. Over time, these conditions could result in physical damage to, or declining demand for, our properties or our inability to operate the buildings efficiently or at all. Climate change may also indirectly affect our business by increasing the cost of (or making unavailable) property insurance on terms we find acceptable, increasing the cost of required resources, including energy, other fuel sources, water, and waste and snow removal services, and increasing the risk and severity of flood and earthquakes at our properties. Should the impact of climate change be severe or occur for lengthy periods of time, our financial condition or results of operations could be adversely impacted. In addition, compliance with new or more stringent laws or regulations or stricter interpretations of existing laws may require material expenditure by us. For example, various federal, state, and local laws and regulations have been implemented or are under consideration to mitigate the effects of climate change caused by greenhouse gas emissions. Among other things, "green" building codes may seek to reduce emissions through the imposition of standards for design, construction materials, water and energy usage and efficiency, and waste management. Such codes could require us to make improvements to our existing properties, increase the costs of maintaining or improving our existing properties or developing new properties, or increase taxes and fees assessed on us or our properties. Expenditures required for compliance with such codes may affect our cash flow and results of operations.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.
‎

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ITEM 2. PROPERTIES

PROPERTY LIST

As of December 31, ~~2021,~~2022, the Company’s Consolidated Properties consisted of 1517 multifamily rental properties, as well as ~~ten~~eight in-service commercial properties and two hotels. The Consolidated Properties are located ~~primarily~~ in the Northeast. ~~The Consolidated Properties are easily accessible from major thoroughfares and are in close proximity to numerous amenities.~~ The Consolidated Properties contain a total of approximately ~~4,545~~5,535 apartment units and ~~4.9~~3.1 million square feet of commercial space with the individual commercial properties ranging from 8,400 to ~~1,246,283~~977,225 square feet. The Consolidated Properties, managed by on-site employees, generally have attractively landscaped sites and atriums in addition to quality design and construction. The Company’s commercial tenants include many service sector employers, including a large number of professional firms and national and international businesses. The Company believes that all of its in-service properties are well-maintained and do not require significant capital improvements.


Multifamily Rental Properties
	Location	Year Built	Apartment Units	% Leased 12/31/22 (%) (a)	2022 Average Revenue Per Home ($) (b)
NEW JERSEY
The Upton	Short Hills, NJ	2021	193	90.2	3,324
BLVD 475 N	Jersey City, NJ	2011	243	96.7	3,048
BLVD 475 S	Jersey City, NJ	2011	280	96.1	2,842
BLVD 425	Jersey City, NJ	2003	412	96.1	2,783
BLVD 401	Jersey City, NJ	2016	311	96.2	3,130
Liberty Towers	Jersey City, NJ	2003	648	95.8	3,215
Soho Lofts	Jersey City, NJ	2017	377	97.6	3,515
Haus25 (g)	Jersey City, NJ	2022	750	88.3	—
Riverhouse11 at Port Imperial	Weehawken, NJ	2018	295	96.6	3,531
Riverhouse9 at Port Imperial	Weehawken, NJ	2021	313	93.6	1,951
Signature Place	Morris Plains, NJ	2018	197	95.9	2,896
The James (g)	Park Ridge, NJ	2021	240	95.0	—
Total New Jersey Multifamily Rental			4,259	94.4	2,934

NEW YORK
Quarry Place at Tuckahoe	Eastchester, NY	2016	108	93.6	3,443
Total New York Multifamily Rental			108	93.6	3,443

MASSACHUSETTS
The Emery at Overlook Ridge	Revere, MA	2020	326	95.1	2,498
Portside at Pier One	East Boston, MA	2015	181	90.7	2,779
Portside 5/6	East Boston, MA	2018	296	95.5	2,947
145 Front at City Square	Worcester, MA	2018	365	95.1	2,381
Total Massachusetts Multifamily Rental			1,168	94.5	2,619

TOTAL MULTIFAMILY PROPERTIES			5,535	94.4	2,972

Multifamily Rental Properties
2021
2021
Average
Net
% Leased
Base Rent
Percentage
Base Rent
Year
Rentable Area
12/31/21
($000’s)
of Total 2021
Per Home
Location
Built
(SF/Units/Rooms)
(%) (a)
(b) (c)
Base Rent (%)
($) (c) (d)
NEW JERSEY
The Upton (g)
Short Hills, NJ
2021
193
99.5
4,259
1.60
2,205
BLVD 475 N
Jersey City, NJ
2011
243
95.9
8,344
3.14
2,984
BLVD 475 S
Jersey City, NJ
2011
280
96.8
8,342
3.14
2,565
BLVD 425
Jersey City, NJ
2003
412
95.6
12,348
4.65
2,612
BLVD 401
Jersey City, NJ
2016
311
96.2
10,162
3.83
2,832
Liberty Towers
Jersey City, NJ
2003
648
95.5
21,663
8.16
2,916
Soho Lofts
Jersey City, NJ
2017
377
97.1
14,297
5.39
3,255
Riverhouse11 at Port Imperial
Weehawken, NJ
2018
295
97.6
10,553
3.98
3,054
Riverhouse9 at Port Imperial (g)
Weehawken, NJ
2021
313
94.6
2,899
1.09
1,619
Signature Place
Morris Plains, NJ
2018
197
99.0
5,650
2.12
2,415
Total New Jersey Multifamily Rental
3,269
96.5
98,517
37.10
2,701
NEW YORK
Quarry Place at Tuckahoe
Eastchester, NY
2016
108
97.2
4,118
1.55
3,268
Total New York Multifamily Rental
108
97.2
4,118
1.55
3,268
MASSACHUSETTS
The Emery at Overlook Ridge
Revere, MA
2020
326
96.0
7,487
2.82
1,993
Portside at Pier One
East Boston, MA
2015
181
92.3
5,367
2.02
2,678
Portside 5/6
East Boston, MA
2018
296
96.9
8,766
3.30
2,545
145 Front at City Square
Worcester, MA
2018
365
94.6
8,262
3.11
1,923
Total Massachusetts Multifamily Rental
1,168
96.3
29,882
11.25
2,213
TOTAL MULTIFAMILY PROPERTIES
4,545
96.4
132,517
49.90
2,511

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Office Properties
Property Location	Location	Year Built	Net Rentable Area (SF)	% Leased 12/31/22 (%) (a)		2022 Base Rent ($000’s) (c)	2022 Average Base Rent Per Sq. Ft. ($) (c) (e)	2022 Average Effective Rent Per Sq. Ft. ($) (c) (f)

Harborside Plaza 2	Jersey City, NJ	1990	761,200	95.3		21,772	30.01	23.74
Harborside Plaza 3 (d)	Jersey City, NJ	1990	726,022	76.0		20,752	37.61	29.76
Harborside Plaza 5	Jersey City, NJ	2002	977,225	40.2		22,872	58.22	52.50
Harborside Plaza 6	Jersey City, NJ	2000	231,856	20.5		43	0.90	0.38
23 Main Street (h)	Holmdel, NJ	1977	350,000	100.0		4,566	13.05	11.25
TOTAL OFFICE PROPERTIES			3,046,303	67.9	(i)	70,005	33.86	28.16

Office Properties
2021
2021
2021
Average
Average
Net
% Leased
Base Rent
Percentage
Base Rent
Effective Rent
Year
Rentable Area
12/31/21
($000’s)
of Total 2021
Per Sq. Ft.
Per Sq. Ft.
Property Location
Location
Built
(SF/Units/Rooms)
(%) (a)
(b) (c)
Base Rent (%)
($) (c) (e)
($) (c) (f)
111 River Street (h)
Hoboken, NJ
2002
566,215
81.3
21,041
7.93
45.71
42.03
Harborside Plaza 2
Jersey City, NJ
1990
761,200
78.6
24,307
9.16
40.63
34.31
Harborside Plaza 3 (c)
Jersey City, NJ
1990
726,022
94.3
23,220
8.75
33.92
28.66
Harborside Plaza 5
Jersey City, NJ
2002
977,225
42.8
23,380
8.81
55.90
49.81
Harborside Plaza 6
Jersey City, NJ
2000
231,856
20.5
2,966
1.11
62.40
60.59
101 Hudson Street (c) (h)
Jersey City, NJ
1992
1,246,283
83.1
32,089
12.11
30.98
25.42
23 Main Street
Holmdel, NJ
1977
350,000
100.0
4,566
1.72
13.05
10.31
TOTAL OFFICE PROPERTIES (q)
4,858,801
74.0
(i)
131,569
49.59
36.60
31.48
Retail/Garage Properties
100 Avenue at Port Imperial (j) (k)
Weehawken, NJ
2016
8,400
100.0
273
0.10
32.50
31.19
500 Avenue at Port Imperial (l)
Weehawken, NJ
2013
18,064
88.1
682
0.26
42.85
37.51
Port Imperial North Retail
West New York, NJ
2008
30,745
58.0
402
0.15
22.54
18.56
TOTAL RETAIL/GARAGE PROPERTIES
57,209
73.7
1,357
0.51
32.20
28.23
Hotel Properties
Envue Autograph Collection
Weehawken, NJ
2019
208
-
(m)
-
-
-
Residence Inn at Port Imperial
Weehawken, NJ
2018
164
-
(n)
-
-
-
TOTAL HOTEL PROPERTIES
372
-
-
-
-
-
TOTAL COMMERCIAL PROPERTIES
74.0
(i)
132,926
50.10
36.54
31.43
TOTAL PROPERTIES
265,443
(o)(p)
100.00


Retail/Garage & Hotel Properties
Property Location	Location	Year Built	Net Rentable Area (Retail SF/Rooms)	% Leased 12/31/22 (%) (a)	2022 Total Rental Revenue ($000’s) (j)
100 Avenue at Port Imperial	Weehawken, NJ	2016	8,400	100.0	3,752
500 Avenue at Port Imperial	Weehawken, NJ	2013	18,064	92.0	1,184
Port Imperial North Retail	West New York, NJ	2008	30,745	64.3	803
TOTAL RETAIL/GARAGE PROPERTIES			57,209	78.3	5,739

Hotel Properties
Envue Autograph Collection (h)	Weehawken, NJ	2019	208	—	8,723
Residence Inn at Port Imperial (h)	Weehawken, NJ	2018	164	—	6,782
TOTAL HOTEL PROPERTIES			372	—	15,505

Footnotes to Property List (dollars in thousands, except per square foot amounts):

(a)

Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future.

(b)Average Revenue per Home is calculated as total apartment revenue for the year divided by the average percent occupied for the year, divided by the number of apartments. (c)Total base rent for the year ended December 31, 2022, determined in accordance with generally accepted accounting principles (“GAAP”). Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass through of charges for electrical usage. For the 12 months ended December 31, 2022, total escalations and recoveries from tenants were: $6,662, or $3.22 per leased square foot, for office properties. (d)Excludes space leased by the Company. (e)Base rent for the 12 months ended December 31, 2022 divided by net rentable commercial square feet leased at December 31, 2022. (f)Total base rent, determined in accordance with GAAP, for 2022 minus 2022 amortization of tenant improvements, leasing commissions and other concessions and costs, determined in accordance with GAAP, divided by net rentable square feet leased at December 31, 2022. (g)Property was acquired or placed in service in 2022 and results have been excluded from the table above. (h)Property is held for sale by the Company as of December 31, 2022 and disposed of in February 2023. (i)Excludes Harborside Plaza 1, a 400,000 square foot office property which has been removed from service. (j)Total Rental Revenue for the year ended December 31, 2022 is calculated by adding base rent, parking income and hotel income.

~~(a)~~	Percentage leased includes all leases in effect as of the period end date, some of which have commencement dates in the future and leases expiring December 31, 2021 aggregating 24,545 square feet (representing 0.5 percent of the Company’s total net rentable square footage) for which no new leases were signed.
~~(b)~~	Total base rent for the year ended December 31, 2021, determined in accordance with generally accepted accounting principles (“GAAP”). Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass through of charges for electrical usage. For the 12 months ended December 31, 2021, total escalations and recoveries from tenants were: $16,821, or $5.40 per leased square foot, for office properties.
~~(c)~~	~~Excludes space leased by the Company.~~
~~(d)~~	~~Annualized base rent for the 12 months ended December 31, 2021 divided by units occupied at December 31, 2021, divided by 12.~~
~~(e)~~	~~Base rent for the 12 months ended December 31, 2021 divided by net rentable commercial square feet leased at December 31, 2021.~~
~~(f)~~	Total base rent, determined in accordance with GAAP, for 2021 minus 2021 amortization of tenant improvements, leasing commissions and other concessions and costs, determined in accordance with GAAP, divided by net rentable square feet leased at December 31, 2021.
~~(g)~~	As this property was acquired, commenced initial operations or initially consolidated by the Company during the 12 months ended December 31, 2021, the amounts represented in 2021 base rent reflect only that portion of those 12 months during which the Company owned or consolidated the property. Accordingly, these amounts may not be indicative of the property’s full year results. For comparison purposes, the amounts represented in 2021 average base rent per sq. ft. and per unit for this property have been calculated by taking the 12 months ended December 31, 2021 base rent for such property and annualizing these partial-year results, dividing such annualized amounts by the net rentable square feet leased or occupied units at December 31, 2021. These annualized per square foot and per unit amounts may not be indicative of the property’s results had the Company owned or consolidated the property for the entirety of the 12 months ended December 31, 2021.
~~(h)~~	~~Property is held for sale by the Company as of December 31, 2021.~~
~~(i)~~	~~Excludes properties being considered for repositioning, redevelopment, potential sale, or being prepared for lease up.~~
~~(j)~~	~~This property had Parking Income of $480 in 2021.~~
~~(k)~~	~~Excludes $(833) of adjustments to Base Rent in 2021.~~
~~(l)~~	~~This property had Parking Income of $2,064 in 2021.~~
~~(m)~~	~~This property had Hotel Income of $5,526 in 2021.~~
~~(n)~~	~~This property had Hotel Income of $5,092 in 2021.~~
~~(o)~~	~~Excludes approximately $27.8 million from properties which were disposed of or removed from service during the year ended December 31, 2021.~~
~~(p)~~	~~Includes $55.4 million from properties held for sale as of December 31, 2021.~~
~~(q)~~	~~Excludes Harborside Plaza 1, a 400,000 square foot office property which has been removed from service.~~

Table of Contents

~~IN-DEVELOPMENT PROPERTIES~~

OCCUPANCY

(dollars in thousands)
Expected
Costs
Property
Development
Incurred
Development
Initial
Property
Location
Type
# of Units
Costs
to Date
Start
Occupancy
Haus 25 - 25 Christopher Columbus
Jersey City, NJ
Multifamily
750
$
469,510
$
424,963
1Q 2019
2Q 2022
750
$
469,510
$
424,963

PERCENTAGE LEASED

The following table sets forth the year-end ~~percentages~~occupancy of ~~multifamily units and commercial square feet leased in~~ the Company’s ~~stabilized operating Consolidated Properties~~Portfolio for the last five years:

(a)Percentage of square-feet leased includes all leases in effect as of the period end date, some of which have commencement dates in the future and leases that expire at the period end date. For all years, excludes properties being prepared for lease up.

(b)Includes properties classified as held for sale as of December 31, ~~2021.~~2022.

(c)Excludes properties being considered for repositioning or redevelopment. Inclusive of such properties, percentage of square feet leased as of 2019 ~~2018~~ and ~~2017~~2018 was 80.6 and 81.7 ~~and 85.6~~ percent, ~~respectively.~~

‎respectively.

~~Significant Tenants~~

SIGNIFICANT TENANTS

The following table sets forth a schedule of the Company’s 15 largest commercial tenants for the Consolidated Properties as of December 31, ~~2021~~2022 based upon annualized base rental revenue:


	Number of Properties (a)	Annualized Base Rental Revenue ($) (b)	Percentage of Company Annualized Base Rental Revenue (%) (c)	Square Feet Leased	Percentage Total Company Leased Sq. Ft. (%)	Year of Lease Expiration

MUFG Bank Ltd.	1	5,688,654	8.4	137,076	7.0	2029
Collectors Universe, Inc.	1	5,544,620	8.1	146,812	7.5	(d)
E-Trade Financial Corporation	1	5,504,869	8.1	132,265	6.8	2031
Vonage America Inc.	1	5,124,000	7.5	350,000	17.9	2023
Sumitomo Mitsui Banking Corp.	1	4,624,190	6.8	111,105	5.7	2036
Arch Insurance Company	1	4,326,008	6.4	106,815	5.5	2024
Brown Brothers Harriman & Company	1	4,017,930	5.9	114,798	5.9	2026
Cardinia Real Estate LLC	1	3,238,703	4.8	79,771	4.1	2032
New Jersey City University	1	3,057,806	4.5	84,929	4.4	2035
Zurich American Insurance Company	1	2,988,810	4.4	64,414	3.3	2032
Amtrust Financial Services	1	2,614,328	3.8	76,892	3.9	2023
Tradeweb Markets LLC	1	2,413,954	3.5	65,242	3.3	2027
Sunamerica Asset Management	1	2,005,894	2.9	36,336	1.9	2023
BETMGM, LLC	1	1,863,634	2.8	49,043	2.5	2032
Whole Foods Market Services	1	1,833,355	2.7	47,398	2.5	2032

Totals		54,846,755	80.6	1,602,896	82.2

(a)

Includes office property tenants only. Excludes leases for amenity, retail, parking and month‑to‑month tenants. Some tenants have multiple leases.

Percentage of
Annualized
Company
Square
Percentage
Year of
Number of
Base Rental
Annualized Base
Feet
Total Company
Lease
Properties (a)
Revenue ($) (b)
Rental Revenue (%)
Leased
Leased Sq. Ft. (%)
Expiration
John Wiley & Sons Inc.
1
10,888,238
9.1
290,353
8.6
2033 (c)
MUFG Bank Ltd.
1
9,939,269
8.3
237,350
7.0
2029 (d)
Merrill Lynch Pierce Fenner
1
9,417,902
7.9
388,207
11.4
2027
E-Trade Financial Corporation
1
5,396,412
4.5
132,265
3.9
2031
Vonage America Inc.
1
5,022,500
4.2
350,000
10.3
2023
Arch Insurance Company
1
4,326,008
3.6
106,815
3.1
2024
Sumitomo Mitsui Banking Corp
1
4,185,456
3.5
111,105
3.3
2036
Brown Brothers Harriman & Co.
1
4,017,930
3.4
114,798
3.4
2026
First Data Corporation
1
3,773,775
3.2
88,374
2.6
(e)
TP ICAP Americas Holdings Inc
1
3,446,090
2.9
100,759
3.0
(f)
Cardinia Real Estate LLC
1
3,174,886
2.7
79,771
2.3
2032
New Jersey City University
1
3,010,854
2.5
84,929
2.5
2035
Zurich American Ins. Co.
1
2,915,378
2.4
64,414
1.9
2032
BETMGM, LLC
1
2,800,234
2.3
71,343
2.1
(g)
Amtrust Financial Services
1
2,614,328
2.3
76,892
2.3
2023
Totals
74,929,260
62.8
2,297,375
67.7


~~(a)~~	~~Includes office property tenants only. Excludes leases for amenity, retail, parking and month‑to‑month tenants. Some tenants have multiple leases.~~
(b)	Annualized base rental revenue is based on actual December 2021 billings times 12. For leases whose rent commences after January 1, 2022, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
~~(c)~~	~~In January 2022, the Company completed the disposition of the office property where the tenant leases space.~~
~~(d)~~	~~MUFG Bank Ltd. Entered into a Surrender Agreement in January 2022. 100,274 square feet expired on January 31, 2022.~~
~~(e)~~	~~32,193 square feet expire in 2026; 56,181 expire in 2029.~~
~~(f)~~	~~63,372 square feet expire in 2023; 37,387 square feet expire in 2033.~~
~~(g)~~	~~22,300 square feet expire in 2022; 49,043 square feet expire in 2032.~~

Schedule of Lease Expirations

The following table sets forth a schedule of lease expirations for the total of the Company’s office and stand-alone retail properties included in the Consolidated Properties beginning January 1, 2022, assuming that none of the tenants exercise renewal or termination options:

Average
Annual Base
Percentage Of
Rent Per Net
Net Rentable
Total Leased
Annualized
Rentable
Percentage Of
Area Subject
Square Feet
Base Rental
Square Foot
Annual Base
Number Of
To Expiring
Represented
Revenue Under
Represented
Rent Under
Year Of
Leases
Leases
By Expiring
Expiring
By Expiring
Expiring
Expiration
Expiring (a)
(Sq. Ft.)
Leases (%)
Leases ($) (b)
Leases ($)
Leases (%)
2022
15
131,204
3.9
5,170,429
39.41
4.3
2023
13
676,899
19.9
17,669,977
26.10
14.8
2024
15
260,680
7.7
10,775,435
41.34
9.0
2025
10
108,891
3.2
3,322,280
30.51
2.8
2026
13
255,355
7.5
9,917,380
38.84
8.3
2027
8
446,554
13.1
11,759,843
26.33
9.9
2028
5
88,842
2.6
3,517,877
39.60
2.9
2029
5
311,594
9.2
13,355,949
42.86
11.2
2030
1
13,662
0.4
696,762
51.00
0.6
2031
3
147,814
4.4
6,027,109
40.77
5.1
2032
13
377,451
11.1
15,417,965
40.85
12.9
2033 and thereafter
15
576,553
17.0
21,711,742
37.66
18.2
Totals/Weighted
Average
116
3,395,499
(c)(d)
100.0
119,342,748
35.15
100.0


~~(a)~~	~~Includes office property tenants only. Excludes leases for amenity, retail, parking and month~~-to-~~month tenants. Some tenants have multiple leases.~~
~~(b)~~	Annualized base rental revenue is based on actual December 2021 billings times 12. For leases whose rent commences after January 1, 2022 annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.
~~(c)~~	~~Includes leases expiring December 31, 2021 aggregating 24,545 square feet and representing annualized rent of $0.9 million for which no new leases were signed.~~
~~(d)~~	~~Reconciliation to Company’s total net rentable square footage is as follows:~~


		~~Square Feet~~
~~Square footage leased to commercial tenants~~		~~3,395,499~~
~~Square footage used for corporate offices, management offices, building use, retail tenants, food services, other ancillary service tenants and occupancy adjustments~~		~~199,154~~
~~Square footage unleased~~		~~1,264,148~~
~~Total net rentable commercial square footage (does not include land leases)~~		~~4,858,801~~

Market Diversification

~~The following table lists the Company’s markets, based on annualized contractual base rent of the Consolidated Properties:~~

Percentage Of
Annualized Base
Annualized
Rental Revenue
Base Rental
Market
Property Type
($) (a) (b)
Revenue (%)
Hudson County, NJ
Commercial/Multifamily
241,401,737
80.2
Suffolk/Worcester Counties, MA
Multifamily
34,225,284
11.4
Morris/Essex Counties, NJ
Multifamily
15,278,895
5.1
Monmouth County, NJ
Commercial
5,022,500
1.7
Westchester County, NY
Multifamily
4,946,124
1.6
Totals
300,874,540
100.0

~~(a)~~Annualized base rental revenue is based on actual December ~~2021~~2022 billings times 12. For leases whose rent commences after January 1, ~~2022,~~2023, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.

(c)Based on Commercial Base Rental Revenue only.

(d)16,393 square feet expire in 2023; 130,419 square feet expire in 2038.

SCHEDULE OF LEASE EXPIRATIONS

The following table sets forth a schedule of lease expirations for the total of the Company’s office and stand-alone retail properties included in the Consolidated Properties beginning January 1, 2023, assuming that none of the tenants exercise renewal or termination options:


Year Of Expiration	Number Of Leases Expiring (a)	Net Rentable Area Subject To Expiring Leases (Sq. Ft.)		Percentage Of Total Leased Square Feet Represented By Expiring Leases (%)	Annualized Base Rental Revenue Under Expiring Leases ($) (b)	Average Annual Base Rent Per Net Rentable Square Foot Represented By Expiring Leases ($)	Percentage Of Annual Base Rent Under Expiring Leases (%)
2023	11	546,436		28.0	12,749,460	23.33	18.7
2024	8	162,776		8.3	6,781,459	41.66	10.0
2025	8	104,572		5.4	3,171,250	30.33	4.7
2026	4	138,553		7.1	4,900,037	35.37	7.2
2027	0	—		—	—	—	—
2028	5	88,842		4.6	3,542,684	39.88	5.2
2029	1	137,076		7.0	5,688,654	41.50	8.4
2030	0	—		—	—	—	—
2031	1	132,265		6.8	5,504,869	41.62	8.1
2032	8	313,978		16.1	12,799,977	40.77	18.8
2033 and thereafter	6	326,453		16.7	12,898,756	39.51	18.9
Totals/Weighted Average	52	1,950,951	(c)	100.0	68,037,146	34.87	100.0

(a)Includes office property tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases.

(b)Annualized base rental revenue is based on actual December 2022 billings multiplied by 12. For leases whose rent commences after January 1, 2023 annualized base rental revenue is based on the first full month’s billing multiplied by 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.

(c)Reconciliation to Company’s total net rentable square footage is as follows:


			Square Feet
Square footage leased to commercial tenants			1,950,951
Square footage used for corporate offices, management offices, building use, retail tenants, food services, other ancillary service tenants and occupancy adjustments			116,776
Square footage unleased			978,576
Total net rentable commercial square footage (does not include land leases)			3,046,303

MARKET DIVERSIFICATION

The following table lists the Company’s markets, based on annualized contractual base rent of the Consolidated Properties:


Market	Property Type	Annualized Base Rental Revenue ($) (a) (b)	Percentage Of Annualized Base Rental Revenue (%)
Hudson County, NJ	Commercial/Multifamily	237,110,993	78.3
Suffolk/Worcester Counties, MA	Multifamily	38,235,682	12.6
Morris/Essex Counties, NJ	Multifamily	9,780,522	3.2
Bergen County, NJ	Multifamily	7,735,921	2.6
Monmouth County, NJ	Commercial	5,124,000	1.7
Westchester County, NY	Multifamily	5,017,670	1.7

Totals		303,004,788	100.0

(a)Annualized base rental revenue is based on actual December 2022 billings times 12. For leases whose rent commences after January 1, 2023, annualized base rental revenue is based on the first full month’s billing times 12. As annualized base rental revenue is not derived from historical GAAP results, historical results may differ from those set forth above.

(b)Includes leases in effect as of the period end date, some of which have commencement dates in the ~~future, and leases expiring December 31, 2021 aggregating 24,545 square feet and representing annualized base rent of $0.9 million for which no new leases were signed.~~future.

ITEM 3. LEGAL PROCEEDINGS

There are no material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or to which any of the Properties is subject.

ITEM 4.MINE SAFETY DISCLOSURES

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

The shares of the General Partner's common stock are traded on the New York Stock Exchange (“NYSE”) under the symbol “VRE.” The ~~Company’s~~Company's common stock previously traded on the NYSE under the symbol ~~“CLI”~~"CLI" prior to its name ~~change discussed in Item 1.~~change. There is no established public trading market for the Operating ~~Partnership’s~~Partnership's common units.

The following table sets forth the quarterly high, low, and closing price per share of the General Partner's Common Stock reported on the NYSE for the years ended December 31, 2021 and 2020, respectively:

For the Year Ended December 31, 2021
High
Low
Close
First Quarter
$
16.80
$
11.74
$
15.48
Second Quarter
$
17.95
$
15.28
$
17.15
Third Quarter
$
18.40
$
16.04
$
17.12
Fourth Quarter
$
19.90
$
16.45
$
18.38
For the Year Ended December 31, 2020
High
Low
Close
First Quarter
$
23.89
$
13.83
$
15.23
Second Quarter
$
18.83
$
12.90
$
15.29
Third Quarter
$
15.85
$
12.14
$
12.62
Fourth Quarter
$
15.06
$
10.35
$
12.46

~~On February 18, 2022, the closing Common Stock price reported on the NYSE was $17.43 per share.~~

On July 6, 2021, the General Partner filed with the NYSE its annual CEO Certification and Annual Written Affirmation pursuant to Section 303A.12 of the NYSE Listed Company Manual, each certifying that the General Partner was in compliance with all of the listing standards of the NYSE.

~~HOLDERS~~

On February 18, 2022, the General Partner had 249 common shareholders of record (this does not include beneficial owners for whom Cede & Co. or others act as nominee) and the Operating Partnership had 62 owners of limited partnership units and one owner of General Partnership units.

~~RECENT SALES OF UNREGISTERED SECURITIES; USES OF PROCEEDS FROM REGISTERED SECURITIES~~

~~None.~~

~~DIVIDENDS AND DISTRIBUTIONS~~

On September 30, 2020, the Company announced that its Board of Directors was suspending its common dividends and distributions attributable to the third and fourth quarters 2020. As the Company’s management estimated that as of September 2020 it had satisfied its dividends obligations as a REIT on taxable income expected for 2020, the Board made the strategic decision to suspend its common dividends and distributions for the remainder of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside commercial office properties on the Jersey City waterfront. On March 19, 2021, the Company announced that its Board of Directors would continue to suspend its common dividend for the remainder of 2021 in order to conserve capital and allow for greater financial flexibility during this period of heightened economic uncertainty and based on the Company’s projected 2021 taxable income estimates. The Company believes that with its estimated taxable income/loss for 2021, it will meet its dividend obligations as a REIT for the year with no dividends paid. The Company anticipates its regular quarterly common dividend to remain suspended while it seeks to conclude its transition into a pureplay multifamily REIT.

The declaration and payment of dividends and distributions will continue to be determined by the Board of Directors of the General Partner in light of conditions then existing, including the Company’s earnings, cash flows, financial condition, capital requirements, debt maturities, the availability of debt and equity capital, applicable REIT and legal restrictions and the general overall economic conditions and other factors.

~~PERFORMANCE GRAPH~~

The following graph compares total stockholder returns from the last five fiscal years to the Standard & Poor’s 500 Index (“S&P 500”) and to the National Association of Real Estate Investment Trusts, Inc.’s FTSE NAREIT Equity REIT Index (“NAREIT”). The graph assumes that the value of the investment in the General Partner's Common Stock and in the S&P 500 and NAREIT indices was $100 at December 31, ~~2016~~2017 and that all dividends were reinvested. The price of the General Partner's Common Stock on December 31, ~~2016~~2017 (on which the graph is based) was ~~$29.02.~~$21.56. The past stockholder return shown on the following graph is not necessarily indicative of future performance.

Comparison of Five-Year Cumulative Total Return

DIVIDENDS AND DISTRIBUTIONS

‎The Company has suspended its common dividends since September 2020, which was initially a strategic decision by the Board to allow for greater financial flexibility during the COVID-19 pandemic and to retain incremental capital to support the Company’s value-enhancing investments across the portfolio and was based upon its estimates of taxable income.

Based upon its current estimates of taxable income and its expectation of disposition activity, the Board has made the

strategic decision to continue to suspend its dividend to support the transformation of the Company to a pure-play multifamily REIT and will re-evaluate this decision when such transition is substantially complete.

The declaration and payment of dividends and distributions will continue to be determined by the Board of Directors of the General Partner in light of conditions then existing, including the Company’s earnings, cash flows, financial condition, capital requirements, debt maturities, the availability of debt and equity capital, applicable REIT and legal restrictions and general overall economic conditions and other factors.

On June 24, 2022, the General Partner filed with the NYSE its annual CEO Certification and Annual Written Affirmation pursuant to Section 303A.12 of the NYSE Listed Company Manual, each certifying that the General Partner was in compliance with all of the listing standards of the NYSE.

On February 15, 2023, the General Partner had 234 common shareholders of record (this does not include beneficial owners for whom Cede & Co. or others act as nominee) and the Operating Partnership had 60 owners of limited partnership units and one owner of General Partnership Units.

RECENT SALES OF UNREGISTERED SECURITIES; USES OF PROCEEDS FROM REGISTERED SECURITIES

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the Consolidated Financial Statements of Veris Residential, Inc. and Veris Residential, L.P. and the notes thereto (collectively, the “Financial Statements”). Certain defined terms used herein have the meaning ascribed to them in the Financial Statements.

Veris Residential, Inc. together with its subsidiaries, ~~(collectively, the “General Partner”),~~ including Veris Residential, L.P. (the “Operating Partnership” and collectively, the “Company”), has been involved in all aspects of commercial real estate development, management and ownership for over 60 years and ~~the General Partner~~ has been a publicly traded ~~real estate investment trust (“REIT”)~~REIT since 1994.

The Operating Partnership conducts the business of providing management, leasing, acquisition, development, construction and tenant-related services for its General Partner. The Operating Partnership, through its operating divisions and subsidiaries, including the Veris property-owning partnerships and limited liability companies, is the entity through which all of the General Partner’s operations are conducted. Unless stated otherwise or the context requires, the “Company” refers to the General Partner and its subsidiaries, including the Operating Partnership and its subsidiaries. The Company develops, owns ~~or has interests in 36 properties (collectively, the “Properties”), consisting of 22~~and operates predominantly multifamily rental properties ~~containing 6,691 apartment units~~located primarily in the Northeast, as well as ~~non-core assets comprised~~a portfolio of ~~seven~~Class A office ~~properties, four parking/retail properties, three hotels plus developable land. The Properties are located in three states in the Northeast, plus the District of Columbia.~~

properties. The Company is in the process of transitioning to a ~~forward-thinking, environmentally and socially conscious~~pure-play multifamily REIT that primarily owns, operates, acquires, and develops holistically-inspired, Class A multifamily properties that meet the sustainability conscious lifestyle needs of today's residents while seeking to positively impact the communities it serves and the planet at large. The Company is guided by an experienced management team and Board of Directors and is ~~underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment.~~

~~STRATEGIC DIRECTION~~

~~In December 2021, the Company announced that it had rebranded to Veris Residential, Inc. reflecting its on-going transition into a multifamily Company as well as its new corporate values and focus~~focused on conducting business in a socially, ethically, and environmentally responsible manner, while seeking to maximize value for all stakeholders.

The ~~Company expects to continue to pursue opportunities to streamline~~General Partner controls Veris Residential, L.P., a Delaware limited partnership, together with its portfolio and enhance the stability of its revenue stream, as well as pursue overall expense savings from internal reorganizations which may result from the transition of the Company’s real estate portfolio.

On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet, which had excluded the Company’s office properties in Jersey City and Hoboken, New Jerseysubsidiaries (collectively, the ~~“Suburban Office Portfolio”~~“Operating Partnership”)~~. As the decision to sell the Suburban Office Portfolio represented~~, as its sole general partner and owned a ~~strategic shift~~90.7 and 91.0 percent common unit interest in the ~~Company’s operations, these properties’ results (other than a single property not qualified to be classified~~Operating Partnership as ~~held for sale) are being classified as discontinued operations for all periods presented herein. See Note 7: Discontinued Operations – to the Financial Statements.~~

~~Between late 2019 and~~of December 31, 2022 and 2021, ~~the Company completed the sale of all but one of its 37 properties in its Suburban Office Portfolio, totaling 6.3 million square feet, for net sales proceeds of $1.0 billion.~~

respectively.

Starting in the third quarter 2021, and as a result of the recent completion of the Suburban Office Portfolio dispositions for all but one asset, the Company’s multifamily properties accounted for more than half of the Company’s total revenue for the first time (See Note 18: Segment Reporting – to the Financial Statements). As of December 31, ~~2021,~~2022, the Company owns or has interests in 35 properties (collectively, the “Properties”) and developable land parcels. These properties are comprised of 24 multifamily rental properties containing 7,681 apartment units as well as non-core assets comprised of five office properties, four parking/retail properties and two hotels and eight properties owned by unconsolidated joint ventures in which the Company has ~~classified two office~~investment interests, including seven multifamily properties and a non-core asset. The Properties are located in ~~Jersey City and Hoboken, New Jersey totaling approximately 1.8 million square feet as held for sale which is consistent with~~three states in the ~~Company’s ongoing efforts and strategy to continue to transition into a primarily multifamily residential company.~~Northeast, plus the District of Columbia.

Critical Accounting Policies and Estimates

The accompanying consolidated financial statements include all accounts of the Company, its majority-owned and/or controlled subsidiaries, which consist principally of the Operating Partnership and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. See Note 2: Significant Accounting Policies – to the Financial Statements, for the Company’s treatment of unconsolidated joint venture interests. Intercompany accounts and transactions have been eliminated.

Accounting Standards Codification (“ASC”) 810, Consolidation, provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE.

The financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on management’s historical experience that are believed to be reasonable at the time. However, because future events and their effects cannot be determined with certainty, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates. Certain reclassifications have been made to prior period amounts in order to conform with current period presentation, primarily related to classification of certain properties as discontinued operations. The Company’s critical accounting policies are those which require assumptions to be made about matters that are highly uncertain. Different estimates could have a material effect on the Company’s financial results. Judgments and uncertainties affecting the application of these policies and estimates may result in materially different amounts being reported under different conditions and circumstances.

Rental properties are ~~stated~~reported at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Interest capitalized by the Company for the years ended December 31, 2022, 2021 and 2020 ~~and 2019~~ was $12.2 million, $30.5 million ~~$26.4 million~~ and ~~$19.3~~$26.4 million, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and ~~betterments,~~improvements which ~~improve~~enhance or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts.

The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of improvements, but no later than one year from cessation of major construction activity (as distinguished from activities such as routine maintenance and cleanup). If portions of a rental project are substantially completed and occupied by tenants or residents, or held available for occupancy, and other portions have not yet reached that stage, the substantially completed portions are accounted for as a separate project. The Company allocates costs incurred between the portions under construction and the portions substantially completed and held available for occupancy, primarily based on a percentage of the relative commercial square footage or multifamily units of each portion, and capitalizes only those costs associated with the portion under construction.

Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:


Leasehold interests		Remaining lease term
Buildings and improvements		5 to 40 years
Tenant improvements		The shorter of the term of the
	related lease or useful life
Furniture, fixtures and equipment		5 to 10 years

Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. For asset acquisitions, the Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed differ from the purchase consideration of a business combination transaction.

In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant.

Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases.

Other intangible assets acquired include amounts for in-place lease ~~values and tenant relationship~~ values, which are based on management’s evaluation of the specific characteristics of each tenant’s ~~lease and the Company’s overall relationship with the respective tenant.~~lease. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The values of in-place leases are amortized to expense over the remaining initial terms of the respective leases. ~~The values of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships or leases.~~

On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management, depending on the type of property, may include reviewing ~~low leased percentages,~~properties with below market occupancy levels, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction cost overruns and/or other factors, including those that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property over its estimated holding period is less than the carrying value of the property. If there are different ~~possible scenarios~~potential outcomes for a property, the Company will take a probability-weighted approach to estimating future cash ~~flow scenarios.~~flows. To the extent impairment has occurred, the impairment loss is measured as the excess of the carrying value of the property over the fair value of the property.

The Company’s estimates of aggregate future cash flows ~~expected to be generated~~ and estimated fair values for each property are based on a number of assumptions, including but not limited to estimated holding periods, outcome probabilities, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to

may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and additional losses or impairments may be realized in the future.

Real Estate Held for Sale and Discontinued Operations

When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of expected selling costs, of such assets. The Company generally considers assets (as identified by their disposal groups) to be held for sale when the transaction has received appropriate corporate authority, it is probable to be sold within the following 12 months, and there are no significant contingencies relating to a sale. If, in management’s opinion, the estimated net sales price, net of expected selling costs, of the disposal groups ~~which have been~~ identified as held for sale is less than the carrying value, ~~of the assets,~~ a valuation allowance (which is recorded as unrealized losses on disposition of rental property) is established. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of assumptions, including but not limited to the Company’s estimates of future cash flows, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. In addition, the Company classifies assets held for sale or sold as discontinued operations if the disposal groups represent a strategic shift that will have a major effect on the Company’s operations and financial results. For any disposals qualifying as discontinued operations, the assets and their results are presented in discontinued operations in the financial statements for all periods presented. See Note 7: Discontinued Operations – to the Financial Statements.

If circumstances arise that previously were considered unlikely and, as a result, the Company has determined that an asset previously classified as held for sale no longer meets the held for sale criteria, the asset is reclassified as held and used. An asset that is reclassified is measured and recorded individually at the lower of (a) its carrying value before the asset was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset been continuously classified as held and used, or (b) the fair value at the date the asset, qualified as held for sale.

Investments in Unconsolidated Joint Ventures

The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed.

Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses.

If the venture subsequently makes distributions and the Company does not have an implied or actual commitment to support the operations of the venture, the Company will not record a basis less than zero, rather such amounts will be recorded as equity in earnings of unconsolidated joint ventures.

On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions including but not limited to estimates of future and stabilized cash flows, market capitalization rates and discount rates, if applicable. These assumptions are based on management's experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the ~~future~~.future. See Note 4: Investments in Unconsolidated Joint Ventures – to the Financial Statements.

Revenue from leases includes fixed base rents under leases, which are recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements.

The Company elected a practical expedient for its rental properties (as lessor) to avoid separating non-lease components that otherwise would need to be accounted for under the recently-adopted revenue accounting guidance (such as tenant reimbursements of property operating expenses) from the associated lease component since (1) the non-lease components have the same timing and pattern of transfer as the associated lease component and (2) the lease component, if accounted for separately, would be classified as an operating lease; this enables the Company to account for the combination of the lease component and non-lease components as an operating lease since the lease component is the predominant component of the combined components.

Due to the Company’s adoption of the practical expedient discussed above to not separate non-lease component revenue from the associated lease component, the Company is aggregating revenue from its lease components and non-lease components (comprised predominantly of tenant operating expense reimbursements) into the line entitled “Revenue from leases.”

Revenue from leases also includes reimbursements and recoveries from tenants received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note ~~14:~~13: Tenant Leases – to the Financial Statements.

Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures ~~(which are capitalized by such ventures)~~ are recognized to the extent attributable to the unaffiliated ownership interests.

Parking income is comprised of income from parking spaces leased to tenants and others.

Hotel income includes all revenue generated from hotel properties.

Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations.

All bad debt expense is ~~being~~ recorded as a reduction of the corresponding revenue ~~account starting on January 1, 2019.~~account. Management performs a detailed review of amounts due from tenants for collectability based on factors affecting the billings and status of individual tenants. The factors considered by management in determining which individual tenant’s revenues are affected include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of bad debt write-off’s requires management to exercise judgment about the timing, frequency and severity of collection losses, which affects the revenue recorded.

Redeemable Noncontrolling Interests

The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. The carrying amount of the redeemable noncontrolling interests will be changed by periodic accretions, so that the carrying amount will equal the estimated future redemption value at the redemption date.

Results From Operations

The following comparisons for the year ended December 31, 2022 (“2022”), as compared to the year ended December 31, 2021 (“2021”), and for 2021 as compared to the year ended December 31, 2020 (“2020”)~~, and for 2020 as compared to the year ended December 31, 2019 (“2019”)~~ make reference to the following:

(i)“Same-Store Properties,” which represent all in-service properties owned by the Company at December 31, 2020, (for the 2022 versus 2021 comparisons), and which represent all in-service properties owned by the Company at December 31, 2019 (for the 2021 versus 2020 comparisons), ~~and which represent all in-service properties owned by the Company at December 31, 2018 (for the 2020 versus 2019 comparisons),~~ excluding properties sold, disposed of, removed from service, or being redeveloped or repositioned from January 1, ~~2019~~2020 through December 31, ~~2021;~~2022;

(ii)“Acquired and Developed Properties,” which represent all properties acquired by the Company or commencing initial operation from January 1, ~~2020~~2021 through December 31, ~~2021~~2022 (for the ~~2021~~2022 versus ~~2020~~2021 comparisons), and which represents all properties acquired by the Company or commencing initial operations from January 1, ~~2019~~2020 through December 31, ~~2020~~2021 (for the ~~2020~~2021 versus ~~2019~~2020 comparisons); and

(iii)“Properties Sold” which represent properties sold, disposed of, or removed from service (including properties being redeveloped or repositioned) by the Company from January 1, ~~2019~~2020 through December 31, ~~2021.~~ 2022.

Year Ended December 31, 2022 Compared to Year Ended December 31, 2021

Years Ended
December 31, Dollar
Change Percent
Change
(dollars in thousands) 2022 2021
Revenue from rental operations and other:
Revenue from leases $ 284,062 $ 276,864 $ 7,198 2.6 %
Parking income 18,557 15,003 3,554 23.7
Hotel income 15,505 10,618 4,887 46.0
Other income 33,313 11,309 22,004 194.6
Total revenues from rental operations 351,437 313,794 37,643 12.0
Property expenses:
Real estate taxes 58,585 47,106 11,479 24.4
Utilities 14,344 14,802 (458) (3.1)
Operating services 77,855 71,246 6,609 9.3
Total property expenses 150,784 133,154 17,630 13.2
Non-property revenues:
Real estate services 3,581 9,596 (6,015) (62.7)
Total non-property revenues 3,581 9,596 (6,015) (62.7)
Non-property expenses:
Real estate services expenses 10,549 12,857 (2,308) (18.0)
General and administrative 56,169 57,190 (1,021) (1.8)
Dead deal and transaction-related costs 3,467 12,221 (8,754) (71.6)
Depreciation and amortization 111,518 110,038 1,480 1.3
Property impairments 94,811 13,467 81,344 604.0
Land and other impairments, net 9,368 23,719 (14,351) (60.5)
Total non-property expenses 285,882 229,492 56,390 24.6
Operating income (loss) (81,648) (39,256) (42,392) 108.0
Other (expense) income:
Interest expense (78,040) (65,192) (12,848) 19.7
Interest and other investment income (loss) 729 524 205 39.1
Equity in earnings (loss) of unconsolidated joint ventures 1,200 (4,251) 5,451 (128.2)
Realized gains (losses) and unrealized losses on disposition of rental property, net 66,115 3,022 63,093 2087.8
Gain on disposition of developable land 57,262 2,115 55,147 2607.4
Gain on sale from unconsolidated joint ventures 7,677 (1,886) 9,563 (507.1)
Gain (loss) from extinguishment of debt, net (7,432) (47,078) 39,646 (84.2)
Total other (expense) income 47,511 (112,746) 160,257 (142.1)
Income (loss) from continuing operations (34,137) (152,002) 117,865 (77.5)
Discontinued operations:
Income from discontinued operations 3,692 16,911 (13,219) (78.2)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (4,440) 25,552 (29,992) (117.4)
Total discontinued operations (748) 42,463 (43,211) (101.8)
Net income (loss) $ (34,885) $ (109,539) $ 74,654 (68.2) %

The following is a summary of the changes in revenue from rental operations and other, and property expenses, in 2022 as compared to 2021 divided into Same-Store Properties, Acquired and Developed Properties and Properties Sold in 2021 and 2022 (excluding properties classified as discontinued operations):


	Total Company				Same-Store Properties				Acquired and Developed Properties				Properties Sold in 2021 and 2022
(dollars in thousands)	Dollar Change		Percent Change		Dollar Change		Percent Change		Dollar Change		Percent Change		Dollar Change		Percent Change
Revenue from rental operations and other:
Revenue from leases	$	7,198	2.6	%	$	12,450	4.5	%	$	28,717	10.4	%	$	(33,969)	(12.3)	%
Parking income	3,554		23.7		3,034		20.2		1,103		7.4		(583)		(3.9)
Hotel income	4,887		46.0		4,887		46.0		—		—		—		—
Other income	22,004		194.6		21,646		191.4		472		4.2		(114)		(1.0)
Total	$	37,643	12.0	%	$	42,017	13.4	%	$	30,292	9.7	%	$	(34,666)	(11.0)	%

Property expenses:
Real estate taxes	$	11,479	24.4	%	$	9,925	21.1	%	$	3,275	7.0	%	$	(1,721)	(3.7)	%
Utilities	(458)		(3.1)		(9)		(0.1)		1,004		6.8		(1,453)		(9.8)
Operating services	6,609		9.2		7,230		10.1		6,784		9.5		(7,405)		(10.4)
Total	$	17,630	13.2	%	$	17,146	12.9	%	$	11,063	8.3	%	$	(10,579)	(7.9)	%

OTHER DATA:
Number of Consolidated Properties	27				23				4				20
Commercial Square feet (in thousands)	3,104				3,104				—				4,842
Multifamily portfolio (number of units)	5,535				4,039				1496				0

Revenue from leases.

Revenue from leases for the Same-Store Properties increased $12.4 million, or 4.5 percent, for 2022 as compared to 2021, due primarily to an increase in occupancy and market rents of the multifamily rental properties, partially offset by a reduction in occupancy of the office properties in 2022 as compared to 2021. Revenue from leases at the Acquired and Developed Properties increased $28.7 million in 2022 as compared to 2021, due to the commencement of operations at a multifamily property as well as the acquisition of one multifamily property.

Parking income. Parking income for the Same-Store Properties increased $3.0 million, or 20.2 percent for 2022 as compared to 2021 due primarily to an increase in usage at the parking garages.

Hotel income. Hotel income for the Same-Store properties increased $4.9 million, or 46.0 percent, for 2022 as compared to 2021, primarily due to higher occupancy, higher average daily rates and increased events as a result of easing COVID-19 restrictions.

Other income. Other income for the Same-Store Properties increased $21.6 million, or 191.4 percent for 2022 as compared to 2021 due primarily to lease termination income recognized from office properties in 2022.

Real estate taxes. Real estate taxes on the Same-Store Properties increased $9.9 million, or 21.1 percent, for 2022 as compared to 2021 due primarily to increased tax rates on properties located in Jersey City, New Jersey as well as the expiration in early 2022 of the PILOT agreements on two multifamily properties.

Utilities. Utilities for the Same-Store Properties remained relatively unchanged for 2022 compared to 2021.

Operating services. Operating services for the Same-Store properties increased $7.2 million, or 10.1 percent, for 2022 as compared to 2021, due primarily toan increase in repairs and maintenance costs at commercial properties, and insurance expenses in 2022.

Real estate services revenue. Real estate services revenue (primarily reimbursement of property personnel costs)decreased $6.0 million, or 62.7 percent, for 2022 as compared to 2021, due primarily to a reduction in third party development and management activity in 2022.

Real estate services expenses. Real estate services expenses decreased $2.3 million, or 18.0 percent, for 2022 as compared to 2021, due primarily to lower salaries and related expenses from a reduction in third-party services activities in 2022 as compared to 2021.

General and administrative. General and administrative expenses remained relatively unchanged for 2022 compared to 2021 due to increases in severance and related costs in 2022 as compared to 2021, partially offset by cost saving reductions in 2022.

Transaction related costs. The Company incurred costs of $3.5 million in 2022 and $12.2 million in 2021 in connection with transactions that were not consummated and increased advisory fees.

Depreciation and amortization. Depreciation and amortization increased $1.5 million, or 1.3 percent, for 2022 over 2021. This increase was primarily due to an increase of commission amortizations of $1.6 million for Same-Store Properties for 2022 as compared to 2021, an increase of approximately $16.1 million for 2022 as compared to 2021 in the Acquired Properties, which was offset by a decrease of $15.9 million for properties sold or removed from service.

Property impairments. In 2022, the Company recorded impairment charges of $94.8 million on its held and used office properties in Jersey City, New Jersey. In 2021, the Company recorded impairment charges of $7.4 million on its held and used hotel properties in Weehawken, New Jersey and $6 million on a held and used office property that has since been disposed.

Land and other impairments. In 2022, the Company recorded net $9.4 million of impairments on developable land parcels. In 2021, the Company recorded $20.8 million of impairments on developable land parcels and $2.9 million of goodwill impairment.

Interest expense. Interest expense increased $12.8 million, or 19.7 percent, for 2022 as compared to 2021. This increase was primarily the result of the cessation of the capitalization of mortgage interest related to a property which was placed in service in 2022 and higher interest rates on our floating rate indebtedness.

Interest and other investment income. Interest and other investment income remained relatively unchanged for 2022 compared to 2021.

Equity in earnings (loss) of unconsolidated joint ventures. Equity in earnings of unconsolidated joint ventures increased $5.5 million, or 128.2 percent, for 2022 as compared to 2021, due primarily to higher revenues resulting from lower concessions and higher market rents at various multifamily ventures in 2022 as compared to 2021.

Realized gains (losses) and unrealized losses on disposition of rental property, net. The Company had realized gains (unrealized losses) on disposition of rental property of $66.1 million in 2022 and $3.0 million in 2021. See Note 3: Recent Transactions – Dispositions – to the Financial Statements.

Gain on disposition of developable land. In 2022, the Company recognized a gain of $57.3 million on the sale of multiple developable land parcels. In 2021, the Company recorded a gain of $2.1 million on the sale of land holdings in Newark and Hamilton, New Jersey.

Gain on sale from unconsolidated joint ventures. In 2022, the Company recorded a gain of $7.7 million on the sale of the unconsolidated joint venture hotel property in Jersey City, New Jersey. In 2021, the Company recorded a $1.9 million gain for its share on the sale the joint venture - owned property in Arlington, Virginia and land in Hillsborough, New Jersey. See Note 4: Investments in Unconsolidated Joint Ventures – to the Financial Statements.

Loss from extinguishment of debt, net. In 2022, the Company recognized a loss of $7.4 million on extinguishment of debt primarily in connection with the sales of two office properties located in Hoboken, New Jersey and Jersey City, New Jersey. In 2021, the Company recognized losses from early extinguishment of debt of $47.1 million which consists of $24.2 million in connection with the redemption of the Company’s Senior Unsecured Notes and $22.6 million in connection with the sale of Short Hills office portfolio and related defeasement of the mortgage loan.

Discontinued operations. For all periods presented, the Company classified 36 office properties totaling 6.3 million square feet as discontinued operations, some of which were sold during the periods. The income from these properties decreased

$43.2 million for 2022 as compared to 2021, due primarily to the sale of majority of the properties taking place in 2021. Included within discontinued operations are realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, of a gain of $25.6 million in 2021 and a loss of $4.4 million in 2022.

Year Ended December 31, 2021 Compared to Year Ended December 31, 2020

Years Ended
December 31,
Dollar
Percent
(dollars in thousands)
2021
2020
Change
Change
Revenue from rental operations and other:
Revenue from leases
$
282,791
$
272,970
$
9,821
3.6
%
Parking income
15,003
15,604
(601)
(3.9)
Hotel income
10,618
4,287
6,331
147.7
Other income
11,309
9,311
1,998
21.5
Total revenues from rental operations
319,721
302,172
17,549
5.8
Property expenses:
Real estate taxes
47,859
45,801
2,058
4.5
Utilities
14,802
13,717
1,085
7.9
Operating services
71,851
68,313
3,538
5.2
Total property expenses
134,512
127,831
6,681
5.2
Non-property revenues:
Real estate services
9,596
11,390
(1,794)
(15.8)
Total non-property revenues
9,596
11,390
(1,794)
(15.8)
Non-property expenses:
Real estate services expenses
12,857
13,555
(698)
(5.1)
General and administrative
57,198
71,058
(13,860)
(19.5)
Dead deal and transaction-related costs
12,221
2,583
9,638
373.1
Depreciation and amortization
111,618
122,035
(10,417)
(8.5)
Property impairments
13,467
36,582
(23,115)
(63.2)
Land and other impairments, net
23,719
16,817
6,902
41.0
Total non-property expenses
231,080
262,630
(31,550)
(12.0)
Operating income (loss)
(36,275)
(76,899)
40,624
52.8
Other (expense) income:
Interest expense
(65,192)
(80,991)
15,799
19.5
Interest and other investment income (loss)
524
43
481
1,118.6
Equity in earnings (loss) of unconsolidated joint ventures
(4,251)
(3,832)
(419)
(10.9)
Realized gains (losses) and unrealized losses on disposition
of rental property, net
3,022
5,481
(2,459)
(44.9)
Gain on disposition of developable land
2,115
5,787
(3,672)
(63.5)
Gain on sale from unconsolidated joint ventures
(1,886)
35,184
(37,070)
(105.4)
Gain (loss) from extinguishment of debt, net
(47,078)
(272)
(46,806)
(17,208.1)
Total other (expense) income
(112,746)
(38,600)
(74,146)
(192.1)
Income (loss) from continuing operations
(149,021)
(115,499)
(33,522)
(29.0)
Discontinued operations:
Income from discontinued operations
13,930
70,700
(56,770)
(80.3)
Realized gains (losses) and unrealized gains (losses) on
disposition of rental property and impairments, net
25,552
11,201
14,351
128.1
Total discontinued operations
39,482
81,901
(42,419)
(51.8)
Net income (loss)
$
(109,539)
$
(33,598)
$
(75,941)
(226.0)
%


	Years Ended December 31,				Dollar Change		Percent Change
(dollars in thousands)	2021		2020
Revenue from rental operations and other:
Revenue from leases	$	276,864	$	266,884	$	9,980	3.7	%
Parking income	15,003		15,604		(601)		(3.9)
Hotel income	10,618		4,287		6,331		147.7
Other income	11,309		9,311		1,998		21.5
Total revenues from rental operations	313,794		296,086		17,708		6.0

Property expenses:
Real estate taxes	47,106		44,977		2,129		4.7
Utilities	14,802		13,717		1,085		7.9
Operating services	71,246		67,592		3,654		5.4
Total property expenses	133,154		126,286		6,868		5.4

Non-property revenues:
Real estate services	9,596		11,390		(1,794)		(15.8)
Total non-property revenues	9,596		11,390		(1,794)		(15.8)

Non-property expenses:
Real estate services expenses	12,857		13,555		(698)		(5.1)
General and administrative	57,190		71,058		(13,868)		(19.5)
Dead deal and transaction-related costs	12,221		2,583		9,638		373
Depreciation and amortization	110,038		120,455		(10,417)		(8.6)
Property impairments	13,467		36,582		(23,115)		(63.2)
Land and other impairments, net	23,719		16,817		6,902		41.0
Total non-property expenses	229,492		261,050		(31,558)		(12.1)
Operating income (loss)	(39,256)		(79,860)		40,604		(50.8)
Other (expense) income:
Interest expense	(65,192)		(80,991)		15,799		(19.5)
Interest and other investment income (loss)	524		43		481		1,118.6
Equity in earnings (loss) of unconsolidated joint ventures	(4,251)		(3,832)		(419)		10.9
Realized gains (losses) and unrealized losses on disposition of rental property, net	3,022		2,657		365		13.7
Gain on disposition of developable land	2,115		5,787		(3,672)		(63.5)
Gain on sale from unconsolidated joint ventures	(1,886)		35,184		(37,070)		(105.4)
Gain (loss) from extinguishment of debt, net	(47,078)		(272)		(46,806)		17,208.1
Total other (expense) income	(112,746)		(41,424)		(71,322)		172.2
Income (loss) from continuing operations	(152,002)		(121,284)		(30,718)		25.3
Discontinued operations:
Income from discontinued operations	16,911		73,660		(56,749)		(77.0)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net	25,552		14,026		11,526		82.2
Total discontinued operations	42,463		87,686		(45,223)		(51.6)
Net income (loss)	$	(109,539)	$	(33,598)	$	(75,941)	226.0	%

The following is a summary of the changes in revenue from rental operations and other, and property expenses, in 2021 as compared to 2020 divided into Same-Store Properties, Acquired and Developed Properties and Properties Sold in 2020 and ~~2021 (excluding properties classified as discontinued operations):~~

2021:

(dollars in thousands)

Revenue from rental operations and other:

Commercial Square feet (in thousands)

Multifamily portfolio (number of units)

Revenue from leases. Revenue from leases for the Same-Store Properties increased ~~$1.6~~$1.8 million, or ~~0.6~~0.7 percent, for 2021 as compared to 2020, of which an increase of ~~$3.2~~$3.4 million at the commercial properties is due to an increase in escalation settle-ups. This is partially offset by a decrease of $1.6 million of the multifamily properties, due primarily to lower in-place rents in 2021 as compared to 2020 as a result of increased rent concessions. Revenue from leases at the Acquired and Developed Properties increased $13.0 million in 2021 as compared to 2020, due to the commencement of operations of three multifamily properties and one retail property.

Parking income. Parking income for the Same-Store Properties decreased $1.1 million, or 7.0 percent for 2021 as compared to 2020 due primarily to a decrease in usage at the parking garages, in 2021 as compared to 2020, which was more impacted by the COVID-19 pandemic, as well as the recognition in 2020 of approximately $0.6 million income from a settlement of prior period unpaid parking fees by a tenant in Jersey City, New Jersey.

Hotel income. Hotel income for the Same-Store properties increased $6.3 million, or 147.7 percent, for 2021 as compared to 2020, primarily due to fully reopening the hotels in 2021 following a partial shutdown of hotel operations in 2020 as a result of the COVID-19 pandemic.

Other income. Other income for the Same-Store Properties increased $1.6 million, or 17.1 percent for 2021 as compared to 2020 due primarily to the recognition in 2021 of forfeited deposits received from potential buyers in disposition deals that were not completed, as well as post property sales items received in 2021.

Real estate taxes. Real estate taxes on the Same-Store Properties increased $1.7 million, or 3.7 percent, for 2021 as compared to 2020 due primarily to the expiration in early 2021 of the PILOT agreements on two multifamily properties located in Jersey City, New Jersey.

Utilities. Utilities for the Same-Store Properties increased $0.9 million, or 6.6 percent, for 2021 as compared to 2020, due primarily to higher electricity rates in 2021 as compared to 2020.

Operating services. Operating services for the Same-Store properties increased $1.7 million, or 2.5 percent, for 2021 as compared to 2020, due primarily to an increase in severance and related expenses in 2021 as compared to 2020.

Real estate services revenue. Real estate services revenue (primarily reimbursement of property personnel costs) decreased $1.8 million, or 15.8 percent, for 2021 as compared to 2020, due primarily to decreased third party development and management activity in 2021 as compared to 2020.

Real estate services expenses. Real estate services expenses decreased $0.7 million, or 5.1 percent, for 2021 as compared to 2020, due primarily to lower salaries and related expenses from a reduction in third-party services activities in 2021 as compared to 2020.

General and administrative. General and administrative expenses decreased $13.9 million, or 19.5 percent in 2021 as compared to 2020. This decrease is due primarily to costs incurred for a contested election of the Board of Directors of $12.8 million in 2020 and a decrease in severance and related costs of $2.5 million ($7.6 million in 2021 versus $10.1 million in 2020). These were partially offset by $2.1 million of costs from CEO and related management changes in 2021.

Dead deal and transaction costs. The Company incurred costs of $12.2 million in 2021 and $2.6 million in 2020 in connection with transactions that were not consummated and ATM Program costs.

Depreciation and amortization. Depreciation and amortization decreased $10.4 million, or 8.5 percent, for 2021 over 2020. This decrease was due primarily to lower depreciation of fully-amortized assets of approximately $13.6 million for the Same-Store Properties for 2021 as compared to 2020 and a decrease of approximately $1.6 million for properties sold or removed from service, partially offset by an increase in depreciation of $4.7 million for 2021 as compared to 2020 from the Acquired and Developed Properties.

Property impairments. In 2021, the Company recorded impairment charges of $7.4 million on its held and used hotel properties in Weehawken, New Jersey and $6.0 million on its then held and used office property in Hoboken, New Jersey. In 2020, the Company recorded impairment charges of $36.6 million on its held and used hotel properties in Weehawken, New Jersey.

Land and other impairments. In 2021, the Company recorded $20.8 million of impairments on developable land parcels and $2.9 million of goodwill impairment. In 2020, the Company recorded valuation impairment charges of $16.8 million on developable land parcels.

Interest expense. Interest expense decreased $15.8 million, or 19.5 percent, for 2021 as compared to 2020. This decrease was primarily the result of lower average debt balances in 2021 as compared to 2020, due to the Company’s redemption of its Senior Unsecured Notes in 2021, using proceeds from sales of office properties.

Interest and other investment income. Interest and other investment income increased $0.5 million for 2021 as compared to 2020 primarily due to interest received on a note receivable, partially offset by the write-down of a note receivable in 2021.

Equity in earnings (loss) of unconsolidated joint ventures. Equity in earnings of unconsolidated joint ventures decreased $0.4 million, or 11.0 percent, for 2021 as compared to 2020. The decrease is primarily due to an increase in concessions and discounts to tenants in 2021 as compared to 2020 resulting in a reduction of $1.7 million of rental revenue for 2021 as compared to 2020 from ~~the Urby at Harborside venture.~~a venture located in Jersey City, New Jersey.

Realized gains (losses) and unrealized losses on disposition of rental property, net. The Company had realized gains (unrealized losses) on disposition of rental property of $3.0 million in 2021 and ~~$5.5~~$2.7 million in 2020. See Note 3: Recent Transactions – Dispositions – to the Financial Statements.

Gain on disposition of developable land. In 2021, the Company recorded a gain of $2.1 million on the sale of land holdings in Newark and Hamilton, New Jersey. In 2020, the Company recorded a gain of $5.8 million on the sale of land holdings located in Mount Pleasant, New York; Middletown, New Jersey; and Greenbelt, Maryland. See Note 3: Recent Transactions – Dispositions to the Financial Statements.

Gain on sale from unconsolidated joint ventures. In 2021, the Company recorded a loss of $1.9 million on the sale of its interest in a joint venture which owns an office property in West Orange, New Jersey. In 2020, the Company recorded a $35.2 million gain for its share on the sale the joint venture - owned property in Arlington, Virginia and land in Hillsborough, New Jersey. See Note 4: Investments in Unconsolidated Joint Ventures – to the Financial Statements.

Loss from extinguishment of debt, net. In 2021, the Company recognized losses from early extinguishment of debt of $47.1 million which consists of $24.2 million in connection with the redemption of the Company’s Senior Unsecured Notes and $22.6 million in connection with the sale of Short Hills office portfolio and related defeasement of the mortgage loan. In 2020, the Company recorded a loss on early retirement of debt of $0.3 million in connection with the repayment of a construction loan on a multifamily property located in Malden, Massachusetts.

2021 as compared to 2020, due primarily to the sale of 16 properties in 2021 and 20 properties in 2020. Included within discontinued operations are realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, of a gain of $25.6 million in 2021 and a gain of ~~$11.2~~$14.2 million in 2020.

~~Year Ended December 31, 2020 Compared to Year Ended December 31, 2019~~ ~~2019~~

LIQUIDITY AND CAPITAL RESOURCES

Years Ended
December 31,
Dollar
Percent
(dollars in thousands)
2020
2019
Change
Change
Revenue from rental operations and other:
Revenues from leases
$
272,970
$
302,409
$
(29,439)
(9.7)
%
Parking income
15,604
21,857
(6,253)
(28.6)
Hotel income
4,287
9,841
(5,554)
(56.4)
Other income
9,311
9,222
89
1.0
Total revenues from rental operations
302,172
343,329
(41,157)
(12.0)
Property expenses:
Real estate taxes
45,801
44,785
1,016
2.3
Utilities
13,717
17,881
(4,164)
(23.3)
Operating services
68,313
70,409
(2,096)
(3.0)
Total property expenses
127,831
133,075
(5,244)
(3.9)
Non-property revenues:
Real estate services
11,390
13,873
(2,483)
(17.9)
Total non-property revenues
11,390
13,873
(2,483)
(17.9)
Non-property expenses:
Real estate services expenses
13,555
15,918
(2,363)
(14.8)
General and administrative
71,058
59,805
11,253
18.8
Dead deal and transaction-related costs
2,583
-
2,583
-
Depreciation and amortization
122,035
133,597
(11,562)
(8.7)
Property impairments
36,582
-
36,582
-
Land and other impairments, net
16,817
32,444
(15,627)
(48.2)
Total non-property expenses
262,630
241,764
20,866
8.6
Operating income
(76,899)
(17,637)
(59,262)
(336.0)
Other (expense) income:
Interest expense
(80,991)
(90,569)
9,578
10.6
Interest and other investment income
43
2,412
(2,369)
(98.2)
Equity in earnings (loss) of unconsolidated joint ventures
(3,832)
(1,319)
(2,513)
(190.5)
Gain on change of control of interests
-
13,790
(13,790)
(100.0)
Realized gains (losses) and unrealized losses on disposition
of rental property, net
5,481
343,102
(337,621)
(98.4)
Gain on disposition of developable land
5,787
522
5,265
1,008.6
Gain on sale from unconsolidated joint ventures
35,184
903
34,281
3,796.3
Gain (loss) from extinguishment of debt, net
(272)
1,648
(1,920)
(116.5)
Total other (expense) income
(38,600)
270,489
(309,089)
(114.3)
Income (loss) from continuing operations
(115,499)
252,852
(368,351)
(145.7)
Discontinued operations:
Income from discontinued operations
70,700
24,334
46,366
190.5
Realized gains (losses) and unrealized losses on
disposition of rental property and impairments, net
11,201
(133,350)
144,551
108.4
Total discontinued operations, net
81,901
(109,016)
190,917
175.1
Net income (loss)
$
(33,598)
$
143,836
$
(177,434)
(123.4)
%
Liquidity

The following is a summary of the changes in revenue from rental operations and other, and property expenses, in 2020 as compared to 2019 divided into Same-Store Properties, Acquired and Developed Properties and Properties Sold in 2019 and 2020:

Total
Same-Store
Acquired and Developed
Properties
Company
Properties
Properties
Sold in 2019 and 2020
Dollar
Percent
Dollar
Percent
Dollar
Percent
Dollar
Percent
(dollars in thousands)
Change
Change
Change
Change
Change
Change
Change
Change
Revenue from rental
operations and other:
Revenue from leases
$
(29,439)
(9.7)
%
$
(8,595)
(2.8)
%
$
28,928
9.6
%
$
(49,772)
(16.5)
%
Parking income
(6,253)
(28.6)
(6,666)
(30.5)
1,446
6.6
(1,033)
(4.7)
Hotel Income
(5,554)
(56.4)
(3,138)
(31.8)
(2,416)
(24.6)
-
-
Other income
89
1.0
1,963
21.3
694
7.5
(2,568)
(27.8)
Total
$
(41,157)
(12.0)
%
$
(16,436)
(4.8)
%
$
28,652
8.3
%
$
(53,373)
(15.5)
%
Property expenses:
Real estate taxes
$
1,016
2.3
%
$
1,409
3.2
%
$
7,354
16.4
%
$
(7,747)
(17.3)
%
Utilities
(4,164)
(23.3)
(1,236)
(6.9)
1,289
7.2
(4,217)
(23.6)
Operating services
(2,096)
(3.0)
(4,794)
(6.8)
11,429
16.2
(8,731)
(12.4)
Total
$
(5,244)
(3.9)
%
$
(4,621)
(3.5)
%
$
20,072
15.1
%
$
(20,695)
(15.5)
%
OTHER DATA:
Number of Consolidated Properties
26
20
6
104
Commercial Square feet (in thousands)
4,916
4,885
31
10,916
Multifamily portfolio (number of units)
4,039
2,377
1,662
1,745

~~Revenue from leases.~~ Revenue from leases for the Same-Store Properties decreased $8.6 million, or 2.8 percent, for 2020 as compared to 2019, of which a decrease of $5.7 million is due to the multifamily properties, due primarily to a decrease in average same store occupancy from 93.9 to 89.4 percent at the multifamily residential portfolio in 2020, as compared to 2019, primarily as a result of the impacts from the COVID-19 pandemic in 2020. A decrease of $2.9 million is due to the commercial properties, due primarily to a decrease in occupancy for 2020 as compared to 2019. Revenue from leases at the Acquired and Developed Properties increased $28.9 million in 2020 as compared to 2019, due to the commencement of operations of three multifamily properties.

~~Parking income.~~ Parking income for the Same-Store Properties decreased $6.7 million, or 30.5 percent for 2020 as compared to 2019 due primarily to a reduction in usage at the commercial properties, due to the COVID-19 pandemic in 2020.

~~Hotel income~~. Hotel income for the Same-Store properties decreased $3.1 million, or 31.8 percent, for 2020 as compared to 2019 due to the partial shutdown of hotel operations related to the COVID-19 pandemic in 2020.

~~Other income.~~ Other income for the Same-Store Properties increased $2.0 million, or 21.3 percent for 2020 as compared to 2019 due primarily to an increase in lease breakage fees for both, multifamily and commercial properties recognized in 2020, as compared to 2019.

~~Real estate taxes.~~ Real estate taxes on the Same-Store Properties increased $1.4 million, or 3.1 percent, for 2020 as compared to 2019 due primarily to a decrease in tax appeal proceeds received 2020 as compared to 2019.

~~Utilities.~~ Utilities for the Same-Store Properties decreased $1.2 million, or 6.9 percent, for 2020 as compared to 2019, due primarily to decreased usage in 2020 as compared to 2019 as a result of lower occupancy in 2020 as compared to 2019.

~~Operating services.~~ Operating services for the Same-Store properties decreased $4.8 million, or 6.8 percent, for 2020 as compared to 2019, due primarily to a reduction in property maintenance and other services expense in 2020 as compared to 2019.

~~Real estate services revenue.~~ Real estate services revenue (primarily reimbursement of property personnel costs) decreased $2.5 million, or 17.9 percent, for 2020 as compared to 2019, due primarily to a reduction in third-party development and property management activity in multifamily services in 2020 as compared to 2019.

~~Real estate services expenses.~~ Real estate services expenses decreased $2.4 million, or 14.8 percent, for 2020 as compared to 2019, due primarily to decreased salaries and related expenses from less third-party service activities in 2020.

~~General and administrative.~~ General and administrative expenses increased $11.3 million, or 18.8 percent in 2020 as compared to 2019. This increase is due primarily to an increase in management restructuring costs, including severance, separation and related costs of $8.8 million ($10.1 million in 2020 versus $1.3 million in 2019), and an increase in costs incurred in connection with contested elections of the Board of Directors of $8.7 million ($12.8 million in 2020 versus $4.1 million in 2019). These were partially offset by a reduction in salaries and related expenses and leasing personnel costs of $2.8 million for 2020 as compared to 2019 and a reduction in travel, office and public relations events expenditures of $2.7 million for 2020 as compared to 2019 due to the COVID-19 pandemic.

~~Dead deal and transaction costs. The Company incurred costs of $2.6 million in 2020 in connection with transaction and capital market activities.~~

~~Depreciation and amortization.~~ Depreciation and amortization decreased $11.6 million, or 8.7 percent, for 2020 over 2019. This decrease was due primarily to lower depreciation of approximately $14.1 million for properties sold or removed from service during 2019 and 2020, partially offset by an increase in depreciation of $2.5 million for 2020 as compared to 2019 from the Acquired and Developed Properties.

~~Property impairments.~~ ~~In 2020, the Company recorded impairment charges of $36.6 million on its hotel properties in Weehawken, New Jersey.~~

~~Land and other impairments. In 2020, the Company recorded $16.8 million of impairments on developable land parcels. In 2019, the Company recorded impairment charges of $32.4 million on developable land parcels.~~

~~Interest expense.~~ ~~Interest expense decreased $9.6 million, or 10.6 percent, for 2020 as compared to 2019. This decrease was primarily the result of lower average interest rates in 2020, as compared to 2019.~~

~~Interest and other investment income.~~ ~~Interest and other investment income decreased $2.4 million for 2020 as compared to 2019 primarily due to lower average notes receivable balances outstanding in 2020 as compared to 2019.~~

~~Equity in earnings (loss) of unconsolidated joint ventures.~~ Equity in earnings of unconsolidated joint ventures decreased $2.5 million for 2020 as compared to 2019. The decrease is primarily due to a decrease of $2.8 million for 2020 as compared to 2019 from the Hyatt Regency Hotel Jersey City venture, because the hotel was shut down beginning in March 2020 on account of the COVID-19 pandemic, and a decrease of $0.5 million for 2020 as compared to 2019 from the Urby at Harborside venture. These were partially offset by an increase of $1.1 million for 2020 as compared to 2019 from the 12 Vreeland Road venture, due to impairment charges recorded of $2.6 million in 2020 and $3.7 million in 2019.

~~Gain on change of control of interests.~~ The Company recorded a gain on change of control of interests of $13.8 million in 2019 as a result of its acquisition of the controlling interest of its equity partners in a joint venture that owns a multifamily property located in Jersey City, New Jersey.

~~Realized gains (losses) and unrealized losses on disposition of rental property, net.~~ The Company had realized gains (unrealized losses) on disposition of rental property of $5.5 million in 2020 and $343.1 million in 2019. See Note 3: Recent Transactions – Dispositions – to the Financial Statements.

~~Gain on disposition of developable land.~~ In 2020, the Company recorded a gain of $5.8 million on the sale of land holdings located in Mount Pleasant, New York; Middletown, New Jersey; and Greenbelt, Maryland. The Company recorded a gain of $0.5 million in 2019 on the sale of land holdings located in Malden and Revere, Massachusetts. See Note 3: Recent Transactions – Dispositions to the Financial Statements.

~~Gain on sale from unconsolidated joint ventures.~~ In 2020, the Company recorded a $35.2 million gain for its share on the sale of the joint venture - owned property in Arlington, Virginia and land in Hillsborough, New Jersey. In 2019, the Company recorded a $0.9 million gain on the sale of its interests in a joint venture, which owned a property in Red Bank, New Jersey. See Note 4: Investments in Unconsolidated Joint Ventures – to the Financial Statements.

~~Gain/(loss) from extinguishment of debt, net.~~ In 2020, the Company recorded a loss on early retirement of debt of $0.3 million in connection with the repayment of a construction loan on a multifamily property located in Malden, Massachusetts. In 2019, the Company recognized a gain from early retirement of debt of $1.6 million in connection with the early termination of a portion of interest rate swap agreements, in connection with the prepayment of term loan balances in 2019.

~~Discontinued operations.~~ In 2019, the Company classified 37 office properties totaling 6.6 million square feet as discontinued operations, some of which were sold during 2019 and 2020. In 2020, the Company reclassified one of the discontinued operations properties as held for use. The income from these properties increased $46.4 million for 2020 as compared to 2019, due primarily to a decrease in depreciation and amortization costs. Upon classifying these properties as held for sale in December 2019, the Company ceased recording depreciation and amortization on the long lived assets, thereby resulting in a decrease of depreciation and amortization in 2020 compared to 2019. The Company recognized realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, of a gain of $11.2 million in 2020 and a loss of $133.4 million in 2019.

Liquidity and Capital Resources

Liquidity

~~Overview~~

Rental revenue is the Company’s principal source of funds to pay its material cash commitments consisting of operating expenses, debt service, capital expenditures and dividends, excluding non-recurring capital expenditures. To the extent that the Company’s cash flow from operating activities is insufficient to finance its non-recurring capital expenditures such as property acquisitions, development and construction costs and other capital expenditures, the Company has and expects to continue to finance such activities through borrowings under its revolving credit facility, other debt and equity financings, proceeds from the sale of properties and joint venture capital.

The Company expects to meet its short-term liquidity requirements generally through its working capital, which may include proceeds from the sales of rental properties and land, net cash provided by operating activities and ~~draw~~draws from its revolving credit facility.

The COVID-19 pandemic continues to have a significant impact in the U.S. and around the globe. The global impact of the outbreak is rapidly evolving and has included quarantines, restrictions on business activities, including construction activities, restrictions on group gatherings, and restrictions on travel. These actions have and may in the future create disruption in the global economy and supply chains. The extent to which COVID-19 impacts the Company’s results will depend on future developments, many of which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and the actions taken to contain it or treat its impact. If the outbreak continues, there will likely be continued negative economic impacts, market volatility, and business disruption which could negatively impact the Company’s tenants’ ability to pay rent, the Company’s ability to lease vacant space, the Company’s ability to complete development and redevelopment projects and the Company’s ability to dispose of assets held for sale and these consequences, in turn, could materially impact the Company’s results of operations.

~~Construction Projects~~

The Company is developing a 750-unit multifamily project at 25 Christopher Columbus, also known as Haus 25, in Jersey City, New Jersey which began construction in the first quarter of 2019. The construction project, which is estimated to cost $469.5 million, of which $425 million have been incurred through December 31, 2021, is expected to be ready for occupancy in the second quarter of 2022. The Company has funded $169.5 million of the construction costs and the remaining construction costs are expected to be funded from a $300 million construction loan (of which $255.5 million was drawn as of December 31, 2021).

To maintain its qualification as a REIT under the IRS Code, the General Partner must make annual distributions to its stockholders of at least 90 percent of its REIT taxable income, determined without regard to the dividends paid deduction and by excluding net capital gains. However, any such distributions, whether for federal income tax purposes or otherwise, would be paid out of available cash, including borrowings and other sources, after meeting operating requirements, preferred stock dividends and distributions, and scheduled debt service on the Company’s debt. If and to the extent the Company retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes on such net capital gains at the rate applicable to capital gains of a corporation.

~~In September 2020, the~~

The Company ~~announced that its Board of Directors had made the strategic decision to suspend~~has suspended its common dividends ~~and distributions attributable to the third and fourth quarters~~since September 2020, ~~as the Company’s management estimated that it had satisfied its dividend obligations as~~which was initially a ~~REIT on taxable income expected for 2020. The Board made this~~ strategic decision by the Board to ~~suspend its common dividends and distributions~~allow for ~~the remainder of 2020 in an effort to provide~~ greater financial flexibility during the COVID-19 pandemic and to retain incremental capital to support ~~leasing initiatives at~~the Company’s value-enhancing investments across the portfolio and was based upon its ~~Harborside commercial office properties on~~estimates of taxable income. Based upon its current estimates of taxable income and its expectation of disposition activity, the ~~Jersey City waterfront. In March 2021,~~Board has made the ~~Company announced that its Board of Directors would~~strategic decision to continue to suspend its ~~common~~ dividend ~~for~~to support the ~~remainder of 2021 in order to conserve capital and allow for greater financial flexibility during this period of heightened economic uncertainty and~~

based on the Company’s projected 2021 taxable income estimates. The Company believes that with this suspension, it will satisfy its dividend obligation as a REIT on taxable income estimated for 2021.

~~Property Lock-Ups~~

~~Certain Company properties acquired by contribution from unrelated common unitholders~~transformation of the ~~Operating Partnership, were subject~~Company to ~~restrictions on disposition, except in~~ a ~~manner which did not result in recognition~~pure-play multifamily REIT and will re-evaluate this decision when such transition is substantially complete.

The declaration and payment of ~~built-in-gain allocable~~dividends and distributions will continue to ~~such unitholders or which reimbursed~~be determined by the unitholders for the tax consequences thereof (collectively, the “Property Lock-Ups”). While these Property Lock-Ups have expired, the Company is generally required to use commercially reasonable efforts to prevent any dispositionBoard of Directors of the ~~subject properties from resulting~~General Partner in light of conditions then existing, including the ~~recognition~~Company's earnings, cash flows, financial condition, capital requirements, debt maturities, the availability of ~~built-in gain to these unitholders, which include members of the Mack Group (which includes William L. Mack, a former director~~debt and ~~David S. Mack, a former director).~~ equity capital, applicable REIT and legal restrictions and general overall economic conditions and other factors.

The dividends and distributions payable atDecember 31, 2022 and December 31, 2021 represent amounts payable on unvested LTIP units.

Unencumbered Properties

As of December 31, 2021, taking into account tax-free exchanges on the originally contributed properties, either wholly or partially, over time, five of the Company’s properties, as well as certain land and development projects, with an aggregate carrying value of approximately $1.0 billion, are subject to these conditions.

~~Unencumbered Properties~~

~~As of December 31, 2021,~~2022, the Company had one unencumbered property with a carrying value of ~~$18.6~~$14.5 million representing 3.7 percent of the Company’s total consolidated property count.

Cash, cash equivalents and restricted cash decreased by ~~$0.8~~$3.8 million to $47.6 million at December 31, 2022, compared to $51.5 million at December 31, ~~2021, compared to $52.3 million at December 31, 2020.~~2021. This decrease is comprised of the following net cash flow items:



~~(1)~~	~~$56.1 million provided by operating activities.~~

~~(2)~~	~~$446.2 million provided by investing activities, consisting primarily of the following:~~

		~~(a)~~	~~$645 million net cash from investing activities - discontinued operations, primarily comprised of sales proceeds from assets classified as held for sale; plus~~
		~~(b)~~	~~$7.3 million received from repayments of notes receivables; plus~~
		~~(c)~~	~~$52.4 million received from proceeds from the sales of rental property; plus~~
		~~(d)~~	~~$65.1 million used for additions to rental property and improvements; minus~~
		~~(e)~~	~~$211.6 million used for the development of rental property, other related costs and deposits.~~

~~(3)~~	~~$503.2 million used in financing activities, consisting primarily of the following:~~

		~~(a)~~	~~$73 million used for repayments of revolving credit facility and term loan; plus~~
		~~(b)~~	~~$150 million used for repayment of term loans; plus~~
		~~(c)~~	~~$573.7 million used for repayment of senior unsecured notes; plus~~
		~~(d)~~	~~$193 million used for repayments of mortgages, loans payable and other obligations; plus~~
		~~(e)~~	~~$26 million used for distribution to redeemable noncontrolling interests; plus~~
		~~(f)~~	~~$49.9 million used for payment of early debt extinguishment costs, minus~~
		~~(g)~~	~~$196 million from borrowings under the revolving credit facility; minus~~
		~~(h)~~	~~$226.4 million from proceeds received from mortgages and loans payable; minus~~
		~~(i)~~	~~$150 million from borrowings from term loans.~~

(1)$66.5 million provided by operating activities.

(a)

$7.7 million proceeds from the sale of investments in unconsolidated joint ventures; plus

(b)$2.9 million received from repayments of notes receivables; plus

(c)$451.9 million received from proceeds from the sales of rental property; minus

(d)$51.5 million used for additions to rental property and improvements; minus

(e)$73.2 million used for the development of rental property, other related costs and deposits; minus

(f)$130.5 million used for rental property acquisitions and related intangibles.


Maryland (Veris Residential, Inc.)							22-3305147 (Veris Residential, Inc.)
Delaware (Veris Residential, L.P.)							22-3315804 (Veris Residential, L.P.)
(State or other jurisdiction of incorporation or organization)							(IRS Employer Identification No.)

Harborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey							07311
(Address of principal executive offices)							(Zip code)


		Balance			Weighted Average			Weighted Average
		($000’s)	% of Total		Interest Rate (a)			Maturity in Years
Fixed Rate Secured	$	1,682,662	70.10	%	3.71	%		5.25
Variable Rate Secured Debt		717,628	29.90	%	3.32	%		2.74

Totals/Weighted Average:	$	2,400,290	100.00	%	3.60	%	(b)	4.50
Unamortized deferred financing costs		(11,220)
Total Debt, Net	$	2,389,070


	Balance ($000’s)		% of Total		Weighted Average Interest Rate (a)			Weighted Average Maturity in Years
Fixed Rate & Hedged Secured (c)	$	1,764,488	92.31	%	4.27	%		3.71
Variable Rate Secured Debt	147,000		7.69	%	6.86	%		1.83

Totals/Weighted Average:	$	1,911,488	100.00	%	4.47	%	(b)	3.57
Unamortized deferred financing costs	(7,511)
Total Debt, Net	$	1,903,977


		Scheduled		Principal			Weighted Avg.
		Amortization		Maturities		Total	Effective Interest Rate of
Period		($000’s)		($000’s)		($000’s)	Future Repayments (a)			Period	Scheduled Amortization ($000’s)		Principal Maturities ($000’s)		Total ($000’s)		Weighted Avg. Effective Interest Rate of Future Repayments (a)
2022	$	550	$	87,175	$	87,725	2.24	%
2023		2,047		147,998		150,045	3.55	%		2023	$	2,047	$	142,998	$	145,045	5.98	%
2024 (b)		3,403		711,453		714,856	3.77	%		2024 (b)	5,037		605,324		610,361		5.02	%
2025		3,300		-		3,300	3.98	%		2025	8,384		—		8,384		3.39	%
2026		3,407		733,000		736,407	3.47	%		2026	8,780		483,000		491,780		4.22	%
2027										2027	8,158		305,319		313,477		3.66	%
Thereafter		9,415		698,542		707,957	3.73	%		Thereafter	7,418		335,023		342,441		3.98	%
Sub-total		22,122		2,378,168		2,400,290	3.60	%		Sub-total	39,824		1,871,664		1,911,488		4.47	%
Unamortized deferred financing costs		(11,220)		-		(11,220)	-			Unamortized deferred financing costs	(7,511)		—		(7,511)		—
Totals/Weighted Average	$	10,902	$	2,378,168	$	2,389,070	3.60	%	(c)	Totals/Weighted Average	$	32,313	$	1,871,664	$	1,903,977	4.47	%


		Interest Rate -
		Applicable
	Interest Rate -	Basis Points
	Applicable	Above LIBOR for
	Basis Points	Alternate Base	Facility Fee
Total Leverage Ratio	Above LIBOR	Rate Loans	Basis Points
<45%	125.0	25.0	20.0
≥45% and <50%	130.0	30.0	25.0
≥50% and <55% (ratio through May 6, 2021)	135.0	35.0	30.0
≥55%	160.0	60.0	35.0

•Note 2. Significant Accounting Policies, where applicable;

Note 20. Condensed Quarterly Financial Information (unaudited).

Disclosure Regarding Forward-Looking Statements

ITEM 2. PROPERTIES

PERCENTAGE LEASED

Schedule of Lease Expirations

Market Diversification

strategic decision to continue to suspend its dividend to support the transformation of the Company to a pure-play multifamily REIT and will re-evaluate this decision when such transition is substantially complete.

Liquidity and Capital Resources

Liquidity

PART IV

VERIS RESIDENTIAL, INC. AND SUBSIDIARIES

VERIS RESIDENTIAL, INC., VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES

asset.


							(dollars in thousands)
					Expected		Costs
		Property			Development		Incurred	Development	Initial
Property	Location	Type	# of Units		Costs		to Date	Start	Occupancy
Haus 25 - 25 Christopher Columbus	Jersey City, NJ	Multifamily	750	$	469,510	$	424,963	1Q 2019	2Q 2022
			750	$	469,510	$	424,963


	Percent Leased (%)				Percent Leased (%)
December 31,	Multifamily	Commercial (a)(b)		December 31,	Multifamily	Commercial (a)(b)

2022				2022	94.4	67.9

2021	96.4	74.0		2021	96.4	74.0

2020	85.4	78.7		2020	85.4	78.7

2019	92.1	80.7	(c)	2019	92.1	80.7	(c)

2018	94.2	83.2	(c)	2018	94.2	83.2	(c)

2017	95.8	87.6	(c)


			Percentage of
		Annualized	Company	Square	Percentage	Year of
	Number of	Base Rental	Annualized Base	Feet	Total Company	Lease
	Properties (a)	Revenue ($) (b)	Rental Revenue (%)	Leased	Leased Sq. Ft. (%)	Expiration


John Wiley & Sons Inc.	1	10,888,238	9.1	290,353	8.6	2033 (c)
MUFG Bank Ltd.	1	9,939,269	8.3	237,350	7.0	2029 (d)
Merrill Lynch Pierce Fenner	1	9,417,902	7.9	388,207	11.4	2027
E-Trade Financial Corporation	1	5,396,412	4.5	132,265	3.9	2031
Vonage America Inc.	1	5,022,500	4.2	350,000	10.3	2023
Arch Insurance Company	1	4,326,008	3.6	106,815	3.1	2024
Sumitomo Mitsui Banking Corp	1	4,185,456	3.5	111,105	3.3	2036
Brown Brothers Harriman & Co.	1	4,017,930	3.4	114,798	3.4	2026
First Data Corporation	1	3,773,775	3.2	88,374	2.6	(e)
TP ICAP Americas Holdings Inc	1	3,446,090	2.9	100,759	3.0	(f)
Cardinia Real Estate LLC	1	3,174,886	2.7	79,771	2.3	2032
New Jersey City University	1	3,010,854	2.5	84,929	2.5	2035
Zurich American Ins. Co.	1	2,915,378	2.4	64,414	1.9	2032
BETMGM, LLC	1	2,800,234	2.3	71,343	2.1	(g)
Amtrust Financial Services	1	2,614,328	2.3	76,892	2.3	2023

Totals		74,929,260	62.8	2,297,375	67.7


						Average
						Annual Base
				Percentage Of		Rent Per Net
		Net Rentable		Total Leased	Annualized	Rentable	Percentage Of
		Area Subject		Square Feet	Base Rental	Square Foot	Annual Base
	Number Of	To Expiring		Represented	Revenue Under	Represented	Rent Under
Year Of	Leases	Leases		By Expiring	Expiring	By Expiring	Expiring
Expiration	Expiring (a)	(Sq. Ft.)		Leases (%)	Leases ($) (b)	Leases ($)	Leases (%)

2022	15	131,204		3.9	5,170,429	39.41	4.3

2023	13	676,899		19.9	17,669,977	26.10	14.8

2024	15	260,680		7.7	10,775,435	41.34	9.0

2025	10	108,891		3.2	3,322,280	30.51	2.8

2026	13	255,355		7.5	9,917,380	38.84	8.3

2027	8	446,554		13.1	11,759,843	26.33	9.9

2028	5	88,842		2.6	3,517,877	39.60	2.9

2029	5	311,594		9.2	13,355,949	42.86	11.2

2030	1	13,662		0.4	696,762	51.00	0.6

2031	3	147,814		4.4	6,027,109	40.77	5.1

2032	13	377,451		11.1	15,417,965	40.85	12.9

2033 and thereafter	15	576,553		17.0	21,711,742	37.66	18.2
Totals/Weighted
Average	116	3,395,499	(c)(d)	100.0	119,342,748	35.15	100.0


For the Year Ended December 31, 2021

		High		Low		Close
First Quarter	$	16.80	$	11.74	$	15.48
Second Quarter	$	17.95	$	15.28	$	17.15
Third Quarter	$	18.40	$	16.04	$	17.12
Fourth Quarter	$	19.90	$	16.45	$	18.38

For the Year Ended December 31, 2020

		High		Low		Close
First Quarter	$	23.89	$	13.83	$	15.23
Second Quarter	$	18.83	$	12.90	$	15.29
Third Quarter	$	15.85	$	12.14	$	12.62
Fourth Quarter	$	15.06	$	10.35	$	12.46



		Years Ended
		December 31,				Dollar	Percent
(dollars in thousands)		2021		2020		Change	Change
Revenue from rental operations and other:
Revenue from leases	$	282,791	$	272,970	$	9,821	3.6	%
Parking income		15,003		15,604		(601)	(3.9)
Hotel income		10,618		4,287		6,331	147.7
Other income		11,309		9,311		1,998	21.5
Total revenues from rental operations		319,721		302,172		17,549	5.8

Property expenses:
Real estate taxes		47,859		45,801		2,058	4.5
Utilities		14,802		13,717		1,085	7.9
Operating services		71,851		68,313		3,538	5.2
Total property expenses		134,512		127,831		6,681	5.2

Non-property revenues:
Real estate services		9,596		11,390		(1,794)	(15.8)
Total non-property revenues		9,596		11,390		(1,794)	(15.8)

Non-property expenses:
Real estate services expenses		12,857		13,555		(698)	(5.1)
General and administrative		57,198		71,058		(13,860)	(19.5)
Dead deal and transaction-related costs		12,221		2,583		9,638	373.1
Depreciation and amortization		111,618		122,035		(10,417)	(8.5)
Property impairments		13,467		36,582		(23,115)	(63.2)
Land and other impairments, net		23,719		16,817		6,902	41.0
Total non-property expenses		231,080		262,630		(31,550)	(12.0)
Operating income (loss)		(36,275)		(76,899)		40,624	52.8
Other (expense) income:
Interest expense		(65,192)		(80,991)		15,799	19.5
Interest and other investment income (loss)		524		43		481	1,118.6
Equity in earnings (loss) of unconsolidated joint ventures		(4,251)		(3,832)		(419)	(10.9)
Realized gains (losses) and unrealized losses on disposition
of rental property, net		3,022		5,481		(2,459)	(44.9)
Gain on disposition of developable land		2,115		5,787		(3,672)	(63.5)
Gain on sale from unconsolidated joint ventures		(1,886)		35,184		(37,070)	(105.4)
Gain (loss) from extinguishment of debt, net		(47,078)		(272)		(46,806)	(17,208.1)
Total other (expense) income		(112,746)		(38,600)		(74,146)	(192.1)
Income (loss) from continuing operations		(149,021)		(115,499)		(33,522)	(29.0)
Discontinued operations:
Income from discontinued operations		13,930		70,700		(56,770)	(80.3)
Realized gains (losses) and unrealized gains (losses) on
disposition of rental property and impairments, net		25,552		11,201		14,351	128.1
Total discontinued operations		39,482		81,901		(42,419)	(51.8)
Net income (loss)	$	(109,539)	$	(33,598)	$	(75,941)	(226.0)	%


		Total				Same-Store				Acquired and Developed				Properties
		Company				Properties				Properties				Sold in 2020 and 2021
		Dollar	Percent			Dollar	Percent			Dollar	Percent			Dollar	Percent			Total Company				Same-Store Properties				Acquired and Developed Properties				Properties Sold in 2020 and 2021
(dollars in thousands)		Change	Change			Change	Change			Change	Change			Change	Change		(dollars in thousands)	Dollar Change		Percent Change		Dollar Change		Percent Change		Dollar Change		Percent Change		Dollar Change		Percent Change
Revenue from rental
operations and other:
Revenue from rental operations and other:																	Revenue from rental operations and other:
Revenue from leases	$	9,821	3.6	%	$	1,638	0.6	%	$	13,014	4.8	%	$	(4,831)	(1.8)	%	Revenue from leases	$	9,981	3.7	%	$	1,798	0.7	%	$	13,014	4.8	%	$	(4,831)	(1.8)	%
Parking income		(601)	(3.9)			(1,074)	(7.0)			587	3.8			(114)	(0.7)		Parking income	(601)		(3.9)		(1,074)		(7.0)		587		3.8		(114)		(0.7)
Hotel income		6,331	147.7			6,331	147.7			-	-			-	-		Hotel income	6,331		147.7		6,331		147.7		—		—		—		—
Other income		1,998	21.5			1,588	17.1			449	4.8			(39)	(0.4)		Other income	1,996		21.4		1,586		17.0		449		4.8		(39)		(0.4)
Total	$	17,549	5.8	%	$	8,483	2.8	%	$	14,050	4.6	%	$	(4,984)	(1.6)	%	Total	$	17,707	6.0	%	$	8,641	2.9	%	$	14,050	4.6	%	$	(4,984)	(1.6)	%

Property expenses:																	Property expenses:
Real estate taxes	$	2,058	4.5	%	$	1,704	3.7	%	$	1,496	3.3	%	$	(1,142)	(2.5)	%	Real estate taxes	$	2,129	4.7	%	$	1,775	3.9	%	$	1,496	3.3	%	$	(1,142)	(2.5)	%
Utilities		1,085	7.9			905	6.6			566	4.1			(386)	(2.8)		Utilities	1,085		7.9		905		6.6		566		4.1		(386)		(2.8)
Operating services		3,538	5.2			1,661	2.5			2,756	4.0			(879)	(1.3)		Operating services	3,654		5.3		1,777		2.6		2,756		4.0		(879)		(1.3)
Total	$	6,681	5.2	%	$	4,270	3.3	%	$	4,818	3.8	%	$	(2,407)	(1.9)	%	Total	$	6,868	5.4	%	$	4,457	3.5	%	$	4,818	3.8	%	$	(2,407)	(1.9)	%

OTHER DATA:																	OTHER DATA:
Number of Consolidated Properties		27				23				4				39			Number of Consolidated Properties	27				23				4				39
Commercial Square feet (in thousands)		4,916				4,885				31				5,755			Commercial Square feet (in thousands)	4,916				4,885				31				5,755
Multifamily portfolio (number of units)		4,545				3,713				832				1,025			Multifamily portfolio (number of units)	4,545				3,713				832				1,025


		Common			Common Stock	Common Units/Vested LTIP Units	Total
Outstanding at January 1, 2022				Outstanding at January 1, 2022	90,948,008	9,013,534	99,961,542
Restricted stock issued				Restricted stock issued	49,784	—	49,784
	Common	Units/Vested
	Stock	LTIP Units	Total
Outstanding at January 1, 2021	90,712,417	9,649,031	100,361,448
Restricted stock issued	55,554	-	55,554
Conversion of deferred stock units for common stock	-	-	-
Common units redeemed for common stock	175,257	(175,257)	-	Common units redeemed for common stock	11,508	(11,508)	—
Common units/vested LTIPs				Common units/vested LTIPs	181,199	—	181,199
Conversion of LTIP units for common units	-	205,434	205,434	Conversion of LTIP units for common units	—	228,579	228,579
Vested RSU/LTIP units	2,501	65,176	67,677	Vested RSU/LTIP units	—	181,000	181,000
Cancellation of restricted stock	(262)	-	(262)	Cancellation of restricted stock	(51,000)	—	(51,000)
Shares issued under Dividend Reinvestment and Stock Purchase Plan	2,541	-	2,541	Shares issued under Dividend Reinvestment and Stock Purchase Plan	2,150	—	2,150
Redemption of common units	-	(730,850)	(730,850)	Redemption of common units	—	(110,084)	(110,084)

Outstanding at December 31, 2021	90,948,008	9,013,534	99,961,542
Outstanding at December 31, 2022				Outstanding at December 31, 2022	91,141,649	9,301,521	100,443,170


	Year Ended December 31,
	2022		2021		2020
Net income (loss) available to common shareholders	$	(52,066)	$	(119,042)	$	(51,387)
Add (deduct): Noncontrolling interests in Operating Partnership	(5,202)		(15,739)		(13,830)
Noncontrolling interests in discontinued operations	(72)		3,860		8,431
Real estate-related depreciation and amortization on continuing operations (a)	120,584		118,835		131,236
Real estate-related depreciation and amortization on discontinued operations	889		2,555		6,386
Property impairments on continuing operations	94,811		13,467		36,582


Impairment of unconsolidated joint venture investment (included in Equity in earnings)	—		(2)		2,562

Gain on sale from unconsolidated joint ventures	(7,677)		1,886		(35,184)
Continuing operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net	(66,116)		(3,022)		(2,656)
Discontinued operations: Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net	4,440		(25,552)		(14,026)
Funds from operations available to common stock and Operating Partnership unitholders (b)	$	89,591	$	(22,754)	$	68,114


December 31, 2021
Debt,
including current portion																											Fair
($s in thousands)		2022			2023			2024			2025			2026			Thereafter			Sub-total		Other (a)		Total			Value

Fixed Rate	$	550		$	61,045		$	311,403		$	3,300		$	598,407		$	707,957		$	1,682,662	$	(7,309)	$	1,675,353		$	1,701,632
Average Interest Rate		4.85	%		3.59	%		3.43	%		3.98	%		3.85	%		3.73	%						3.71	%

Variable Rate	$	87,175		$	89,000		$	403,453		$	-		$	138,000		$	-		$	717,628	$	(3,911)	$	713,717		$	713,717


December 31, 2022
Debt, including current portion ($s in thousands)	2023			2024			2025			2026			2027			Thereafter			Sub-total		Other (a)		Total			Fair Value

Fixed Rate	$	61,045		$	610,361		$	8,384		$	428,780		$	313,477		$	342,441		$	1,764,488	$	(7,180)	$	1,757,308		$	1,635,357
Average Interest Rate	3.59		%	5.02		%	3.39		%	4.00		%	3.66		%	3.98		%					4.34		%

Variable Rate	$	84,000		$	—		$	—		$	63,000		$	—		$	—		$	147,000	$	(331)	$	146,669		$	146,669



		December 31,		December 31,
ASSETS		2021		2020	ASSETS	December 31, 2022		December 31, 2021
Rental property					Rental property
Land and leasehold interests	$	494,935	$	639,636	Land and leasehold interests	$	492,204	$	494,935
Buildings and improvements		3,375,266		3,743,831	Buildings and improvements	3,332,315		3,375,266
Tenant improvements		106,654		171,623	Tenant improvements	122,509		106,654
Furniture, fixtures and equipment		100,011		83,553	Furniture, fixtures and equipment	99,094		100,011
		4,076,866		4,638,643		4,046,122		4,076,866
Less – accumulated depreciation and amortization		(583,416)		(656,331)	Less – accumulated depreciation and amortization	(631,910)		(583,416)
		3,493,450		3,982,312		3,414,212		3,493,450
Real estate held for sale, net		618,646		656,963	Real estate held for sale, net	193,933		618,646
Net investment in rental property		4,112,096		4,639,275	Net investment in rental property	3,608,145		4,112,096
Cash and cash equivalents		31,754		38,096	Cash and cash equivalents	26,782		31,754
Restricted cash		19,701		14,207	Restricted cash	20,867		19,701
Investments in unconsolidated joint ventures		137,772		162,382	Investments in unconsolidated joint ventures	126,158		137,772
Unbilled rents receivable, net		72,285		84,907	Unbilled rents receivable, net	39,734		72,285
Deferred charges, goodwill and other assets, net		151,347		199,541
Deferred charges and other assets, net					Deferred charges and other assets, net	96,162		151,347
Accounts receivable		2,363		9,378	Accounts receivable	2,920		2,363

Total assets	$	4,527,318	$	5,147,786	Total assets	$	3,920,768	$	4,527,318

LIABILITIES AND EQUITY					LIABILITIES AND EQUITY
Senior unsecured notes, net	$	-	$	572,653
Revolving credit facility and term loans		148,000		25,000	Revolving credit facility and term loans	$	—	$	148,000
Mortgages, loans payable and other obligations, net		2,241,070		2,204,144	Mortgages, loans payable and other obligations, net	1,903,977		2,241,070
Dividends and distributions payable		384		1,493	Dividends and distributions payable	110		384
Accounts payable, accrued expenses and other liabilities		134,977		194,717	Accounts payable, accrued expenses and other liabilities	72,041		134,977
Rents received in advance and security deposits		26,396		34,101	Rents received in advance and security deposits	22,941		26,396
Accrued interest payable		5,760		10,001	Accrued interest payable	7,131		5,760
Total liabilities		2,556,587		3,042,109	Total liabilities	2,006,200		2,556,587

Commitments and contingencies					Commitments and contingencies

Redeemable noncontrolling interests		521,313		513,297	Redeemable noncontrolling interests	515,231		521,313

Equity:					Equity:
Veris Residential, Inc. stockholders’ equity:					Veris Residential, Inc. stockholders’ equity:
Common stock, $0.01 par value, 190,000,000 shares authorized,					Common stock, $0.01 par value, 190,000,000 shares authorized,
90,948,008 and 90,712,417 shares outstanding		909		907
91,141,649 and 90,948,008 shares outstanding					91,141,649 and 90,948,008 shares outstanding	911		909
Additional paid-in capital		2,530,383		2,528,187	Additional paid-in capital	2,532,182		2,530,383
Dividends in excess of net earnings		(1,249,319)		(1,130,277)	Dividends in excess of net earnings	(1,301,385)		(1,249,319)
Accumulated other comprehensive income (loss)		9		-	Accumulated other comprehensive income (loss)	3,977		9
Total Veris Residential, Inc. stockholders’ equity		1,281,982		1,398,817	Total Veris Residential, Inc. stockholders’ equity	1,235,685		1,281,982

Noncontrolling interests in subsidiaries:					Noncontrolling interests in subsidiaries:
Operating Partnership		127,053		148,791	Operating Partnership	126,109		127,053
Consolidated joint ventures		40,383		44,772	Consolidated joint ventures	37,543		40,383
Total noncontrolling interests in subsidiaries		167,436		193,563	Total noncontrolling interests in subsidiaries	163,652		167,436

Total equity		1,449,418		1,592,380	Total equity	1,399,337		1,449,418

Total liabilities and equity	$	4,527,318	$	5,147,786	Total liabilities and equity	$	3,920,768	$	4,527,318


		Year Ended December 31,						Year Ended December 31,
REVENUES		2021		2020		2019	REVENUES	2022		2021		2020
Revenue from leases	$	282,791	$	272,970	$	302,409	Revenue from leases	$	284,062	$	276,864	$	266,884
Real estate services		9,596		11,390		13,873	Real estate services	3,581		9,596		11,390
Parking income		15,003		15,604		21,857	Parking income	18,557		15,003		15,604
Hotel income		10,618		4,287		9,841	Hotel income	15,505		10,618		4,287
Other income		11,309		9,311		9,222	Other income	33,313		11,309		9,311
Total revenues		329,317		313,562		357,202	Total revenues	355,018		323,390		307,476

EXPENSES							EXPENSES
Real estate taxes		47,859		45,801		44,785	Real estate taxes	58,585		47,106		44,977
Utilities		14,802		13,717		17,881	Utilities	14,344		14,802		13,717
Operating services		71,851		68,313		70,409	Operating services	77,855		71,246		67,592
Real estate services expenses		12,857		13,555		15,918	Real estate services expenses	10,549		12,857		13,555
General and administrative		57,198		71,058		59,805	General and administrative	56,169		57,190		71,058
Dead deal and transaction-related costs		12,221		2,583		-
Transaction-related costs							Transaction-related costs	3,467		12,221		2,583
Depreciation and amortization		111,618		122,035		133,597	Depreciation and amortization	111,518		110,038		120,455
Property impairments		13,467		36,582		-	Property impairments	94,811		13,467		36,582
Land and other impairments, net		23,719		16,817		32,444	Land and other impairments, net	9,368		23,719		16,817
Total expenses		365,592		390,461		374,839	Total expenses	436,666		362,646		387,336

OTHER (EXPENSE) INCOME							OTHER (EXPENSE) INCOME
Interest expense		(65,192)		(80,991)		(90,569)	Interest expense	(78,040)		(65,192)		(80,991)
Interest and other investment income (loss)		524		43		2,412	Interest and other investment income (loss)	729		524		43
Equity in earnings (loss) of unconsolidated joint ventures		(4,251)		(3,832)		(1,319)	Equity in earnings (loss) of unconsolidated joint ventures	1,200		(4,251)		(3,832)
Gain on change of control of interests		-		-		13,790
Realized gains (losses) and unrealized gains (losses) on disposition of
rental property, net		3,022		5,481		343,102

Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net							Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net	66,115		3,022		2,657
Gain on disposition of developable land		2,115		5,787		522	Gain on disposition of developable land	57,262		2,115		5,787
Gain (loss) on sale of unconsolidated joint venture interests		(1,886)		35,184		903	Gain (loss) on sale of unconsolidated joint venture interests	7,677		(1,886)		35,184
Gain (loss) from extinguishment of debt, net		(47,078)		(272)		1,648	Gain (loss) from extinguishment of debt, net	(7,432)		(47,078)		(272)
Total other income (expense)		(112,746)		(38,600)		270,489	Total other income (expense)	47,511		(112,746)		(41,424)
Income (loss) from continuing operations		(149,021)		(115,499)		252,852	Income (loss) from continuing operations	(34,137)		(152,002)		(121,284)

Discontinued operations:							Discontinued operations:
Income from discontinued operations		13,930		70,700		24,334	Income from discontinued operations	3,692		16,911		73,660
Realized gains (losses) and unrealized gains (losses) on
disposition of rental property and impairments, net		25,552		11,201		(133,350)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net							Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net	(4,440)		25,552		14,026
Total discontinued operations, net		39,482		81,901		(109,016)	Total discontinued operations, net	(748)		42,463		87,686
Net income (loss)		(109,539)		(33,598)		143,836	Net income (loss)	(34,885)		(109,539)		(33,598)
Noncontrolling interests in consolidated joint ventures		4,595		2,695		3,904	Noncontrolling interests in consolidated joint ventures	3,079		4,595		2,695
Noncontrolling interests in Operating Partnership of income from
continuing operations		15,469		13,277		(23,724)
Noncontrolling interests in Operating Partnership of income from continuing operations							Noncontrolling interests in Operating Partnership of income from continuing operations	5,202		15,739		13,831
Noncontrolling interests in Operating Partnership in discontinued operations		(3,590)		(7,878)		10,460	Noncontrolling interests in Operating Partnership in discontinued operations	72		(3,860)		(8,432)
Redeemable noncontrolling interests		(25,977)		(25,883)		(22,615)	Redeemable noncontrolling interests	(25,534)		(25,977)		(25,883)
Net income (loss) available to common shareholders	$	(119,042)	$	(51,387)	$	111,861	Net income (loss) available to common shareholders	$	(52,066)	$	(119,042)	$	(51,387)

Basic earnings per common share:							Basic earnings per common share:
Income (loss) from continuing operations	$	(1.79)	$	(1.51)	$	2.04	Income (loss) from continuing operations	$	(0.62)	$	(1.82)	$	(1.57)
Discontinued operations		0.40		0.81		(1.09)	Discontinued operations	(0.01)		0.43		0.87
Net income (loss) available to common shareholders	$	(1.39)	$	(0.70)	$	0.95	Net income (loss) available to common shareholders	$	(0.63)	$	(1.39)	$	(0.70)

Diluted earnings per common share:							Diluted earnings per common share:
Income (loss) from continuing operations	$	(1.79)	$	(1.51)	$	2.04	Income (loss) from continuing operations	$	(0.62)	$	(1.82)	$	(1.57)
Discontinued operations		0.40		0.81		(1.09)	Discontinued operations	(0.01)		0.43		0.87
Net income (loss) available to common shareholders	$	(1.39)	$	(0.70)	$	0.95	Net income (loss) available to common shareholders	$	(0.63)	$	(1.39)	$	(0.70)

Basic weighted average shares outstanding		90,839		90,648		90,557	Basic weighted average shares outstanding	91,046		90,839		90,648

Diluted weighted average shares outstanding		99,893		100,260		100,689	Diluted weighted average shares outstanding	100,265		99,893		100,260


	Common Stock			Additional Paid-In Capital		Dividends in Excess of Net Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests in Subsidiaries		Total Equity
	Shares	Par Value
Balance at January 1, 2020	90,595	$	906	$	2,535,440	$	(1,042,629)	$	(18)	$	205,776	$	1,699,475
Net income (loss)	—	—		—		(51,387)		—		17,789		(33,598)
Common stock dividends	—	—		—		(36,261)		—		—		(36,261)
Common unit distributions	—	—		—		—		—		(3,509)		(3,509)
Redeemable noncontrolling interests	—	—		(11,814)		—		—		(27,137)		(38,951)
Change in noncontrolling interests in consolidated joint ventures	—	—		—		—		—		171		171

Redemption of common units	—	—		—		—		—		(2,693)		(2,693)
Shares issued under Dividend Reinvestment and Stock Purchase Plan	3	—		37		—		—		—		37
Directors' deferred compensation plan	61	1		290		—		—		—		291
Stock compensation	53	—		1,614		—		—		6,021		7,635
Cancellation of unvested LTIP units	—	—		—		—		—		(201)		(201)
Other comprehensive income	—	—		—		—		18		(34)		(16)
Rebalancing of ownership percentage between parent and subsidiaries	—	—		2,620		—		—		(2,620)		—
Balance at December 31, 2020	90,712	$	907	$	2,528,187	$	(1,130,277)	$	—	$	193,563	$	1,592,380
Net income (loss)	—	—		—		(119,042)		—		9,503		(109,539)

Common unit distributions	—	—		—		—		—		645		645
Redeemable noncontrolling interests	—	—		(7,290)		—		—		(26,703)		(33,993)
Change in noncontrolling interests in consolidated joint ventures	—	—		—		—		—		206		206
Redemption of common units for common stock	175	2		2,714		—		—		(2,716)		—
Redemption of common units	—	—		—		—		—		(11,357)		(11,357)
Shares issued under Dividend Reinvestment and Stock Purchase Plan	3	—		28		—		—		—		28
Directors' deferred compensation plan	—	—		314		—		—		—		314
Stock compensation	58	—		5,139		—		—		5,708		10,847
Cancellation of restricted shares	—	—		(123)		—		—		—		(123)
Other comprehensive income (loss)	—	—		—		—		9		1		10
Rebalancing of ownership percentage between parent and subsidiaries	—	—		1,414		—		—		(1,414)		—
Balance at December 31, 2021	90,948	$	909	$	2,530,383	$	(1,249,319)	$	9	$	167,436	$	1,449,418
Net income (loss)	—	—		—		(52,066)		—		17,181		(34,885)

Common unit distributions	—	—		—		—		—		218		218
Redeemable noncontrolling interests	—	—		(5,475)		—		—		(26,082)		(31,557)
Change in noncontrolling interests in consolidated joint ventures	—	—		—		—		—		239		239
Redemption of common units for common stock	12	—		161		—		—		(161)		—
Redemption of common units	—	—		—		—		—		(1,826)		(1,826)
Shares issued under Dividend Reinvestment and Stock Purchase Plan	2	—		23		—		—		—		23
Directors' deferred compensation plan	—	—		440		—		—		—		440
Stock compensation	231	2		9,926		—		—		3,839		13,767
Cancellation of restricted shares	(51)	—		(866)		—		—		—		(866)
Other comprehensive income (loss)	—	—		—		—		3,968		398		4,366
Rebalancing of ownership percentage between parent and subsidiaries	—	—		(2,410)		—		—		2,410		—
Balance at December 31, 2022	91,142	$	911	$	2,532,182	$	(1,301,385)	$	3,977	$	163,652	$	1,399,337


									Accumulated
					Additional		Dividends in		Other		Noncontrolling
	Common Stock				Paid-In		Excess of		Comprehensive		Interests
	Shares		Par Value		Capital		Net Earnings		Income (Loss)		in Subsidiaries		Total Equity
Balance at January 1, 2019	90,320	$	903	$	2,561,503	$	(1,084,518)	$	8,770	$	210,523	$	1,697,181
Net income (loss)	-		-		-		111,861		-		31,975		143,836
Common stock dividends	-		-		-		(72,401)		-		-		(72,401)
Common unit distributions	-		-		-		-		-		(8,705)		(8,705)
Redeemable noncontrolling interest	-		-		(25,885)		-		-		(25,470)		(51,355)
Change in noncontrolling interests in consolidated joint ventures	-		-		(1,958)		-		-		9,050		7,092
Redemption of common units for common stock	38		1		704		-		-		(705)		-
Redemption of common units	-		-		(1,665)		-		-		(12,799)		(14,464)
Shares issued under Dividend													-
Reinvestment and Stock Purchase Plan	2		-		39		-		-		-		39
Directors' deferred compensation plan	194		2		317		-		-		-		319
Stock compensation	41		-		627		-		-		7,534		8,161
Cancellation of unvested LTIP units	-		-		-		2,819		-		(2,889)		(70)
Other comprehensive income	-		-		-		(390)		(8,788)		(980)		(10,158)
Rebalancing of ownership percentage
between parent and subsidiaries	-		-		1,758		-		-		(1,758)		-
Balance at December 31, 2019	90,595	$	906	$	2,535,440	$	(1,042,629)	$	(18)	$	205,776	$	1,699,475
Net income (loss)	-		-		-		(51,387)		-		17,789		(33,598)
Common stock dividends	-		-		-		(36,261)		-		-		(36,261)
Common unit distributions	-		-		-		-		-		(3,509)		(3,509)
Redeemable noncontrolling interests	-		-		(11,814)		-		-		(27,137)		(38,951)
Change in noncontrolling interests in consolidated joint ventures	-		-		-		-		-		171		171
Redemption of common units for common stock	-		-		-		-		-		-		-
Redemption of common units	-		-		-		-		-		(2,693)		(2,693)
Shares issued under Dividend Reinvestment and
Stock Purchase Plan	3		-		37		-		-		-		37
Directors' deferred compensation plan	61		1		290		-		-		-		291
Stock compensation	53		-		1,614		-		-		6,021		7,635
Cancellation of unvested LTIP units	-		-		-		-		-		(201)		(201)
Other comprehensive income (loss)	-		-		-		-		18		(34)		(16)
Rebalancing of ownership percentage
between parent and subsidiaries	-		-		2,620		-		-		(2,620)		-
Balance at December 31, 2020	90,712	$	907	$	2,528,187	$	(1,130,277)	$	-	$	193,563	$	1,592,380
Net income (loss)	-		-		-		(119,042)		-		9,503		(109,539)
Common stock dividends	-		-		-		-		-		-		-
Common unit distributions	-		-		-		-		-		645		645
Redeemable noncontrolling interests	-		-		(7,290)		-		-		(26,703)		(33,993)
Change in noncontrolling interests in consolidated joint ventures	-		-		-		-		-		206		206
Redemption of common units for common stock	175		2		2,714		-		-		(2,716)		-
Redemption of common units	-		-		-		-		-		(11,357)		(11,357)
Shares issued under Dividend Reinvestment and
Stock Purchase Plan	3		-		28		-		-		-		28
Directors' deferred compensation plan	-		-		314		-		-		-		314
Stock compensation	58		-		5,139		-		-		5,708		10,847
Cancellation of restricted stock	-		-		(123)		-		-		-		(123)
Other comprehensive income (loss)	-		-		-		-		9		1		10
Rebalancing of ownership percentage
between parent and subsidiaries	-		-		1,414		-		-		(1,414)		-
Balance at December 31, 2021	90,948	$	909	$	2,530,383	$	(1,249,319)	$	9	$	167,436	$	1,449,418


		December 31,						December 31,
CASH FLOWS FROM OPERATING ACTIVITIES		2021		2020		2019	CASH FLOWS FROM OPERATING ACTIVITIES	2022		2021		2020
Net income (loss)	$	(109,539)	$	(33,598)	$	143,836	Net income (loss)	$	(34,885)	$	(109,539)	$	(33,598)
Net income (loss) from discontinued operations		(39,482)		(81,901)		109,016
Net (income) loss from discontinued operations							Net (income) loss from discontinued operations	748		(42,463)		(87,686)
Net income (loss) from continuing operations		(149,021)		(115,499)		252,852	Net income (loss) from continuing operations	(34,137)		(152,002)		(121,284)
Adjustments to reconcile net income (loss) to net cash provided by							Adjustments to reconcile net income (loss) to net cash provided by
Operating activities:							Operating activities:
Depreciation and amortization, including related intangible assets		108,839		118,345		129,725	Depreciation and amortization, including related intangible assets	111,392		107,201		117,745
Amortization of directors deferred compensation stock units		314		291		319	Amortization of directors deferred compensation stock units	440		314		291
Amortization of stock compensation		10,847		7,635		8,161	Amortization of stock compensation	13,767		10,847		7,635
Amortization of deferred financing costs		4,568		4,625		4,625	Amortization of deferred financing costs	4,821		4,568		4,625
Amortization of debt discount and mark-to-market		232		(1,083)		(949)	Amortization of debt discount and mark-to-market	—		232		(1,083)
Equity in (earnings) loss of unconsolidated joint ventures		4,251		3,832		1,319	Equity in (earnings) loss of unconsolidated joint ventures	(1,200)		4,251		3,832
Distributions of cumulative earnings from unconsolidated joint ventures		759		5,300		6,923	Distributions of cumulative earnings from unconsolidated joint ventures	13		759		5,300
Gain on change of control of interests		-		-		(13,790)

Write-off transaction-related costs		7,922		-		-	Write-off transaction-related costs	—		7,922		—
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net		(3,022)		(5,481)		(343,102)	Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net	(66,115)		(3,022)		(2,657)
Gain on disposition of developable land		(2,115)		(5,787)		(522)	Gain on disposition of developable land	(57,262)		(2,115)		(5,787)
Property impairments		13,467		36,582		-	Property impairments	94,811		13,467		36,582
Land and other impairments, net		23,719		16,817		32,444	Land and other impairments, net	9,368		23,719		16,817
(Gain) Loss from sale of investment in unconsolidated joint venture		1,886		(35,184)		(903)	(Gain) Loss from sale of investment in unconsolidated joint venture	(7,677)		1,886		(35,184)
(Gain) Loss from extinguishment of debt		47,078		272		(1,648)
Loss from extinguishment of debt							Loss from extinguishment of debt	7,432		47,078		272
Changes in operating assets and liabilities:							Changes in operating assets and liabilities:
Increase in unbilled rents receivable, net		(6,976)		(1,135)		(7,240)
Decrease (Increase) in unbilled rents receivable, net							Decrease (Increase) in unbilled rents receivable, net	1,578		(7,251)		(1,311)
Increase in deferred charges, goodwill and other assets		(5,022)		(806)		(21,921)	Increase in deferred charges, goodwill and other assets	(12,565)		(4,954)		(750)
Decrease (increase) in accounts receivable, net		5,544		(5,117)		2,132
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(11,268)		(9,577)		1,820
(Increase) Decrease in accounts receivable, net							(Increase) Decrease in accounts receivable, net	(505)		5,544		(5,117)
Increase (Decrease) in accounts payable, accrued expenses and other liabilities							Increase (Decrease) in accounts payable, accrued expenses and other liabilities	328		(11,445)		(9,550)
(Decrease) Increase in rents received in advance and security deposits		55		(2,446)		2,002	(Decrease) Increase in rents received in advance and security deposits	(3,173)		55		(2,446)
Increase (decrease) in accrued interest payable		258		(184)		1,068
Increase (Decrease) in accrued interest payable							Increase (Decrease) in accrued interest payable	1,371		258		(184)
Net cash flows provided by operating activities - continuing operations		52,315		11,400		53,315	Net cash flows provided by operating activities - continuing operations	62,687		47,312		7,746
Net cash flows provided by operating activities - discontinued operations		3,800		74,022		78,527	Net cash flows provided by operating activities - discontinued operations	3,767		8,803		77,676

Net cash provided by operating activities	$	56,115	$	85,422	$	131,842	Net cash provided by operating activities	$	66,454	$	56,115	$	85,422

CASH FLOWS FROM INVESTING ACTIVITIES							CASH FLOWS FROM INVESTING ACTIVITIES
Rental property acquisitions and related intangibles	$	-	$	(16,811)	$	(956,040)	Rental property acquisitions and related intangibles	$	(130,500)	$	—	$	(16,811)
Rental property additions and improvements		(65,101)		(138,688)		(88,240)	Rental property additions and improvements	(51,480)		(65,101)		(138,700)
Development of rental property and other related costs		(211,617)		(295,892)		(172,309)
Proceeds from the sales of rental property		52,391		64,947		825,613
Development of rental property, other related costs and deposits							Development of rental property, other related costs and deposits	(73,189)		(211,617)		(295,892)
Proceeds from the sales of rental property and developable land							Proceeds from the sales of rental property and developable land	451,860		52,391		64,947
Proceeds from the sale of investments in unconsolidated joint ventures		3,865		64,773		4,039	Proceeds from the sale of investments in unconsolidated joint ventures	7,677		3,865		64,773
Repayment of notes receivable		7,257		458		46,597	Repayment of notes receivable	2,926		7,257		458
Investment in unconsolidated joint ventures		(1,280)		(2,959)		(9,011)	Investment in unconsolidated joint ventures	(162)		(1,280)		(2,959)
Distributions in excess of cumulative earnings from unconsolidated joint ventures		15,703		13,826		8,697	Distributions in excess of cumulative earnings from unconsolidated joint ventures	13,132		15,703		13,826
Net cash used in investing activities - continuing operations		(198,782)		(310,346)		(340,654)
Net cash provided by investing activities - discontinued operations		645,011		338,811		(75,421)
Net cash provided by (used in) investing activities - continuing operations							Net cash provided by (used in) investing activities - continuing operations	220,264		(198,782)		(310,358)
Net cash (used in) provided by investing activities - discontinued operations							Net cash (used in) provided by investing activities - discontinued operations	(176)		645,011		338,823

Net cash provided by investing activities	$	446,229	$	28,465	$	(416,075)	Net cash provided by investing activities	$	220,088	$	446,229	$	28,465

CASH FLOW FROM FINANCING ACTIVITIES							CASH FLOW FROM FINANCING ACTIVITIES
Borrowings from revolving credit facility	$	196,000	$	212,000	$	829,000	Borrowings from revolving credit facility	$	102,000	$	196,000	$	212,000
Repayment of revolving credit facility		(73,000)		(516,000)		(617,000)	Repayment of revolving credit facility	(250,000)		(73,000)		(516,000)
Borrowings from term loans		150,000		-		-	Borrowings from term loans	—		150,000		—
Repayment of term loans		(150,000)		-		(675,000)	Repayment of term loans	—		(150,000)		—
Repayment of senior unsecured notes		(573,727)		-		-	Repayment of senior unsecured notes	—		(573,727)		—
Proceeds from mortgages and loans payable		226,422		381,577		877,126	Proceeds from mortgages and loans payable	154,720		226,422		381,577
Repayment of mortgages, loans payable and other obligations		(192,995)		(86,561)		(155,115)	Repayment of mortgages, loans payable and other obligations	(245,522)		(192,995)		(86,561)
Acquisition of noncontrolling interests		-		-		(5,017)

(Redemption) issuance of redeemable noncontrolling interests, net		-		(3,153)		145,000	(Redemption) issuance of redeemable noncontrolling interests, net	(12,000)		—		(3,153)
Payment of early debt extinguishment costs		(49,874)		-		-	Payment of early debt extinguishment costs	(5,140)		(49,874)		—
Common unit redemptions		(898)		(2,693)		(7,769)	Common unit redemptions	(2,692)		(898)		(2,693)
Payment of financing costs		(8,874)		(1,677)		(12,339)	Payment of financing costs	(6,037)		(8,874)		(1,677)
(Contributions) distributions to noncontrolling interests		207		171		(466)	(Contributions) distributions to noncontrolling interests	24		207		171
Distributions to redeemable noncontrolling interests		(25,977)		(25,883)		(21,883)	Distributions to redeemable noncontrolling interests	(25,640)		(25,977)		(25,883)
Payment of common dividends and distributions		(475)		(60,532)		(80,692)	Payment of common dividends and distributions	(61)		(475)		(60,532)

Net cash used in financing activities	$	(503,191)	$	(102,751)	$	275,845	Net cash used in financing activities	$	(290,348)	$	(503,191)	$	(102,751)

Net (decrease) increase in cash and cash equivalents	$	(847)	$	11,136	$	(8,388)	Net (decrease) increase in cash and cash equivalents	$	(3,806)	$	(847)	$	11,136
Cash, cash equivalents and restricted cash, beginning of period (1)		52,302		41,166		49,554	Cash, cash equivalents and restricted cash, beginning of period (1)	51,455		52,302		41,166

Cash, cash equivalents and restricted cash, end of period (2)	$	51,455	$	52,302	$	41,166	Cash, cash equivalents and restricted cash, end of period (2)	$	47,649	$	51,455	$	52,302


VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS(in thousands, except per unit amounts)


	General Partner Common Units	Limited Partner Common Units/ Vested LTIP Units	General Partner Common Unitholders		Limited Partner Common Unitholders		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interest in Consolidated Joint Ventures		Total Equity
Balance at January 1, 2020	90,595	9,612	$	1,427,568	$	224,629	$	(18)	$	47,296	$	1,699,475
Net income (loss)	—	—	(51,387)		(5,399)		—		23,188		(33,598)
Distributions to unitholders	—	—	(36,261)		(3,509)		—		—		(39,770)
Redeemable noncontrolling interests	—	—	(11,814)		(1,254)		—		(25,883)		(38,951)
Change in noncontrolling interests in consolidated joint ventures	—	—	—		—		—		171		171


Vested LTIP Units	—	175	—		—		—		—		—
Redemption of limited partners common units	—	(138)	—		(2,693)		—		—		(2,693)
Shares issued under Dividend Reinvestment and Stock Purchase Plan	3	—	37		—		—		—		37
Directors' deferred compensation plan	61	—	291		—		—		—		291
Other comprehensive income	—	—	—		(34)		18		—		(16)
Stock compensation	53	—	1,614		6,021		—		—		7,635
Cancellation of unvested LTIP units	—	—	—		(201)		—		—		(201)
Balance at December 31, 2020	90,712	9,649	$	1,330,048	$	217,560	$	—	$	44,772	$	1,592,380
Net income (loss)	—	—	(119,042)		(11,879)		—		21,382		(109,539)
Distributions	—	—	—		645		—		—		645
Redeemable noncontrolling interests	—	—	(7,290)		(726)		—		(25,977)		(33,993)
Change in noncontrolling interests in consolidated joint ventures	—	—	—		—		—		206		206
Redemption of limited partner common units for shares of general partner common units	175	(175)	2,716		(2,716)		—		—		—
Vested LTIP units	—	270	—		—		—		—		—
Redemption of limited partners common units	—	(731)	—		(11,357)		—		—		(11,357)
Shares issued under Dividend Reinvestment and Stock Purchase Plan	3	—	28		—		—		—		28
Directors' deferred compensation plan	—	—	314		—		—		—		314
Other comprehensive income (loss)	—	—	—		1		9		—		10
Stock compensation	58	—	5,139		5,708		—		—		10,847
Cancellation of restricted shares	—	—	(123)		—		—		—		(123)
Balance at December 31, 2021	90,948	9,013	$	1,211,790	$	197,236	$	9	$	40,383	$	1,449,418
Net income (loss)	—	—	(52,066)		(5,274)		—		22,455		(34,885)
Distributions	—	—	—		218		—		—		218
Redeemable noncontrolling interests	—	—	(5,475)		(548)		—		(25,534)		(31,557)
Change in noncontrolling interests in consolidated joint ventures	—	—	—		—		—		239		239
Redemption of limited partner common units for shares of general partner common units	12	(12)	161		(161)		—		—		—
Vested LTIP units	—	410	—		—		—		—		—
Redemption of limited partners common units	—	(110)	—		(1,826)		—		—		(1,826)
Shares issued under Dividend Reinvestment and Stock Purchase Plan	2	—	23		—		—		—		23
Directors' deferred compensation plan	—	—	440		—		—		—		440
Other comprehensive income (loss)	—	—	—		398		3,968		—		4,366
Stock compensation	231	—	9,928		3,839		—		—		13,767
Cancellation of restricted shares	(51)	—	(866)		—		—				(866)
Balance at December 31, 2022	91,142	9,301	$	1,163,935	$	193,882	$	3,977	$	37,543	$	1,399,337


								Accumulated		Noncontrolling
		Limited Partner		General Partner		Limited Partner		Other		Interest
	General Partner	Common Units/		Common		Common		Comprehensive		in Consolidated
	Common Units	Vested LTIP Units		Unitholders		Unitholders		Income (Loss)		Joint Ventures		Total Equity
Balance at January 1, 2019	90,320	10,229	$	1,413,497	$	232,764	$	8,770	$	42,150	$	1,697,181
Net income (loss)	-	-		111,861		13,264		-		18,711		143,836
Distributions to unitholders	-	-		(72,401)		(8,705)		-		-		(81,106)
Redeemable noncontrolling interests	-	-		(25,885)		(2,855)		-		(22,615)		(51,355)
Change in noncontrolling interests in consolidated joint ventures	-	-		(1,958)		-		-		9,050		7,092
Redemption of limited partner common units for
shares of general partner common units	38	(20)		705		(705)		-		-		-
Vested LTIP units	-	68		-		-		-		-		-
Redemption of limited partner common units	-	(665)		(1,665)		(12,799)		-		-		(14,464)
Shares issued under Dividend Reinvestment and
Stock Purchase Plan	2	-		39		-		-		-		39
Directors' deferred compensation plan	194	-		319		-		-		-		319
Other comprehensive income	-	-		(390)		(980)		(8,788)		-		(10,158)
Stock compensation	41	-		627		7,534		-		-		8,161
Cancellation of restricted shares	-	-		-		-		-		-		-
Cancellation of unvested LTIP units	-	-		2,819		(2,889)		-		-		(70)
Balance at December 31, 2019	90,595	9,612	$	1,427,568	$	224,629	$	(18)	$	47,296	$	1,699,475
Net income (loss)	-	-		(51,387)		(5,399)		-		23,188		(33,598)
Distributions	-	-		(36,261)		(3,509)		-		-		(39,770)
Redeemable noncontrolling interests	-	-		(11,814)		(1,254)		-		(25,883)		(38,951)
Change in noncontrolling interests in consolidated joint ventures	-	-		-		-		-		171		171
Redemption of limited partner common units for
shares of general partner common units	-	-		-		-		-		-		-
Vested LTIP units	-	175		-		-		-		-		-
Redemption of limited partners common units	-	(138)		-		(2,693)		-		-		(2,693)
Shares issued under Dividend Reinvestment and
Stock Purchase Plan	3	-		37		-		-		-		37
Directors' deferred compensation plan	61	-		291		-		-		-		291
Other comprehensive income (loss)	-	-		-		(34)		18		-		(16)
Stock compensation	53	-		1,614		6,021		-		-		7,635
Cancellation of unvested LTIP units	-	-		-		(201)		-		-		(201)
Balance at December 31, 2020	90,712	9,649	$	1,330,048	$	217,560	$	-	$	44,772	$	1,592,380
Net income (loss)	-	-		(119,042)		(11,879)		-		21,382		(109,539)
Distributions	-	-		-		645		-		-		645
Redeemable noncontrolling interests	-	-		(7,290)		(726)		-		(25,977)		(33,993)
Change in noncontrolling interests in consolidated joint ventures	-	-		-		-		-		206		206
Redemption of limited partner common units for
shares of general partner common units	175	(175)		2,716		(2,716)		-		-		-
Vested LTIP units	-	270		-		-		-		-		-
Redemption of limited partners common units	-	(731)		-		(11,357)		-		-		(11,357)
Shares issued under Dividend Reinvestment and
Stock Purchase Plan	3	-		28		-		-		-		28
Directors' deferred compensation plan	-	-		314		-		-		-		314
Other comprehensive income (loss)	-	-		-		1		9		-		10
Stock compensation	58	-		5,139		5,708		-		-		10,847
Cancellation of restricted shares	-	-		(123)		-		-		-		(123)
Balance at December 31, 2021	90,948	9,013	$	1,211,790	$	197,236	$	9	$	40,383	$	1,449,418


						Total
In Service			Property	# of		Development
Date	Property	Location	Type	Apartment Units		Costs Incurred
03/01/20	Emery at Overlook Ridge	Malden, MA	Multifamily	326	$	103,993
Totals				326	$	103,993


		~~Port Imperial North Retail L.L.C.~~
~~Land and leasehold interests~~	$	~~4,305~~
~~Buildings and improvements and other assets, net~~		~~8,912~~
~~In-place lease values (a)~~		~~1,503~~
~~Above/Below market lease value, net (a)~~		~~313~~

~~Net assets recorded upon consolidation~~	$	~~15,033~~


	Suburban Office Portfolio		Other Assets & Liabilities Held for Sale		Total
Land	$	4,336	$	88,507	$	92,843
Building & Other	30,389		112,165		142,554
Less: Accumulated depreciation	(12,165)		(16,759)		(28,924)
Less: Cumulative unrealized losses on property held for sale	(4,440)		(8,100)		(12,540)
Real estate held for sale, net	$	18,120	$	175,813	$	193,933


Other assets and liabilities	Suburban Office Portfolio (a)		Other Assets Held for Sale		Total
Unbilled rents receivable, net (a)	$	368	$	—	$	368
Deferred charges, net (a)	426		—		426

Total deferred charges & other assets, net	457		985		1,442
Mortgages & loans payable, net (a)	—		(85,664)		(85,664)

Accounts payable, accrued exp & other liability	(759)		(473)		(1,232)


Disposition Date	Property	Location	# of Bldgs.	Rentable Square Feet	Property Type	Net Sales Proceeds			Net Carrying Value		Realized Gains (Losses)/ Unrealized Losses, net		Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net
01/21/22	111 River Street	Hoboken, New Jersey	1	566,215	Office	$	208,268	(a)	$	206,432	$	1,836	$	—
10/07/22	101 Hudson Street	Jersey City, New Jersey	1	1,246,283	Office	342,578		(b)	270,198		72,380		—

Unrealized gains (losses) on real estate held for sale											$	(8,100)	$	(4,440)
Totals			2	1,812,498		$	550,846		$	476,630	$	66,116	$	(4,440)


Disposition Date	Property Address	Location	Net Sales Proceeds		Net Carrying Value		Realized Gains (losses)/ Unrealized Losses, net
03/22/22	Palladium residential land	West Windsor, New Jersey	$	23,908	$	24,182	$	(274)
03/22/22	Palladium commercial land	West Windsor, New Jersey	4,688		1,791		2,897
04/15/22	Port Imperial Park parcel	Weehawken, New Jersey	29,331		29,744		(413)
04/21/22	Urby II/III	Jersey City, New Jersey	68,854		13,316		55,538
11/03/22	Port Imperial Parcels 3 & 16 (a)	Weehawken, New Jersey	24,885		25,371		(486)

Totals			$	151,666	$	94,404	$	57,262


		~~Assets~~
		~~Held for Sale~~
~~Land~~	$	~~159,968~~
~~Building & Other~~		~~618,216~~
~~Less: Accumulated depreciation~~		~~(159,538)~~
~~Real estate held for sale, net~~	$	~~618,646~~


	Assets Held for Sale
Land	$	159,968
Building & Other	618,216
Less: Accumulated depreciation	(159,538)
Real estate held for sale, net	$	618,646


		~~Assets~~
~~Other assets and liabilities~~		~~Held for Sale~~
~~Unbilled rents receivable, net (a)~~	$	~~30,526~~
~~Deferred charges, net (a)~~		~~16,056~~
~~Total intangibles, net (a)~~		~~31,155~~
~~Total deferred charges & other assets, net (b)~~		~~69,410~~
~~Mortgages & loans payable, net (a)~~		~~(397,953)~~
~~Total below market liability (a)~~		~~(24,098)~~
~~Accounts payable, accrued exp & other liability (c)~~		~~(49,648)~~
~~Unearned rents/deferred rental income (a)~~		~~(5,831)~~


														Discontinued
														Operations:
												Realized		Realized
												Gains		Gains
				Rentable			Net			Net		(Losses)/		(losses)/
Disposition			# of	Square	Property		Sales			Carrying		Unrealized		Unrealized
Date	Property/Address	Location	Bldgs.	Feet	Type		Proceeds			Value		Losses, net		Losses, net
Disposition Date															Disposition Date	Property/Address	Location	# of Bldgs.	Rentable Square Feet	Property Type	Net Sales Proceeds			Net Carrying Value		Realized Gains (Losses)/ Unrealized Losses, net		Discontinued Operations Realized Gains (losses)/ Unrealized Losses, net
01/13/21	100 Overlook Center	Princeton, New Jersey	1	149,600	Office	$	34,724	(a)	$	26,488	$	-	$	8,236	01/13/21	100 Overlook Center	Princeton, New Jersey	1	149,600	Office	$	34,724	(a)	$	26,488	$	—	$	8,236
03/25/21	Metropark portfolio (b)	Edison and Iselin, New Jersey	4	926,656	Office		247,351			233,826		-		13,525	03/25/21	Metropark portfolio (b)	Edison and Iselin, New Jersey	4	926,656	Office	247,351			233,826		—		13,525
04/20/21	Short Hills portfolio (c)	Short Hills, New Jersey	4	828,413	Office		248,664			245,800		-		2,864	04/20/21	Short Hills portfolio (c)	Short Hills, New Jersey	4	828,413	Office	248,664			245,800		—		2,864
06/11/21	Red Bank portfolio	Red Bank, New Jersey	5	659,490	Office		80,730			78,364		-		2,366	06/11/21	Red Bank portfolio	Red Bank, New Jersey	5	659,490	Office	80,730			78,364		—		2,366
06/30/21	Retail land leases	Hanover and Parsippany, New Jersey	-	-	Land Lease		41,957			37,951		4,006		-	06/30/21	Retail land leases	Hanover and Parsippany, New Jersey	—	—	Land Lease	41,957			37,951		4,006		—
07/26/21	7 Giralda Farms	Madison, New Jersey	1	236,674	Office		28,182			30,143		-		(1,961)	07/26/21	7 Giralda Farms	Madison, New Jersey	1	236,674	Office	28,182			30,143		—		(1,961)
10/20/21	4 Gatehall Drive	Parsippany, New Jersey	1	248,480	Office		24,239			23,717		-		522	10/20/21	4 Gatehall Drive	Parsippany, New Jersey	1	248,480	Office	24,239			23,717		—		522
12/16/21	Retail land lease Unit B	Hanover, New Jersey	-	-	Land Lease		5,423			6,407		(984)		-	12/16/21	Retail land lease Unit B	Hanover, New Jersey	—	—	Land Lease	5,423			6,407		(984)		—

Totals			16	3,049,313		$	711,270		$	682,696	$	3,022	$	25,552	Totals			16	3,049,313		$	711,270		$	682,696	$	3,022	$	25,552


		Suburban		Other
		Office		Assets
		Portfolio (a)		Held for Sale		Total
Land	$	87,815	$	76,396	$	164,211
Building & Other		737,669		42,202		779,871
Less: Accumulated depreciation		(161,040)		(7,991)		(169,031)
Less: Cumulative unrealized losses on property held for sale		(77,357)		(40,731)		(118,088)
Real estate held for sale, net	$	587,087	$	69,876	$	656,963