Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 24, 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-13274 | |
Entity Registrant Name | Veris Residential, Inc. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 22-3305147 | |
Entity Address, Address Line One | Harborside 3, 210 Hudson St. | |
Entity Address, Address Line Two | Ste. 400 | |
Entity Address, City or Town | Jersey City | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07311 | |
City Area Code | 732 | |
Local Phone Number | 590-1010 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | VRE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 92,064,713 | |
Entity Central Index Key | 0000924901 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
VERIS RESIDENTIAL, L.P. | ||
Entity File Number | 333-57103 | |
Entity Registrant Name | Veris Residential, L.P. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 22-3315804 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001067063 |
VERIS RESIDENTIAL, INC. AND SUB
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Rental property | ||
Land and leasehold interests | $ 483,195 | $ 492,204 |
Buildings and improvements | 2,845,193 | 3,332,315 |
Tenant improvements | 40,809 | 122,509 |
Furniture, fixtures and equipment | 100,803 | 99,094 |
Gross investment in rental property | 3,470,000 | 4,046,122 |
Less – accumulated depreciation and amortization | (438,113) | (631,910) |
Total investment in rental property | 3,031,887 | 3,414,212 |
Real estate held for sale, net | 122,690 | 193,933 |
Net investment in rental property | 3,154,577 | 3,608,145 |
Cash and cash equivalents | 396,940 | 26,782 |
Restricted cash | 27,614 | 20,867 |
Investments in unconsolidated joint ventures | 122,435 | 126,158 |
Unbilled rents receivable, net | 7,808 | 39,734 |
Deferred charges and other assets, net | 58,961 | 96,162 |
Accounts receivable | 4,498 | 2,920 |
Total assets | 3,772,833 | 3,920,768 |
LIABILITIES AND EQUITY | ||
Mortgages, loans payable and other obligations, net | 1,820,981 | 1,903,977 |
Mandatorily redeemable noncontrolling interests | 487,619 | 0 |
Dividends and distributions payable | $ 72 | $ 110 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities |
Accounts payable, accrued expenses and other liabilities | $ 53,239 | $ 72,041 |
Rents received in advance and security deposits | 15,710 | 22,941 |
Accrued interest payable | 6,963 | 7,131 |
Total liabilities | 2,384,584 | 2,006,200 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 40,231 | 515,231 |
Veris Residential, Inc. stockholders’ equity: | ||
Common stock, $0.01 par value, 190,000,000 shares authorized, 92,041,386 and 91,141,649 shares outstanding | 918 | 911 |
Additional paid-in capital | 2,540,309 | 2,532,182 |
Dividends in excess of net earnings | (1,348,792) | (1,301,385) |
Accumulated other comprehensive income | 4,518 | 3,977 |
Total Veris Residential, Inc. stockholders’ equity | 1,196,953 | 1,235,685 |
Noncontrolling interests in subsidiaries: | ||
Operating Partnership | 115,307 | 126,109 |
Consolidated joint ventures | 35,758 | 37,543 |
Total noncontrolling interests in subsidiaries | 151,065 | 163,652 |
Total equity | 1,348,018 | 1,399,337 |
Total liabilities and equity | $ 3,772,833 | $ 3,920,768 |
VERIS RESIDENTIAL, INC. AND S_2
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 190,000,000 | 190,000,000 |
Common stock, shares outstanding (in shares) | 92,041,386 | 91,141,649 |
VERIS RESIDENTIAL, INC. AND S_3
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
REVENUES | ||||
Total revenues | $ 68,729 | $ 53,813 | $ 135,688 | $ 103,314 |
EXPENSES | ||||
Real estate taxes | 7,860 | 7,911 | 18,980 | 16,201 |
Utilities | 2,379 | 1,895 | 4,882 | 4,247 |
Operating services | 14,044 | 13,100 | 26,307 | 25,964 |
Real estate services expenses | 4,389 | 2,920 | 6,332 | 5,283 |
General and administrative | 9,582 | 11,527 | 19,865 | 30,976 |
Transaction related costs | 3,319 | 1,345 | 4,347 | 1,345 |
Depreciation and amortization | 23,684 | 21,015 | 47,331 | 39,456 |
Land and other impairments, net | 0 | 3,900 | 3,396 | 6,832 |
Total expenses | 65,257 | 63,613 | 131,440 | 130,304 |
OTHER (EXPENSE) INCOME | ||||
Interest expense | (21,692) | (14,741) | (43,706) | (26,348) |
Interest cost of mandatorily redeemable noncontrolling interests | (13,390) | 0 | (13,390) | 0 |
Interest and other investment income | 3,927 | 189 | 4,043 | 347 |
Equity in earnings of unconsolidated joint ventures | 2,700 | 2,638 | 2,633 | 2,151 |
Gain (loss) on disposition of developable land | 0 | 55,125 | (22) | 57,748 |
Loss from extinguishment of debt, net | (2,657) | (129) | (2,657) | (129) |
Total other (expense) income, net | (30,259) | 43,082 | (50,248) | 33,769 |
Net (loss) income from continuing operations | (26,787) | 33,282 | (46,000) | 6,779 |
Discontinued operations: | ||||
(Loss) income from discontinued operations | 140 | 5,808 | 2,344 | 25,948 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | (3,488) | (4,440) | (2,709) | (2,604) |
Total discontinued operations, net | (3,348) | 1,368 | (365) | 23,344 |
Net (loss) income | (30,135) | 34,650 | (46,365) | 30,123 |
Noncontrolling interests in consolidated joint ventures | 636 | 784 | 1,223 | 1,758 |
Noncontrolling interests in Operating Partnership of income from continuing operations | 2,384 | (2,568) | 4,696 | 305 |
Noncontrolling interests in Operating Partnership in discontinued operations | 298 | (127) | 22 | (2,102) |
Redeemable noncontrolling interests | (617) | (6,366) | (6,983) | (12,803) |
Net (loss) income available to common shareholders | $ (27,434) | $ 26,373 | $ (47,407) | $ 17,281 |
Basic earnings per common share: | ||||
(Loss) income from continuing operations (in dollars per share) | $ (0.27) | $ 0.24 | $ (0.56) | $ (0.11) |
Discontinued operations (in dollars per share) | (0.03) | 0.01 | 0 | 0.23 |
Net (loss) income available to common shareholders (in dollars per share) | (0.30) | 0.25 | (0.56) | 0.12 |
Diluted earnings per common share: | ||||
(Loss) income from continuing operations (in dollars per share) | (0.27) | 0.24 | (0.56) | (0.11) |
Discontinued operations (in dollars per share) | (0.03) | 0.01 | 0 | 0.23 |
Net (loss) income available to common shareholders (in dollars per share) | $ (0.30) | $ 0.25 | $ (0.56) | $ 0.12 |
Basic weighted average shares outstanding (in shares) | 91,873 | 91,027 | 91,551 | 90,989 |
Diluted weighted average shares outstanding (in shares) | 100,854 | 100,352 | 100,691 | 100,171 |
Other income, net | $ 853 | $ 0 | $ 2,851 | $ 0 |
Revenue from leases | ||||
REVENUES | ||||
Total revenues | 61,909 | 47,313 | 121,747 | 91,256 |
Real estate services | ||||
REVENUES | ||||
Total revenues | 643 | 896 | 1,554 | 1,807 |
Parking income | ||||
REVENUES | ||||
Total revenues | 4,796 | 4,173 | 9,129 | 7,760 |
Other income | ||||
REVENUES | ||||
Total revenues | $ 1,381 | $ 1,431 | $ 3,258 | $ 2,491 |
VERIS RESIDENTIAL, INC. AND S_4
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (30,135) | $ 34,650 | $ (46,365) | $ 30,123 |
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | 1,536 | (60) | 591 | 2,122 |
Comprehensive (loss) income | (28,599) | 34,590 | (45,774) | 32,245 |
Comprehensive loss attributable to noncontrolling interests in consolidated joint ventures | 636 | 784 | 1,223 | 1,758 |
Comprehensive income attributable to redeemable noncontrolling interests | (617) | (6,366) | (6,983) | (12,803) |
Comprehensive loss (income) attributable to noncontrolling interests in Operating Partnership | 2,545 | (2,689) | 4,668 | (1,987) |
Comprehensive (loss) income attributable to common shareholders | $ (26,035) | $ 26,319 | $ (46,866) | $ 19,213 |
VERIS RESIDENTIAL, INC. AND S_5
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Dividends in Excess of Net Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Subsidiaries |
Balance, beginning (in shares) at Dec. 31, 2021 | 90,948,000 | |||||
Balance, beginning at Dec. 31, 2021 | $ 1,449,418 | $ 909 | $ 2,530,383 | $ (1,249,319) | $ 9 | $ 167,436 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | 30,123 | 17,281 | 12,842 | |||
Common unit distributions | 218 | 218 | ||||
Redeemable noncontrolling interests | (19,920) | (6,466) | (13,454) | |||
Change in noncontrolling interests in consolidated joint ventures | 18 | 18 | ||||
Redemption of common units for common stock (in shares) | 11,000 | |||||
Redemption of common units for common stock | 0 | $ 0 | 161 | (161) | ||
Redemption of common units | (1,801) | (1,801) | ||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan (in shares) | 2,000 | |||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 27 | 27 | ||||
Directors' deferred compensation plan, value | 220 | 220 | ||||
Stock compensation (in shares) | 143,000 | |||||
Stock compensation | 7,444 | $ 2 | 4,464 | 2,978 | ||
Cancellation of restricted shares (in shares) | (41,000) | |||||
Cancellation of restricted shares | (696) | (696) | ||||
Other comprehensive income (loss) | 2,122 | 1,932 | 190 | |||
Rebalancing of ownership percentage between parent and subsidiaries | 0 | (2,627) | 2,627 | |||
Balance, ending (in shares) at Jun. 30, 2022 | 91,063,000 | |||||
Balance, ending at Jun. 30, 2022 | 1,467,173 | $ 911 | 2,525,466 | (1,232,038) | 1,941 | 170,893 |
Balance, beginning (in shares) at Mar. 31, 2022 | 90,956,000 | |||||
Balance, beginning at Mar. 31, 2022 | 1,440,801 | $ 909 | 2,531,188 | (1,258,411) | 1,995 | 165,120 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | 34,650 | 26,373 | 8,277 | |||
Common unit distributions | 0 | |||||
Redeemable noncontrolling interests | (10,250) | (3,524) | (6,726) | |||
Change in noncontrolling interests in consolidated joint ventures | 7 | 7 | ||||
Redemption of common units for common stock (in shares) | 11,000 | |||||
Redemption of common units for common stock | 0 | $ 0 | 161 | (161) | ||
Redemption of common units | (359) | (359) | ||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan (in shares) | 1,000 | |||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 16 | 16 | ||||
Directors' deferred compensation plan, value | 110 | 110 | ||||
Stock compensation (in shares) | 136,000 | |||||
Stock compensation | 2,954 | $ 2 | 2,507 | 445 | ||
Cancellation of restricted shares (in shares) | (41,000) | |||||
Cancellation of restricted shares | (696) | (696) | ||||
Other comprehensive income (loss) | (60) | (54) | (6) | |||
Rebalancing of ownership percentage between parent and subsidiaries | 0 | (4,296) | 4,296 | |||
Balance, ending (in shares) at Jun. 30, 2022 | 91,063,000 | |||||
Balance, ending at Jun. 30, 2022 | $ 1,467,173 | $ 911 | 2,525,466 | (1,232,038) | 1,941 | 170,893 |
Balance, beginning (in shares) at Dec. 31, 2022 | 91,141,649 | 91,142,000 | ||||
Balance, beginning at Dec. 31, 2022 | $ 1,399,337 | $ 911 | 2,532,182 | (1,301,385) | 3,977 | 163,652 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | (46,365) | (47,407) | 1,042 | |||
Common unit distributions | 0 | 0 | ||||
Redeemable noncontrolling interests | (11,960) | (4,516) | (7,444) | |||
Change in noncontrolling interests in consolidated joint ventures | (562) | (562) | ||||
Redemption of common units for common stock (in shares) | 650,000 | |||||
Redemption of common units for common stock | 0 | $ 7 | 9,044 | (9,051) | ||
Redemption of common units | (94) | (94) | ||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 2 | 2 | ||||
Directors' deferred compensation plan (in shares) | 21,000 | |||||
Directors' deferred compensation plan, value | 196 | 196 | ||||
Stock compensation (in shares) | 259,000 | |||||
Stock compensation | 7,339 | $ 0 | 6,852 | 487 | ||
Cancellation of restricted shares (in shares) | (31,000) | |||||
Cancellation of restricted shares | (466) | (466) | ||||
Other comprehensive income (loss) | 591 | 541 | 50 | |||
Rebalancing of ownership percentage between parent and subsidiaries | $ 0 | (2,985) | 2,985 | |||
Balance, ending (in shares) at Jun. 30, 2023 | 92,041,386 | 92,041,000 | ||||
Balance, ending at Jun. 30, 2023 | $ 1,348,018 | $ 918 | 2,540,309 | (1,348,792) | 4,518 | 151,065 |
Balance, beginning (in shares) at Mar. 31, 2023 | 91,620,000 | |||||
Balance, beginning at Mar. 31, 2023 | 1,373,969 | $ 915 | 2,533,854 | (1,321,358) | 3,119 | 157,439 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | (30,135) | (27,434) | (2,701) | |||
Common unit distributions | 0 | |||||
Redeemable noncontrolling interests | (617) | 0 | (617) | |||
Redemption of common units for common stock (in shares) | 271,000 | |||||
Redemption of common units for common stock | 0 | $ 3 | 4,189 | (4,192) | ||
Redemption of common units | (78) | (78) | ||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 1 | 1 | ||||
Directors' deferred compensation plan (in shares) | 21,000 | |||||
Directors' deferred compensation plan, value | 86 | 86 | ||||
Stock compensation (in shares) | 144,000 | |||||
Stock compensation | 3,475 | 3,381 | 94 | |||
Cancellation of restricted shares (in shares) | (15,000) | |||||
Cancellation of restricted shares | (219) | (219) | ||||
Other comprehensive income (loss) | 1,536 | 1,399 | 137 | |||
Rebalancing of ownership percentage between parent and subsidiaries | $ 0 | (983) | 983 | |||
Balance, ending (in shares) at Jun. 30, 2023 | 92,041,386 | 92,041,000 | ||||
Balance, ending at Jun. 30, 2023 | $ 1,348,018 | $ 918 | $ 2,540,309 | $ (1,348,792) | $ 4,518 | $ 151,065 |
VERIS RESIDENTIAL, INC. AND S_6
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net (loss) income | $ (46,365) | $ 30,123 | |
Net loss (income) from discontinued operations | 365 | (23,344) | |
Net (loss) income from continuing operations | (46,000) | 6,779 | |
Adjustments to reconcile net income (loss) to net cash provided by | |||
Depreciation and amortization, including related intangible assets | 47,269 | 39,480 | |
Amortization of deferred compensation stock units | 196 | 220 | |
Amortization of stock compensation | 7,339 | 7,444 | |
Amortization of deferred financing costs | 1,808 | 2,358 | |
Equity in earnings of unconsolidated joint ventures | (2,633) | (2,151) | |
Distributions of cumulative earnings from unconsolidated joint ventures | 0 | 13 | |
Loss (gain) on disposition of developable land | 22 | (57,748) | |
Land and other impairments, net | 3,396 | 6,832 | |
Loss from extinguishment of debt | 2,657 | 129 | |
Gain on insurance proceeds | (2,851) | 0 | |
Interest cost of mandatorily redeemable noncontrolling interests | 13,390 | 0 | |
Changes in operating assets and liabilities: | |||
Decrease in unbilled rents receivable, net | 1,695 | 3,560 | |
Increase in deferred charges and other assets | (1,610) | (3,894) | |
(Increase) decrease in accounts receivable, net | (248) | 225 | |
Decrease in accounts payable, accrued expenses and other liabilities | (7,188) | (2,915) | |
Increase in rents received in advance and security deposits | 502 | 2,171 | |
Increase (decrease) in accrued interest payable | 158 | (39) | |
Net cash flows provided by operating activities - continuing operations | 17,902 | 2,464 | |
Net cash flows provided by operating activities - discontinued operations | 6,462 | 43,246 | |
Net cash provided by operating activities | 24,364 | 45,710 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Rental property acquisitions and related intangibles | 0 | (5,192) | |
Rental property additions, improvements and other costs | (5,747) | (8,147) | |
Development of rental property and other related costs | (5,647) | (40,673) | |
Proceeds from the sales of rental property | 6,528 | 28,596 | |
Repayment of notes receivable | 1,257 | 1,433 | |
Investment in unconsolidated joint ventures | (98) | (147) | |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 6,454 | 7,450 | |
Proceeds from insurance settlements | 3,239 | 0 | |
Net cash provided by (used in) investing activities - continuing operations | 5,986 | (16,680) | |
Net cash provided by investing activities - discontinued operations | 445,648 | 171,754 | |
Net cash provided by investing activities | 451,634 | 155,074 | |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Borrowings from revolving credit facility | 16,000 | 43,000 | |
Repayment of revolving credit facility | (16,000) | (115,000) | |
Proceeds from mortgages and loans payable | 0 | 149,068 | |
Repayment of mortgages, loans payable and other obligations | (84,258) | (240,270) | |
Redemption of redeemable noncontrolling interests, net | 0 | (12,000) | |
Payment of early debt extinguishment costs | (251) | (5,140) | |
Common unit redemptions | (94) | (2,497) | |
Payment of financing costs | (1,721) | (3,025) | |
Contribution from noncontrolling interests | 0 | 18 | |
Distributions to redeemable noncontrolling interests | (12,731) | (12,908) | |
Payment of common dividends and distributions | (38) | (56) | |
Net cash used in financing activities | (99,093) | (198,810) | |
Net increase in cash and cash equivalents | 376,905 | 1,974 | |
Cash, cash equivalents and restricted cash, beginning of period | [1] | 47,649 | 51,455 |
Cash, cash equivalents and restricted cash, end of period | [2] | $ 424,554 | $ 53,429 |
[1]Includes Restricted Cash of $20,867 and $19,701 as of December 31, 2022 and 2021, respectively.[2]Includes Restricted Cash of $27,614 and $24,356 as of June 30, 2023 and 2022, respectively. |
VERIS RESIDENTIAL, INC. AND S_7
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Cash Flows [Abstract] | ||||
Restricted cash | $ 27,614 | $ 20,867 | $ 24,356 | $ 19,701 |
VERIS RESIDENTIAL, L.P. AND SUB
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Rental property | ||
Land and leasehold interests | $ 483,195 | $ 492,204 |
Buildings and improvements | 2,845,193 | 3,332,315 |
Tenant improvements | 40,809 | 122,509 |
Furniture, fixtures and equipment | 100,803 | 99,094 |
Gross investment in rental property | 3,470,000 | 4,046,122 |
Less – accumulated depreciation and amortization | (438,113) | (631,910) |
Total investment in rental property | 3,031,887 | 3,414,212 |
Real estate held for sale, net | 122,690 | 193,933 |
Net investment in rental property | 3,154,577 | 3,608,145 |
Cash and cash equivalents | 396,940 | 26,782 |
Restricted cash | 27,614 | 20,867 |
Investments in unconsolidated joint ventures | 122,435 | 126,158 |
Unbilled rents receivable, net | 7,808 | 39,734 |
Deferred charges and other assets, net | 58,961 | 96,162 |
Accounts receivable | 4,498 | 2,920 |
Total assets | 3,772,833 | 3,920,768 |
LIABILITIES AND EQUITY | ||
Mortgages, loans payable and other obligations, net | 1,820,981 | 1,903,977 |
Mandatorily redeemable noncontrolling interests | 487,619 | 0 |
Dividends and distributions payable | 72 | 110 |
Accounts payable, accrued expenses and other liabilities | 53,239 | 72,041 |
Rents received in advance and security deposits | 15,710 | 22,941 |
Accrued interest payable | 6,963 | 7,131 |
Total liabilities | 2,384,584 | 2,006,200 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 40,231 | 515,231 |
Partners’ Capital: | ||
Accumulated other comprehensive income | 4,518 | 3,977 |
Total liabilities and equity | 3,772,833 | 3,920,768 |
VERIS RESIDENTIAL, L.P. | ||
Rental property | ||
Land and leasehold interests | 483,195 | 492,204 |
Buildings and improvements | 2,845,193 | 3,332,315 |
Tenant improvements | 40,809 | 122,509 |
Furniture, fixtures and equipment | 100,803 | 99,094 |
Gross investment in rental property | 3,470,000 | 4,046,122 |
Less – accumulated depreciation and amortization | (438,113) | (631,910) |
Total investment in rental property | 3,031,887 | 3,414,212 |
Real estate held for sale, net | 122,690 | 193,933 |
Net investment in rental property | 3,154,577 | 3,608,145 |
Cash and cash equivalents | 396,940 | 26,782 |
Restricted cash | 27,614 | 20,867 |
Investments in unconsolidated joint ventures | 122,435 | 126,158 |
Unbilled rents receivable, net | 7,808 | 39,734 |
Deferred charges and other assets, net | 58,961 | 96,162 |
Accounts receivable | 4,498 | 2,920 |
Total assets | 3,772,833 | 3,920,768 |
LIABILITIES AND EQUITY | ||
Mortgages, loans payable and other obligations, net | 1,820,981 | 1,903,977 |
Mandatorily redeemable noncontrolling interests | 487,619 | 0 |
Dividends and distributions payable | 72 | 110 |
Accounts payable, accrued expenses and other liabilities | 53,239 | 72,041 |
Rents received in advance and security deposits | 15,710 | 22,941 |
Accrued interest payable | 6,963 | 7,131 |
Total liabilities | 2,384,584 | 2,006,200 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 40,231 | 515,231 |
Partners’ Capital: | ||
General Partner, 92,041,386 and 91,141,649 common units outstanding | 1,127,647 | 1,163,935 |
Limited partners, 8,666,675 and 9,301,521 common units/LTIPs outstanding | 180,095 | 193,882 |
Accumulated other comprehensive income | 4,518 | 3,977 |
Total Veris Residential, L.P. partners’ capital | 1,312,260 | 1,361,794 |
Noncontrolling interests in consolidated joint ventures | 35,758 | 37,543 |
Total equity | 1,348,018 | 1,399,337 |
Total liabilities and equity | $ 3,772,833 | $ 3,920,768 |
VERIS RESIDENTIAL, L.P. AND S_2
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) - VERIS RESIDENTIAL, L.P. - shares | Jun. 30, 2023 | Dec. 31, 2022 |
General Partner common units outstanding (in shares) | 92,041,386 | 91,141,649 |
Limited partners common units outstanding (in shares) | 8,666,675 | 9,301,521 |
VERIS RESIDENTIAL, L.P. AND S_3
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
REVENUES | ||||
Total revenues | $ 68,729 | $ 53,813 | $ 135,688 | $ 103,314 |
EXPENSES | ||||
Real estate taxes | 7,860 | 7,911 | 18,980 | 16,201 |
Utilities | 2,379 | 1,895 | 4,882 | 4,247 |
Operating services | 14,044 | 13,100 | 26,307 | 25,964 |
Real estate services expenses | 4,389 | 2,920 | 6,332 | 5,283 |
General and administrative | 9,582 | 11,527 | 19,865 | 30,976 |
Transaction related costs | 3,319 | 1,345 | 4,347 | 1,345 |
Depreciation and amortization | 23,684 | 21,015 | 47,331 | 39,456 |
Land and other impairments, net | 0 | 3,900 | 3,396 | 6,832 |
Total expenses | 65,257 | 63,613 | 131,440 | 130,304 |
OTHER (EXPENSE) INCOME | ||||
Interest expense | (21,692) | (14,741) | (43,706) | (26,348) |
Interest cost of mandatorily redeemable noncontrolling interests | (13,390) | 0 | (13,390) | 0 |
Interest and other investment income | 3,927 | 189 | 4,043 | 347 |
Equity in earnings of unconsolidated joint ventures | 2,700 | 2,638 | 2,633 | 2,151 |
Gain (loss) on disposition of developable land | 0 | 55,125 | (22) | 57,748 |
Loss from extinguishment of debt, net | (2,657) | (129) | (2,657) | (129) |
Other income, net | 853 | 0 | 2,851 | 0 |
Total other (expense) income, net | (30,259) | 43,082 | (50,248) | 33,769 |
Net (loss) income from continuing operations | (26,787) | 33,282 | (46,000) | 6,779 |
Discontinued operations: | ||||
(Loss) income from discontinued operations | 140 | 5,808 | 2,344 | 25,948 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | (3,488) | (4,440) | (2,709) | (2,604) |
Total discontinued operations, net | (3,348) | 1,368 | (365) | 23,344 |
Net (loss) income | (30,135) | 34,650 | (46,365) | 30,123 |
Noncontrolling interests in consolidated joint ventures | 636 | 784 | 1,223 | 1,758 |
Redeemable noncontrolling interests | (617) | (6,366) | (6,983) | (12,803) |
Net (loss) income available to common shareholders | $ (27,434) | $ 26,373 | $ (47,407) | $ 17,281 |
Basic earnings per common share: | ||||
(Loss) income from continuing operations (in dollars per share) | $ (0.27) | $ 0.24 | $ (0.56) | $ (0.11) |
Discontinued operations (in dollars per share) | (0.03) | 0.01 | 0 | 0.23 |
Net (loss) income available to common shareholders (in dollars per share) | (0.30) | 0.25 | (0.56) | 0.12 |
Diluted earnings per common share: | ||||
(Loss) income from continuing operations (in dollars per share) | (0.27) | 0.24 | (0.56) | (0.11) |
Discontinued operations (in dollars per share) | (0.03) | 0.01 | 0 | 0.23 |
Net (loss) income available to common shareholders (in dollars per share) | $ (0.30) | $ 0.25 | $ (0.56) | $ 0.12 |
Revenue from leases | ||||
REVENUES | ||||
Total revenues | $ 61,909 | $ 47,313 | $ 121,747 | $ 91,256 |
Real estate services | ||||
REVENUES | ||||
Total revenues | 643 | 896 | 1,554 | 1,807 |
Parking income | ||||
REVENUES | ||||
Total revenues | 4,796 | 4,173 | 9,129 | 7,760 |
Other income | ||||
REVENUES | ||||
Total revenues | 1,381 | 1,431 | 3,258 | 2,491 |
VERIS RESIDENTIAL, L.P. | ||||
REVENUES | ||||
Total revenues | 68,729 | 53,813 | 135,688 | 103,314 |
EXPENSES | ||||
Real estate taxes | 7,860 | 7,911 | 18,980 | 16,201 |
Utilities | 2,379 | 1,895 | 4,882 | 4,247 |
Operating services | 14,044 | 13,100 | 26,307 | 25,964 |
Real estate services expenses | 4,389 | 2,920 | 6,332 | 5,283 |
General and administrative | 9,582 | 11,527 | 19,865 | 30,976 |
Transaction related costs | 3,319 | 1,345 | 4,347 | 1,345 |
Depreciation and amortization | 23,684 | 21,015 | 47,331 | 39,456 |
Land and other impairments, net | 0 | 3,900 | 3,396 | 6,832 |
Total expenses | 65,257 | 63,613 | 131,440 | 130,304 |
OTHER (EXPENSE) INCOME | ||||
Interest expense | (21,692) | (14,741) | (43,706) | (26,348) |
Interest cost of mandatorily redeemable noncontrolling interests | (13,390) | 0 | (13,390) | 0 |
Interest and other investment income | 3,927 | 189 | 4,043 | 347 |
Equity in earnings of unconsolidated joint ventures | 2,700 | 2,638 | 2,633 | 2,151 |
Gain (loss) on disposition of developable land | 0 | 55,125 | (22) | 57,748 |
Loss from extinguishment of debt, net | (2,657) | (129) | (2,657) | (129) |
Other income, net | 853 | 0 | 2,851 | 0 |
Total other (expense) income, net | (30,259) | 43,082 | (50,248) | 33,769 |
Net (loss) income from continuing operations | (26,787) | 33,282 | (46,000) | 6,779 |
Discontinued operations: | ||||
(Loss) income from discontinued operations | 140 | 5,808 | 2,344 | 25,948 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | (3,488) | (4,440) | (2,709) | (2,604) |
Total discontinued operations, net | (3,348) | 1,368 | (365) | 23,344 |
Net (loss) income | (30,135) | 34,650 | (46,365) | 30,123 |
Noncontrolling interests in consolidated joint ventures | 636 | 784 | 1,223 | 1,758 |
Redeemable noncontrolling interests | (617) | (6,366) | (6,983) | (12,803) |
Net (loss) income available to common shareholders | $ (30,116) | $ 29,068 | $ (52,125) | $ 19,078 |
Basic earnings per common share: | ||||
(Loss) income from continuing operations (in dollars per share) | $ (0.27) | $ 0.24 | $ (0.56) | $ (0.11) |
Discontinued operations (in dollars per share) | (0.03) | 0.01 | 0 | 0.23 |
Net (loss) income available to common shareholders (in dollars per share) | (0.30) | 0.25 | (0.56) | 0.12 |
Diluted earnings per common share: | ||||
(Loss) income from continuing operations (in dollars per share) | (0.27) | 0.24 | (0.56) | (0.11) |
Discontinued operations (in dollars per share) | (0.03) | 0.01 | 0 | 0.23 |
Net (loss) income available to common shareholders (in dollars per share) | $ (0.30) | $ 0.25 | $ (0.56) | $ 0.12 |
Basic weighted average units outstanding (in shares) | 100,854 | 100,329 | 100,691 | 100,133 |
Diluted weighted average units outstanding (in shares) | 100,854 | 100,352 | 100,691 | 100,171 |
VERIS RESIDENTIAL, L.P. | Revenue from leases | ||||
REVENUES | ||||
Total revenues | $ 61,909 | $ 47,313 | $ 121,747 | $ 91,256 |
VERIS RESIDENTIAL, L.P. | Real estate services | ||||
REVENUES | ||||
Total revenues | 643 | 896 | 1,554 | 1,807 |
VERIS RESIDENTIAL, L.P. | Parking income | ||||
REVENUES | ||||
Total revenues | 4,796 | 4,173 | 9,129 | 7,760 |
VERIS RESIDENTIAL, L.P. | Other income | ||||
REVENUES | ||||
Total revenues | $ 1,381 | $ 1,431 | $ 3,258 | $ 2,491 |
VERIS RESIDENTIAL, L.P. AND S_4
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net (loss) income | $ (30,135) | $ 34,650 | $ (46,365) | $ 30,123 |
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | 1,536 | (60) | 591 | 2,122 |
Comprehensive (loss) income | (28,599) | 34,590 | (45,774) | 32,245 |
Comprehensive loss attributable to noncontrolling interests in consolidated joint ventures | 636 | 784 | 1,223 | 1,758 |
Comprehensive income attributable to redeemable noncontrolling interests | (617) | (6,366) | (6,983) | (12,803) |
Comprehensive (loss) income attributable to common shareholders | (26,035) | 26,319 | (46,866) | 19,213 |
VERIS RESIDENTIAL, L.P. | ||||
Net (loss) income | (30,135) | 34,650 | (46,365) | 30,123 |
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | 1,536 | (60) | 591 | 2,122 |
Comprehensive (loss) income | (28,599) | 34,590 | (45,774) | 32,245 |
Comprehensive loss attributable to noncontrolling interests in consolidated joint ventures | 636 | 784 | 1,223 | 1,758 |
Comprehensive income attributable to redeemable noncontrolling interests | (617) | (6,366) | (6,983) | (12,803) |
Comprehensive (loss) income attributable to common shareholders | $ (28,580) | $ 29,008 | $ (51,534) | $ 21,200 |
VERIS RESIDENTIAL, L.P. AND S_5
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | General Partner Common Units | Common Unitholders | VERIS RESIDENTIAL, L.P. | VERIS RESIDENTIAL, L.P. Accumulated Other Comprehensive Income (Loss) | VERIS RESIDENTIAL, L.P. General Partner Common Units | VERIS RESIDENTIAL, L.P. Limited Partner Common Units/ Vested LTIP Units | VERIS RESIDENTIAL, L.P. Common Unitholders | VERIS RESIDENTIAL, L.P. Limited Partner Common Unitholders | VERIS RESIDENTIAL, L.P. Noncontrolling Interest in Consolidated Joint Ventures |
Balance, beginning (in shares) at Dec. 31, 2021 | 90,948,000 | 9,013,000 | ||||||||
Balance, beginning at Dec. 31, 2021 | $ 1,449,418 | $ 1,449,418 | $ 9 | $ 1,211,790 | $ 197,236 | $ 40,383 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net (loss) income | 30,123 | 30,123 | 17,281 | 1,797 | 11,045 | |||||
Common unit distributions | 218 | 218 | 218 | |||||||
Redeemable noncontrolling interests | (19,920) | (19,920) | (6,466) | (651) | (12,803) | |||||
Change in noncontrolling interests in consolidated joint ventures | 18 | 18 | 18 | |||||||
Vested LTIP units (in shares) | 397,000 | |||||||||
Redemption of common units for common stock (in shares) | 11,000 | 11,000 | ||||||||
Redemption of common units for common stock | 0 | 0 | 161 | (161) | ||||||
Redemption of common units (in shares) | (109,000) | |||||||||
Redemption of common units | (1,801) | $ 161 | (1,801) | (1,801) | ||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan (in shares) | 2,000 | |||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 27 | 27 | 27 | |||||||
Directors' deferred compensation plan, value | 220 | 220 | 220 | 220 | ||||||
Other comprehensive income (loss) | 2,122 | 1,932 | 2,122 | 1,932 | 190 | |||||
Stock compensation (in shares) | 143,000 | |||||||||
Stock compensation | 7,444 | 7,444 | 4,466 | 2,978 | ||||||
Cancellation of restricted shares (in shares) | (41,000) | |||||||||
Cancellation of restricted shares | (696) | (696) | (696) | |||||||
Balance, ending (in shares) at Jun. 30, 2022 | 91,063,000 | 9,290,000 | ||||||||
Balance, ending at Jun. 30, 2022 | 1,467,173 | 1,467,173 | 1,941 | 1,226,783 | 199,806 | 38,643 | ||||
Balance, beginning (in shares) at Mar. 31, 2022 | 90,956,000 | 8,962,000 | ||||||||
Balance, beginning at Mar. 31, 2022 | 1,440,801 | 1,440,801 | 1,995 | 1,201,834 | 197,552 | 39,420 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net (loss) income | 34,650 | 34,650 | 26,373 | 2,695 | 5,582 | |||||
Redeemable noncontrolling interests | (10,250) | (10,250) | (3,524) | (360) | (6,366) | |||||
Change in noncontrolling interests in consolidated joint ventures | 7 | 7 | 7 | |||||||
Vested LTIP units (in shares) | 362,000 | |||||||||
Redemption of common units for common stock (in shares) | 11,000 | (11,000) | ||||||||
Redemption of common units for common stock | 0 | 0 | 161 | (161) | ||||||
Redemption of common units (in shares) | (23,000) | |||||||||
Redemption of common units | (359) | 161 | (359) | (359) | ||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan (in shares) | 1,000 | |||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 16 | 16 | 16 | |||||||
Directors' deferred compensation plan, value | 110 | 110 | 110 | 110 | ||||||
Other comprehensive income (loss) | (60) | (54) | (60) | (54) | (6) | |||||
Stock compensation (in shares) | 136,000 | |||||||||
Stock compensation | 2,954 | 2,954 | 2,509 | 445 | ||||||
Cancellation of restricted shares (in shares) | (41,000) | |||||||||
Cancellation of restricted shares | (696) | (696) | (696) | |||||||
Balance, ending (in shares) at Jun. 30, 2022 | 91,063,000 | 9,290,000 | ||||||||
Balance, ending at Jun. 30, 2022 | $ 1,467,173 | 1,467,173 | 1,941 | 1,226,783 | 199,806 | 38,643 | ||||
Balance, beginning (in shares) at Dec. 31, 2022 | 91,141,649 | 91,142,000 | 9,301,000 | |||||||
Balance, beginning at Dec. 31, 2022 | $ 1,399,337 | 1,399,337 | 3,977 | 1,163,935 | 193,882 | 37,543 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net (loss) income | (46,365) | (46,365) | (47,407) | (4,718) | 5,760 | |||||
Common unit distributions | 0 | |||||||||
Redeemable noncontrolling interests | (11,960) | (11,960) | (4,516) | (461) | (6,983) | |||||
Change in noncontrolling interests in consolidated joint ventures | (562) | (562) | (562) | |||||||
Vested LTIP units (in shares) | 221,000 | |||||||||
Redemption of common units for common stock (in shares) | 650,000 | 650,000 | ||||||||
Redemption of common units for common stock | 0 | 0 | 9,051 | (9,051) | ||||||
Redemption of common units (in shares) | (5,000) | |||||||||
Redemption of common units | (94) | 9,051 | (94) | (94) | ||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 2 | 2 | 2 | |||||||
Directors' deferred compensation plan (in shares) | 21,000 | |||||||||
Directors' deferred compensation plan, value | 196 | 196 | 196 | 196 | ||||||
Other comprehensive income (loss) | 591 | 541 | 591 | 541 | 50 | |||||
Stock compensation (in shares) | 259,000 | |||||||||
Stock compensation | 7,339 | 7,339 | 6,852 | 487 | ||||||
Cancellation of restricted shares (in shares) | (31,000) | |||||||||
Cancellation of restricted shares | $ (466) | (466) | (466) | |||||||
Balance, ending (in shares) at Jun. 30, 2023 | 92,041,386 | 92,041,000 | 8,867,000 | |||||||
Balance, ending at Jun. 30, 2023 | $ 1,348,018 | 1,348,018 | 4,518 | 1,127,647 | 180,095 | 35,758 | ||||
Balance, beginning (in shares) at Mar. 31, 2023 | 91,620,000 | 9,116,000 | ||||||||
Balance, beginning at Mar. 31, 2023 | 1,373,969 | 1,373,969 | 3,119 | 1,147,640 | 186,816 | 36,394 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net (loss) income | (30,135) | (30,135) | (27,434) | (2,682) | (19) | |||||
Redeemable noncontrolling interests | (617) | (617) | (617) | |||||||
Vested LTIP units (in shares) | 26,000 | |||||||||
Redemption of common units for common stock (in shares) | 271,000 | (271,000) | ||||||||
Redemption of common units for common stock | 0 | 0 | 4,192 | (4,192) | ||||||
Redemption of common units (in shares) | (4,000) | |||||||||
Redemption of common units | (78) | 4,192 | (78) | (78) | ||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 1 | 1 | 1 | |||||||
Directors' deferred compensation plan (in shares) | 21,000 | |||||||||
Directors' deferred compensation plan, value | 86 | 86 | 86 | 86 | ||||||
Other comprehensive income (loss) | 1,536 | $ 1,399 | 1,536 | 1,399 | 137 | |||||
Stock compensation (in shares) | 144,000 | |||||||||
Stock compensation | 3,475 | 3,475 | 3,381 | 94 | ||||||
Cancellation of restricted shares (in shares) | (15,000) | |||||||||
Cancellation of restricted shares | $ (219) | (219) | (219) | |||||||
Balance, ending (in shares) at Jun. 30, 2023 | 92,041,386 | 92,041,000 | 8,867,000 | |||||||
Balance, ending at Jun. 30, 2023 | $ 1,348,018 | $ 1,348,018 | $ 4,518 | $ 1,127,647 | $ 180,095 | $ 35,758 |
VERIS RESIDENTIAL, L.P. AND S_6
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net (loss) income | $ (46,365) | $ 30,123 | |
Net loss (income) from discontinued operations | 365 | (23,344) | |
Net (loss) income from continuing operations | (46,000) | 6,779 | |
Adjustments to reconcile net income (loss) to net cash provided by | |||
Depreciation and amortization, including related intangible assets | 47,269 | 39,480 | |
Amortization of deferred compensation stock units | 196 | 220 | |
Amortization of stock compensation | 7,339 | 7,444 | |
Amortization of deferred financing costs | 1,808 | 2,358 | |
Equity in earnings of unconsolidated joint ventures | (2,633) | (2,151) | |
Distributions of cumulative earnings from unconsolidated joint ventures | 0 | 13 | |
Loss (gain) on disposition of developable land | 22 | (57,748) | |
Land and other impairments, net | 3,396 | 6,832 | |
Gain on insurance proceeds | (2,851) | 0 | |
Interest cost of mandatorily redeemable noncontrolling interests | 13,390 | 0 | |
Changes in operating assets and liabilities: | |||
Decrease in unbilled rents receivable, net | 1,695 | 3,560 | |
Increase in deferred charges and other assets | (1,610) | (3,894) | |
(Increase) decrease in accounts receivable, net | (248) | 225 | |
Decrease in accounts payable, accrued expenses and other liabilities | (7,188) | (2,915) | |
Increase in rents received in advance and security deposits | 502 | 2,171 | |
Increase (decrease) in accrued interest payable | 158 | (39) | |
Net cash flows provided by operating activities - continuing operations | 17,902 | 2,464 | |
Net cash flows provided by operating activities - discontinued operations | 6,462 | 43,246 | |
Net cash provided by operating activities | 24,364 | 45,710 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Rental property acquisitions and related intangibles | 0 | (5,192) | |
Rental property additions, improvements and other costs | (5,747) | (8,147) | |
Development of rental property and other related costs | (5,647) | (40,673) | |
Proceeds from the sales of rental property | 6,528 | 28,596 | |
Repayment of notes receivable | 1,257 | 1,433 | |
Investment in unconsolidated joint ventures | (98) | (147) | |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 6,454 | 7,450 | |
Proceeds from insurance settlements | 3,239 | 0 | |
Net cash provided by (used in) investing activities - continuing operations | 5,986 | (16,680) | |
Net cash provided by investing activities - discontinued operations | 445,648 | 171,754 | |
Net cash provided by investing activities | 451,634 | 155,074 | |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Borrowings from revolving credit facility | 16,000 | 43,000 | |
Repayment of revolving credit facility | (16,000) | (115,000) | |
Proceeds from mortgages and loans payable | 0 | 149,068 | |
Repayment of mortgages, loans payable and other obligations | (84,258) | (240,270) | |
Redemption of redeemable noncontrolling interests, net | 0 | (12,000) | |
Payment of early debt extinguishment costs | (251) | (5,140) | |
Common unit redemptions | (94) | (2,497) | |
Payment of financing costs | (1,721) | (3,025) | |
Contribution from noncontrolling interests | 0 | 18 | |
Distributions to redeemable noncontrolling interests | (12,731) | (12,908) | |
Payment of common dividends and distributions | (38) | (56) | |
Net cash used in financing activities | (99,093) | (198,810) | |
Net increase in cash and cash equivalents | 376,905 | 1,974 | |
Cash, cash equivalents and restricted cash, beginning of period | [1] | 47,649 | 51,455 |
Cash, cash equivalents and restricted cash, end of period | [2] | 424,554 | 53,429 |
VERIS RESIDENTIAL, L.P. | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net (loss) income | (46,365) | 30,123 | |
Net loss (income) from discontinued operations | 365 | (23,344) | |
Net (loss) income from continuing operations | (46,000) | 6,779 | |
Adjustments to reconcile net income (loss) to net cash provided by | |||
Depreciation and amortization, including related intangible assets | 47,269 | 39,480 | |
Amortization of deferred compensation stock units | 196 | 220 | |
Amortization of stock compensation | 7,339 | 7,444 | |
Amortization of deferred financing costs | 1,808 | 2,358 | |
Equity in earnings of unconsolidated joint ventures | (2,633) | (2,151) | |
Distributions of cumulative earnings from unconsolidated joint ventures | 0 | 13 | |
Loss (gain) on disposition of developable land | 22 | (57,748) | |
Land and other impairments, net | 3,396 | 6,832 | |
Gain on insurance proceeds | (2,851) | 0 | |
Interest cost of mandatorily redeemable noncontrolling interests | 13,390 | 0 | |
Changes in operating assets and liabilities: | |||
Decrease in unbilled rents receivable, net | 1,695 | 3,560 | |
Increase in deferred charges and other assets | (1,610) | (3,894) | |
(Increase) decrease in accounts receivable, net | (248) | 225 | |
Decrease in accounts payable, accrued expenses and other liabilities | (7,188) | (2,915) | |
Increase in rents received in advance and security deposits | 502 | 2,171 | |
Increase (decrease) in accrued interest payable | 158 | (39) | |
Net cash flows provided by operating activities - continuing operations | 17,902 | 2,464 | |
Net cash flows provided by operating activities - discontinued operations | 6,462 | 43,246 | |
Net cash provided by operating activities | 24,364 | 45,710 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Rental property acquisitions and related intangibles | 0 | (5,192) | |
Rental property additions, improvements and other costs | (5,747) | (8,147) | |
Development of rental property and other related costs | (5,647) | (40,673) | |
Proceeds from the sales of rental property | 6,528 | 28,596 | |
Repayment of notes receivable | 1,257 | 1,433 | |
Investment in unconsolidated joint ventures | (98) | (147) | |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 6,454 | 7,450 | |
Proceeds from insurance settlements | 3,239 | 0 | |
Net cash provided by (used in) investing activities - continuing operations | 5,986 | (16,680) | |
Net cash provided by investing activities - discontinued operations | 445,648 | 171,754 | |
Net cash provided by investing activities | 451,634 | 155,074 | |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Borrowings from revolving credit facility | 16,000 | 43,000 | |
Repayment of revolving credit facility | (16,000) | (115,000) | |
Proceeds from mortgages and loans payable | 0 | 149,068 | |
Repayment of mortgages, loans payable and other obligations | (84,258) | (240,270) | |
Redemption of redeemable noncontrolling interests, net | 0 | (12,000) | |
Payment of early debt extinguishment costs | (251) | (5,140) | |
Common unit redemptions | (94) | (2,497) | |
Payment of financing costs | (1,721) | (3,025) | |
Contribution from noncontrolling interests | 0 | 18 | |
Distributions to redeemable noncontrolling interests | (12,731) | (12,908) | |
Payment of common dividends and distributions | (38) | (56) | |
Net cash used in financing activities | (99,093) | (198,810) | |
Net increase in cash and cash equivalents | 376,905 | 1,974 | |
Cash, cash equivalents and restricted cash, beginning of period | [3] | 47,649 | 51,455 |
Cash, cash equivalents and restricted cash, end of period | [4] | $ 424,554 | $ 53,429 |
[1]Includes Restricted Cash of $20,867 and $19,701 as of December 31, 2022 and 2021, respectively.[2]Includes Restricted Cash of $27,614 and $24,356 as of June 30, 2023 and 2022, respectively.[3]Includes Restricted Cash of $20,867 and $19,701 as of December 31, 2022 and 2021, respectively.[4]Includes Restricted Cash of $27,614 and $21,153 as of June 30, 2023 and 2022, respectively. |
VERIS RESIDENTIAL, L.P. AND S_7
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Restricted cash | $ 27,614 | $ 20,867 | $ 24,356 | $ 19,701 |
VERIS RESIDENTIAL, L.P. | ||||
Restricted cash | $ 27,614 | $ 20,867 | $ 21,153 | $ 19,701 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION ORGANIZATION Veris Residential, Inc., a Maryland corporation, together with its subsidiaries (collectively, the “General Partner”) is a fully-integrated self-administered, self-managed real estate investment trust (“REIT”). 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 91.2 and 90.7 percent common unit interest in the Operating Partnership as of June 30, 2023 and December 31, 2022, respectively. The Company develops, owns and operates predominantly multifamily rental properties located primarily in the Northeast, as well as a portfolio of non-strategic commercial properties and a parcel of land located in the Northeast. The Company recently completed its transition 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. was incorporated on May 24, 1994. Unless stated otherwise or the context requires, the “Company” refers to the General Partner and its subsidiaries, including the Operating Partnership and its subsidiaries. As of June 30, 2023, the Company owned or had interests in 24 multifamily rental properties as well as non-core assets comprised of three office properties and four parking/retail properties. The Properties are comprised of: (a) 23 wholly-owned or Company-controlled properties comprised of 17 multifamily properties and six non-core assets, and (b) eight properties owned by unconsolidated joint ventures in which the Company has investment interests, including seven multifamily properties and a non-core asset . On July 25, 2023, Veris Residential Trust ("VRT") and the Operating Partnership entered into a REIT Interest and Partnership Interest Purchase Agreement (the “Rockpoint Purchase Agreement”) with certain affiliates of Rockpoint Group, L.L.C. (Rockpoint Group, L.L.C. and its affiliates, collectively, “Rockpoint") pursuant to which VRT and the Operating Partnership acquired from Rockpoint all of the Preferred Units that constituted the Put/Call Interests for an aggregate purchase price of $520 million (the "Rockpoint Redemption”). The Rockpoint Redemption was completed concurrently with the signing of the agreement. In addition, on July 25, 2023, the Company also entered into a revolving credit and term loan agreement (“2023 Credit Agreement”) that provides for a $60 million senior secured revolving credit facility (the “2023 Revolving Credit Facility”) and a $115 million senior secured term loan facility (the “2023 Term Loan”), of which the Company drew down on the entire $115 million 2023 Term Loan and $52 million of the 2023 Revolving Credit Facility, which along with cash on hand, was used to complete the Rockpoint Redemption. For more information about the Rockpoint Purchase Agreement, 2023 Revolving Credit Facility and 2023 Term Loan, see Part II, Item 5. Other Information. BASIS OF PRESENTATION 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 to the 2022 10-K: Significant Accounting Policies – Investments in Unconsolidated Joint Ventures, 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. Under ASC 810, the Operating Partnership is considered a variable interest entity of the parent company, Veris Residential, Inc. As the Operating Partnership is already consolidated in the balance sheets of Veris Residential, Inc., this has no impact on the consolidated financial statements of Veris Residential, Inc. As of June 30, 2023 and December 31, 2022, the Company’s investments in consolidated real estate joint ventures, which are variable interest entities in which the Company is deemed to be the primary beneficiary, other than Veris Residential Partners, L.P. (See Note 14: Redeemable Noncontrolling Interests – Rockpoint Transaction), have total real estate assets of $454.6 million and $468.1 million, respectively, other assets of $6.6 million and $6.0 million, respectively, mortgages of $285.4 million and $285.5 million, respectively, and other liabilities of $15.3 million and $17.3 million, respectively. The financial statements have been prepared in conformity with 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. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES These financial statements should be read in conjunction with the Company’s audited Annual Report on Form 10-K for the year ended December 31, 2022, as certain disclosures in this Quarterly Report on Form 10-Q that would duplicate those included in the 10-K are not included in these financial statements. Rental Property Rental properties are reported at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. Where an acquisition has been determined to be an asset acquisition, acquisition-related transaction 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. Capitalized development and construction salaries and related costs approximated $0.2 million and $0.4 million for the three months ended June 30, 2023 and 2022, respectively, and $0.3 million and $0.9 million for the six months ended June 30, 2023 and 2022, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and improvements, which 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. Included in net investment in rental property as of June 30, 2023 and December 31, 2022 is real estate and building and tenant improvements not in service, as follows (dollars in thousands) : June 30, December 31, Land held for development (including pre-development costs, if any) (a)(b) $ 256,190 $ 264,934 Development and construction in progress, including land (c) 36,601 205,173 Total $ 292,791 $ 470,107 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $95.1 million and $97.7 million as of June 30, 2023 and December 31, 2022, respectively. (b) Includes $63.5 million of land and $7.6 million of building and improvements classified as to assets held for sale at June 30, 2023. (c) Includes land of $11.5 million as of June 30, 2023 and $13.6 million as of December 31, 2022. 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. Dividends and Distributions Payable As a result of the completion of the Company’s transformation to a pure-play multifamily REIT, as well as the Company’s current estimates of taxable income, the Board of Directors of the General Partner (the "Board of Directors") has decided to reinstate a quarterly dividend beginning with the third quarter of 2023. The Company will reevaluate its dividend as the Company completes the sale of non-strategic asset sales. The declaration and payment of dividends and distributions will continue to be determined by the Board of Directors 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. On July 24, 2023, the Company declared a $0.05 dividend per common share to be payable on October 10, 2023 to shareholders of record as of the close of business on September 30, 2023. The dividends and distributions payable at June 30, 2023 and December 31, 2022 represent amounts payable on unvested LTIP units. |
RECENT TRANSACTIONS
RECENT TRANSACTIONS | 6 Months Ended |
Jun. 30, 2023 | |
Recent Transactions [Abstract] | |
RECENT TRANSACTIONS | RECENT TRANSACTIONS Real Estate Held for Sale/Discontinued Operations/Dispositions The Company has discontinued operations related to its former New Jersey office and hotel portfolio (collectively, the “Office Portfolio”) which represented a strategic shift in the Company’s operations beginning in 2019. During the second quarter of 2023, the Company identified one additional office property as discontinued operations. See Note 7: Discontinued Operations. As of June 30, 2023, the Company included as held for sale two office properties totaling approximately 0.6 million square feet and several developable land parcels, which are located in Jersey City, Holmdel and Parsippany, New Jersey. During the six months ended June 30, 2023, a land parcel that was previously identified as held for sale was reclassified as held and used. As a result of recent sales contracts in place, the Company determined that the carrying value of one office and three land parcels held for sale were not expected to be recovered from estimated net sales proceeds, and accordingly, during the three and six months ended June 30, 2023, recognized impairment of $3.6 million and $7.0 million, respectively. The total estimated sales proceeds of real estate held for sale, net of expected selling costs, are expected to be approximately $131.7 million. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) as of June 30, 2023: Office Other Properties Total Land $ 5,327 $ 64,888 $ 70,215 Building & Other 92,097 10,853 102,950 Less: Accumulated depreciation (37,789) — (37,789) Less: Cumulative unrealized losses on property held for sale (8,070) (4,616) (12,686) Real estate held for sale, net $ 51,565 $ 71,125 $ 122,690 Other assets and liabilities Office Other Properties Total Unbilled rents receivable, net (a) $ 1,177 $ — $ 1,177 Deferred charges, net (a) 620 — 620 Accounts payable, accrued exp & other liability (1,564) (67) (1,631) Unearned rents/deferred rental income (a) (120) — (120) (a) Expected to be removed with the completion of the sales. The Company disposed of the following rental property during the six months ended June 30, 2023 (dollars in thousands) : Disposition Property Location # of Rentable Property Net Net Discontinued 02/10/23 XS Hotels Weehawken, New Jersey 2 — Hotel $ 93,358 (a) $ 92,578 $ 780 04/04/23 Harborside 1, 2 and 3 Jersey City, New Jersey 3 1,886,800 Office 362,446 362,304 142 Totals 5 1,886,800 $ 455,804 $ 454,882 $ 922 (a) Included the proceeds of $84 million used to repay the mortgage loan encumbering the property at closing. The Company disposed of the following developable land holding during the six months ended June 30, 2023 (dollars in thousands): Disposition Property Location Net Net Realized 03/17/23 Columbia-Honeywell Morris Township, New Jersey $ 8,214 (a) $ 8,236 $ (22) Totals $ 8,214 $ 8,236 $ (22) (a) Included deposits totaling $1.1 million received by the Company in December 2022 and January 2023. |
INVESTMENTS IN UNCONSOLIDATED J
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | 6 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | INVESTMENTS IN UNCONSOLIDATED JOINT VENTURESAs of June 30, 2023, the Company had an aggregate investment of approximately $122.4 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage properties, or in anticipation of possible development of rental properties. As of June 30, 2023, the unconsolidated joint ventures owned: seven multifamily properties totaling 2,146 apartment units, a retail property aggregating approximately 51,000 square feet and interests and/or rights to developable land parcels able to accommodate up to 829 apartment units. The Company’s unconsolidated interests range from 20 percent to 85 percent subject to specified priority allocations in certain of the joint ventures. The amounts reflected in the following tables (except for the Company’s share of equity in earnings) are based on the historical financial information of the individual joint ventures. The Company does not record losses of the joint ventures in excess of its investment balances unless the Company is liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. The outside basis portion of the Company’s investments in joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. The debt of the Company’s unconsolidated joint ventures generally is non-recourse to the Company, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations. The Company has agreed to guarantee repayment of a portion of the debt of its unconsolidated joint ventures. As of June 30, 2023, the outstanding balance of such debt, subject to guarantees, totaled $18.2 million of which $2.0 million was guaranteed by the Company. The Company performed management, leasing, development and other services for the properties owned by the unconsolidated joint ventures, related parties to the Company, and recognized $0.5 million and $0.9 million for such services in the three months ended June 30, 2023 and 2022, respectively. The Company had $0.6 million and $0.2 million in accounts receivable due from its unconsolidated joint ventures as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023, the Company does not have any investments in unconsolidated joint ventures that are considered VIEs. The following is a summary of the Company's unconsolidated joint ventures as of June 30, 2023 and December 31, 2022 (dollars in thousands) : Property Debt Entity / Property Name Number of Company's Carrying Value As of June 30, 2023 Interest June 30, December 31, Balance Maturity Multifamily Metropolitan and Lofts at 189 units 25.00 % $ 1,038 $ 1,747 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 4,767 5,114 82,000 11/10/26 3.21 % Capstone at Port Imperial 360 units 40.00 % 22,505 23,234 135,000 12/22/24 SOFR+ 1.2 % Riverpark at Harrison 141 units 45.00 % — — 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 32,365 32,372 90,447 07/01/33 4.82 % Urby at Harborside (e) 762 units 85.00 % 59,663 61,594 187,137 08/01/29 5.197 % PI North - Land (b) (f) 829 potential units 20.00 % 1,678 1,678 — — — Other (g) 419 419 — — — Totals: $ 122,435 $ 126,158 $ 585,543 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c) Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59-unit, five story multifamily rental property ("Lofts at 40 Park"). (d) Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $36,500, bears interest at LIBOR +2.85 percent, matures in October 2023; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,067, with a fixed rate of 5.125%. On January 10, 2023, the loan was modified bearing interest at SOFR +2.00 percent and matures in January 2025; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $18,200, which bears interest at SOFR +2.00 percent and originally matured in January 2023. The loan has been extended with a maturity date of October 1, 2023. (e) The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The Company had guaranteed $22 million of the principal outstanding debt. On February 1, 2023, the lender released the guarantor of all obligations under the Guaranty Agreement. (f) The Company owns a 20 percent residual interest in undeveloped land parcels 6 and I that can accommodate the development of 829 multifamily units. (g) The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three and six months ended June 30, 2023 and 2022, respectively (dollars in thousands) : Three Months Ended Six Months Ended Entity / Property Name 2023 2022 2023 2022 Multifamily Metropolitan and Lofts at 40 Park $ (326) $ (95) $ (608) $ (233) RiverTrace at Port Imperial 144 80 282 147 Capstone at Port Imperial (126) 23 (313) 49 Riverpark at Harrison 67 45 405 45 Station House 91 (96) (7) (455) Urby at Harborside 2,906 2,793 2,973 2,768 PI North - Land (56) (102) (96) (173) Liberty Landing — (10) (3) (10) Other Other — — — 13 Company's equity in earnings of unconsolidated joint ventures (a) $ 2,700 $ 2,638 $ 2,633 $ 2,151 (a) Amounts are net of amortization of basis differences of $154 for each of the three months ended June 30, 2023 and 2022 and $309 for each of the six months ended June 30, 2023 and 2022. The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of June 30, 2023 and December 31, 2022 : (dollars in thousands) June 30, December 31, Assets: Rental Property, net $ 736,427 $ 745,210 Other assets 32,786 39,241 Total assets $ 769,213 $ 784,451 Liabilities and partners'/members' capital: Mortgages and loans payable $ 585,543 $ 587,913 Other liabilities 9,325 15,545 Partners'/members' capital 174,345 180,993 Total liabilities and partners'/members' capital $ 769,213 $ 784,451 The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three and six months ended June 30, 2023 and 2022, respectively (dollars in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Total revenues $ 25,945 $ 41,345 $ 47,770 $ 77,472 Operating and other expenses (8,698) (22,317) (17,142) (47,816) Depreciation and amortization (5,572) (6,381) (11,137) (12,941) Interest expense (7,762) (7,051) (15,475) (13,827) Net income $ 3,913 $ 5,596 $ 4,016 $ 2,888 |
DEFERRED CHARGES AND OTHER ASSE
DEFERRED CHARGES AND OTHER ASSETS, NET | 6 Months Ended |
Jun. 30, 2023 | |
Other Assets [Abstract] | |
DEFERRED CHARGES AND OTHER ASSETS, NET | DEFERRED CHARGES AND OTHER ASSETS, NET (dollars in thousands) June 30, December 31, Deferred leasing costs $ 11,487 $ 59,651 Deferred financing costs - revolving credit facility (a) — 6,684 11,487 66,335 Accumulated amortization (7,314) (30,471) Deferred charges, net 4,173 35,864 Notes receivable (b) 78 1,309 In-place lease values, related intangibles and other assets, net (c) 10,554 12,298 Right of use assets (c) 6,645 2,238 Prepaid expenses and other assets, net 37,511 44,453 Total deferred charges and other assets, net $ 58,961 $ 96,162 (a) Deferred financing costs related to all other debt liabilities (other than for the revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2 to the Company's 2022 10-K: Significant Accounting Policies – Deferred Financing Costs. (b) As of December 31, 2022, included an interest-free note receivable with a net present value of $0.2 million which matured in April 2023. Also included $1.0 million, net of a loan loss allowance of $26.0 thousand, as of December 31, 2022, of seller-financing provided by the Company to the buyers of the Metropark portfolio, which matured in May 2023. The receivable was secured against available cash of one of the Metropark properties disposed of and earned an annual return of four percent for 90 days after the disposition, with the interest rate increased to 15 percent through November 18, 2021 and to 10 percent thereafter, pursuant to an amended operating agreement. (c) This amount has a corresponding liability of $7.7 million and 3.2 million as of June 30, 2023 and December 31, 2022, respectively, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Office and Ground Lease agreements for further details. DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates $6.4 million will be reclassified as a decrease to interest expense. As of June 30, 2023, the Company had four interest rate caps outstanding with a notional amount of $548 million designated as cash flow hedges of interest rate risk. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2023 and December 31, 2022 (dollars in thousands) : Asset Derivatives designated Fair Value Balance sheet location June 30, December 31, Interest rate caps $ 8,038 $ 9,808 Deferred charges and other assets The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022, respectively (dollars in thousands) : Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Total Amount of Interest Expense presented in the consolidated statements of operations Three months ended June 30, 2023 2022 2023 2022 2023 2022 Interest Rate Caps $ 2,221 $ (60) Interest expense $ 685 $ — $ (21,692) $ (17,707) Six months ended June 30, Interest Rate Caps $ 1,697 $ 2,124 Interest expense $ 1,106 $ 2 $ (43,706) $ (32,733) Credit-risk-related Contingent Features |
RESTRICTED CASH
RESTRICTED CASH | 6 Months Ended |
Jun. 30, 2023 | |
Restricted Cash and Investments [Abstract] | |
RESTRICTED CASH | RESTRICTED CASH Restricted cash generally includes tenant and resident security deposits for certain of the Company’s properties, and escrow and reserve funds for debt service, real estate taxes, property insurance, capital improvements, tenant improvements and leasing costs established pursuant to certain mortgage financing arrangements, and is comprised of the following (dollars in thousands) : June 30, December 31, Security deposits $ 10,009 $ 9,175 Escrow and other reserve funds 17,605 11,692 Total restricted cash $ 27,614 $ 20,867 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS The Company announced that its Board of Directors had determined to sell the Company’s entire Office Portfolio, including both the suburban and waterfront office portfolios. As the decision to sell the Office Portfolio represented a strategic shift in the Company’s operations, the results of certain of these properties that were disposed of or classified as held for sale are being classified as discontinued operations for all periods presented. In late 2019 through December 31, 2021, the Company completed the sale of all but one of its 37 properties in the suburban office portfolio, totaling 6.3 million square feet, for net sales proceeds of $1.0 billion. The last property in the suburban office portfolio, a 350,000 square foot office property, was reclassified as held for sale at September 30, 2022, and the Company expects to dispose of this property in the third quarter of 2023. As a result of the sales contract in place, the Company determined that the carrying value of this held for sale property was not expected to be recovered from estimated net sales proceeds and accordingly, during the year ended December 31, 2022, recognized an unrealized held for sale loss allowance of $4.4 million. As of June 30, 2023, the Company included as discontinued operations several waterfront office properties totaling approximately 3.9 million square feet, which are located in Jersey City and Hoboken, New Jersey. In addition, the hotels sold were also classified as discontinued operations. The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the three and six months ended June 30, 2023 and 2022 (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total revenues $ 2,685 $ 27,557 $ 19,333 $ 77,157 Operating and other expenses (2,270) (11,769) (10,773) (23,449) Depreciation and amortization (275) (7,014) (5,382) (15,086) Interest expense — (2,966) (822) (6,385) Income from discontinued operations 140 5,808 2,356 32,237 Loss from extinguishment of debt, net — — (12) (6,289) Realized loss on disposition of rental property (3,488) (4,440) (2,709) (2,604) Realized loss, net (3,488) (4,440) (2,721) (8,893) Total discontinued operations, net $ (3,348) $ 1,368 $ (365) $ 23,344 |
REVOLVING CREDIT FACILITY AND T
REVOLVING CREDIT FACILITY AND TERM LOANS | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
REVOLVING CREDIT FACILITY AND TERM LOANS | REVOLVING CREDIT FACILITY AND TERM LOANS On May 6, 2021, the Company entered into a revolving credit and term loan agreement (“2021 Credit Agreement”) with a group of seven lenders that provided 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 the 2017 credit agreement on May 13, 2021. On April 7, 2023, the Company terminated the 2021 Credit Agreement for both the 2021 Credit Facility and 2021 Term Loan. As a result of the termination, the Company has written off the unamortized deferred financing costs in an amount of $2.7 million during the three months ended June 30, 2023, which is recorded within Loss from extinguishment of debt, net, on the Consolidated Statements of Operations. On July 25, 2023, the Company entered into a revolving credit and term loan agreement (“2023 Credit Agreement”) with a group of two lenders that provides for a $60 million senior secured revolving credit facility (the “2023 Revolving Credit Facility”) and a $115 million senior secured term loan facility (the “2023 Term Loan”). The terms of the 2023 Revolving Credit Facility include: (1) a one-year term ending in July 2024, subject to one six-month extension option; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $60 million; (3) a first priority lien on the unencumbered property known as The James, a 240 unit multi-family residential property located at 87 Madison Avenue, Park Ridge, New Jersey (the “Collateral Pool Property”); and (4) a commitment fee payable quarterly equal to 35 basis points per annum on the daily unused amount of the 2023 Revolving Credit Facility. The terms of the 2023 Term Loan included: (1) a one-year term ending in July 2024, subject to one six-month extension option; (2) a single draw of the term loan commitments up to an aggregate principal amount of $115 million; and (3) a first priority lien in the Collateral Pool Property. Interest on borrowings under the 2023 Revolving Credit Facility and the 2023 Term Loan shall be based on applicable interest rate (the “Interest Rate”) plus a margin ranging from 250 basis points to 350 basis points (the “Applicable Margin”) depending on the Interest Rate elected, currently 3.5%. With respect to borrowings under the 2023 Revolving Credit Facility and the 2023 Term Loan, the Interest Rate shall be either (A) the Alternative Base Rate plus the Applicable Margin and/or (B) the Adjusted Term SOFR Rate plus the Applicable Margin or, with respect to the 2023 Revolving Credit Facility only, (C) the Adjusted Daily Effective SOFR Rate plus the Applicable Margin. As used herein: “Alternative Base Rate” means, subject to a floor of 1.00%, the highest of (i) the rate of interest last quoted by The Wall Street Journal in the U.S. as the prime rate in effect (the “Prime Rate”), (ii) the NYFRB Rate from time to time plus 0.5% and (iii) the Adjusted Term SOFR Rate for a one month interest period plus 1%; “Adjusted Term SOFR Rate” means, subject to a floor of 0.0%, the Term SOFR Rate , plus 10 basis points; and “Adjusted Daily Effective SOFR Rate” means, subject to a floor of 0.0%, for any day, the secured overnight financing rate for such business day published by the NYFRB on the NYFRB’s on the immediately succeeding business day (“SOFR”) plus 10 basis points. The General Partner and certain subsidiaries of the Operating Partnership are the guarantors of the obligations of the Operating Partnership under the 2023 Credit Agreement, and certain subsidiaries of the Operating Partnership also granted the lenders a security interest in certain subsidiary guarantors in order to further secure the obligations, liabilities and indebtedness of the Operating Partnership under the 2023 Credit Agreement. The 2023 Credit Agreement includes certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties, and which require compliance with financial ratios relating to (a) the maximum total leverage ratio (65 percent), (b) the minimum debt service coverage ratio (1.25 times), (c) the minimum tangible net worth ratio (80% of tangible net worth as of July 25, 2023 plus 80% of net cash proceeds of equity issuances by the General Partner or the Operating Partnership), and (d) the maximum unhedged variable rate debt ratio (30%). Subject to certain exceptions, the net proceeds from any property sales are to be used to mandatorily repay the 2023 Term Loan until it is retired. In addition, the 2023 Credit Agreement includes a mandatory cash sweep provision that provides that any cash, cash equivalents or marketable securities of the General Partner or Operating Partnership in excess of $25 million as of the end of the last business day of any calendar week shall be applied to repayment of any outstanding borrowings under the 2023 Credit Agreement. The 2023 Credit Agreement contains “change of control” provisions that permit the lenders to declare a default and require the immediate repayment of all outstanding borrowings under the 2023 Revolving Credit Facility. These change of control provisions, which have been an event of default under the agreements governing the Operating Partnership’s revolving credit facilities since June 2000, are triggered if, among other things, a majority of the seats on the Board of Directors (other than vacant seats) become occupied by directors who were neither nominated by the Board of Directors, nor appointed by the Board of Directors. If these change of control provisions were triggered, the Operating Partnership could seek a forbearance, waiver or amendment of the change of control provisions from the lenders, however there can be no assurance that the Operating Partnership would be able to obtain such forbearance, waiver or amendment on acceptable terms or at all. If an event of default has occurred and is continuing, the entire outstanding balance under the 2023 Credit Agreement may (or, in the case of any bankruptcy event of default, shall) become immediately due and payable, and the Operating Partnership will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the IRS Code. On July 25, 2023, the Operating Partnership drew the full $115 million available under the 2023 Term Loan and borrowed $52 million from the 2023 Revolving Credit Facility which proceeds, together with available cash, were used to fund the purchase price under the Rockpoint Purchase Agreement in Part II, Item 5. On July 26, 2023, the Company paid down a total of $27 million of borrowings under the 2023 Revolving Credit Facility. |
MORTGAGES, LOANS PAYABLE AND OT
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS | MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS The Company has mortgages, loans payable and other obligations which primarily consist of various loans collateralized by certain of the Company’s rental properties, land and development projects. As of June 30, 2023, 16 of the Company’s properties, with a total carrying value of approximately $2.6 billion, are encumbered by the Company's mortgages and loans payable. Payments on mortgages, loans payable and other obligations are generally due in monthly installments of principal and interest, or interest only. The Company was in compliance with its debt covenants under its mortgages and loans payable as of June 30, 2023. A summary of the Company’s mortgages, loans payable and other obligations as of June 30, 2023 and December 31, 2022 is as follows (dollars in thousands) : Property/Project Name Lender Effective Rate (a) June 30, December 31, Maturity Port Imperial 4/5 Hotel (b) Fifth Third Bank N/A $ — $ 84,000 — Portside at Pier One CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Signature Place Nationwide Life Insurance Company 3.74 % 43,000 43,000 08/01/24 Liberty Towers American General Life Insurance Company 3.37 % 265,000 265,000 10/01/24 Haus25 (c) QuadReal Finance SOFR+ 2.70 % 297,324 297,324 12/01/24 Portside 5/6 (d) New York Life Insurance Company 4.56 % 97,000 97,000 03/10/26 BLVD 425 New York Life Insurance Company 4.17 % 131,000 131,000 08/10/26 BLVD 401 New York Life Insurance Company 4.29 % 117,000 117,000 08/10/26 The Upton (e) Bank of New York Mellon SOFR+ 1.58 % 75,000 75,000 10/27/26 145 Front at City Square (f) MUFG Union Bank SOFR+ 1.84 % 63,000 63,000 12/10/26 Riverhouse 9 at Port Imperial (g) JP Morgan SOFR+ 1.41 % 110,000 110,000 06/21/27 Quarry Place at Tuckahoe Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 BLVD 475 N/S The Northwestern Mutual Life Insurance Co. 2.91 % 165,000 165,000 11/10/27 Riverhouse 11 at Port Imperial The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (h) New York Community Bank 3.77 % 160,000 160,000 07/01/29 Port Imperial South 4/5 Garage American General Life & A/G PC 4.85 % 31,908 32,166 12/01/29 Emery at Overlook Ridge New York Community Bank 3.21 % 72,000 72,000 01/01/31 Principal balance outstanding 1,827,230 1,911,488 Unamortized deferred financing costs (6,249) (7,511) Total mortgages, loans payable and other obligations, net $ 1,820,981 $ 1,903,977 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) The loan was paid off on disposition of the hotels on February 10, 2023. (c) This construction loan has a SOFR floor of 2.0 percent, has a maximum borrowing capacity of $300 million and provides, subject to certain conditions, a one year extension option with a fee of 25 basis points. The Company entered into an interest-rate cap agreement for the mortgage loan. (d) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (e) On October 27, 2021, the Company obtained a $75 million mortgage loan and entered into an interest-rate cap agreement for the mortgage loan. (f) On January 12, 2023, the Company entered into an interest-rate cap agreement for the mortgage loan. (g) On June 21, 2022, the Company obtained a $110 million mortgage loan and entered into an interest-rate cap agreement for the mortgage loan. (h) Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75% annually. Cash Paid for Interest and Interest Capitalized Cash paid for interest for the six months ended June 30, 2023 and 2022 was $40.1 million and $37.0 million (of which $1.1 million and $7.8 million pertained to properties classified as discontinued operations), respectively. Interest capitalized by the Company for the six months ended June 30, 2023 and 2022 was zero and $10.5 million, respectively. Summary of Indebtedness (dollars in thousands) June 30, December 31, Balance Weighted Average Balance Weighted Average Interest Rate Fixed Rate & Hedged Debt (a) $ 1,820,981 4.32 % $ 1,757,308 4.27 % Other Variable Rate Debt — — % 146,669 6.86 % Totals/Weighted Average: $ 1,820,981 4.32 % $ 1,903,977 4.47 % (a) As of June 30, 2023 and December 31, 2022, includes debt with interest rate caps outstanding with a notional amount of $548 million and $485 million, respectively. |
EMPLOYEE BENEFIT 401(k) PLANS
EMPLOYEE BENEFIT 401(k) PLANS | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT 401(k) PLANS | EMPLOYEE BENEFIT 401(k) PLANSEmployees of the General Partner, who meet certain minimum age and service requirements, are eligible to participate in the Veris Residential, Inc. 401(k) Savings/Retirement Plan (the “401(k) Plan”). Eligible employees may elect to defer from one percent up to 60 percent of their annual compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The amounts contributed by employees are immediately vested and non-forfeitable. The Company may make discretionary matching or profit sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit sharing contributions made on their behalf after two years of service with the Company at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Company. All contributions are allocated as a percentage of compensation of the eligible participants for the Plan year. The assets of the 401(k) Plan are held in trust and a separate account is established for each participant. A participant may receive a distribution of his or her vested account balance in the 401(k) Plan in a single sum or in installment payments upon his or her termination of service with the Company. Total expense recognized by the Company for the 401(k) Plan for the three months ended June 30, 2023 and 2022 was $129 thousand and $148 thousand, respectively and $277 thousand and $330 thousand for the six months ended June 30, 2023 and 2022, respectively. |
DISCLOSURE OF FAIR VALUE OF ASS
DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES | DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the assets and liabilities at June 30, 2023 and December 31, 2022. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash equivalents, receivables, notes receivables, accounts payable, and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of June 30, 2023 and December 31, 2022. The fair value of the Company’s long-term debt, consisting of mortgages, loans payable and other obligations aggregated approximately $1.7 billion and $1.8 billion as compared to the book value of approximately $1.8 billion and $1.9 billion as of June 30, 2023 and December 31, 2022, respectively. The fair value of the Company’s long-term debt was valued using level 3 inputs (as provided by ASC 820, Fair Value Measurements and Disclosures). The fair value was estimated using a discounted cash flow analysis valuation based on the borrowing rates currently available to the Company for loans with similar terms and maturities. The fair value of the mortgage debt was determined by discounting the future contractual interest and principal payments by a market rate. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative financial instruments utilize level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company has determined that its derivative financial instruments valuations in their entirety are classified in level 2 of the fair value hierarchy. The notes receivable by the Company are presented at the lower of cost basis or net amount expected to be collected in accordance with ASC 326. For its seller-financing note receivable provided to the buyers of the Metropark portfolio, the Company calculated the net present value of contractual cash flows of the total receivable. The fair value measurements used in the evaluation of the Company’s rental properties for impairment analysis are considered to be Level 3 valuations within the fair value hierarchy, as there are significant unobservable assumptions. Assumptions that were utilized in the fair value calculations include, but are not limited to, discount rates, market capitalization rates, expected lease rental rates, room rental and food and beverage revenue rates, third-party broker information and information from potential buyers, as applicable. Valuations of real estate identified as held for sale are based on estimated sale prices, net of estimated selling costs, of such property. 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 unobservable 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, an estimated per-unit market value assumption is also considered based on development rights or plans for the land. As of June 30, 2023, the Company included as held for sale two office properties totaling approximately 0.6 million square feet and several developable land parcels, which are located in Jersey City, Holmdel and Parsippany, New Jersey. As a result of recent sales contracts in place, the Company determined that the carrying value of one office and three land parcels held for sale were not expected to be recovered from estimated net sales proceeds, and accordingly, during the three and six months ended June 30, 2023, recognized impairment charges of $3.6 million and $7.0 million, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES TAX ABATEMENT AGREEMENTS Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows: PILOT Payments Three PILOT Payments Six Property Name Location Asset Type PILOT Months Ended Months Ended 2023 2022 2023 2022 (Dollars in Thousands) (Dollars in Thousands) 111 River Street (a) Hoboken, NJ Office 4/2022 $ — $ — $ — $ 85 Harborside Plaza 4A (b) Jersey City, NJ Office 2/2022 — — — 218 Harborside Plaza 5 (c) Jersey City, NJ Office 6/2022 — 1,109 — 2,217 BLVD 401 (Marbella 2) (d) Jersey City, NJ Multifamily 4/2026 461 376 864 735 RiverHouse 11 at Port Imperial (e) Weehawken, NJ Multifamily 7/2033 405 356 779 706 Port Imperial 4/5 Hotel (f) Weehawken, NJ Hotel 12/2033 — 733 224 1,466 RiverHouse 9 at Port Imperial (g) Weehawken, NJ Multifamily 6/2046 372 318 754 640 Haus25 (h) Jersey City, NJ Mixed-Use 3/2047 573 124 1,147 124 The James (i) Park Ridge, NJ Multifamily 6/2051 144 — 287 — Total Pilot taxes $ 1,955 $ 3,016 $ 4,055 $ 6,191 (a) The property was disposed of in the first quarter of 2022. (b) The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $49.5 million. (c) The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million. (d) The annual PILOT is equal to ten percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined. (e) The annual PILOT is equal to 12 percent of Gross Revenues for years 1-5, 13 percent for years 6-10 and 14 percent for years 11-15, as defined. (f) The annual PILOT is equal to two percent of Total Project Costs, as defined. The property was disposed of during the first quarter of 2023. (g) The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined. (h) For a term of 25 years following substantial completion, which occurred in April 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined. (i) The property was acquired in July 2022. For a term of 30 years following substantial completion which occurred in June 2021. The annual PILOT is equal to 10 percent of Gross Revenues for years 1-10, 11.5 percent for years 11-21 and 12.5 percent for years 22-30, as defined. At the conclusion of the above-referenced agreements, it is expected that the properties will be assessed by the municipality and be subject to real estate taxes at the then prevailing rates. LITIGATION The Company is a defendant in litigation arising in the normal course of its business activities. Management does not believe that the ultimate resolution of these matters will have a materially adverse effect upon the Company’s financial condition taken as whole. OFFICE AND GROUND LEASE AGREEMENTS Future minimum rental payments under the terms of all non-cancelable office and ground leases under which the Company is the lessee, as of June 30, 2023 and December 31, 2022, are as follows (dollars in thousands) : Year As of June 30, 2023 Amount July 1 through December 31, 2023 $ 636 2024 1,272 2025 1,279 2026 1,279 2027 1,280 2028 through 2101 31,940 Total lease payments 37,686 Less: imputed interest (29,948) Total $ 7,738 Year As of December 31, 2022 Amount 2023 $ 192 2024 192 2025 199 2026 199 2027 200 2028 through 2101 31,664 Total lease payments 32,646 Less: imputed interest (29,418) Total $ 3,228 Office and ground lease expenses incurred by the Company amounted to $582 thousand and $214 thousand for the three months ended June 30, 2023 and 2022, respectively, and $847 thousand and $562 thousand for the six months ended June 30, 2023 and 2022. In accordance with ASU 2016-02 (Topic 842), the Company capitalized operating leases for one office and two ground leases, which had a total balance of $7.6 million at June 30, 2023. Such amount represents the net present value (“NPV”) of future payments detailed above. The weighted average incremental borrowing rate used to arrive at the NPV was 6.6 percent for the weighted average lease terms of 35.7 years years. These rates were arrived at by adjusting the fixed and floating rates of the Company’s mortgage debt with debt having terms approximating the remaining lease term of the Company’s office and ground leases and calculating notional rates for fully-collateralized loans. The initial recognition of a lease liability and right-of-use asset in an amount of $4.7 million for the office lease is a noncash activity. OTHER As of June 30, 2023, the Company has outstanding stay-on award agreements with 23 employees, which provides them with the potential to receive compensation, in cash or Company stock at the employees’ option, contingent upon remaining with the Company in good standing until the occurrence of certain corporate transactions, which have not been identified. |
TENANT LEASES
TENANT LEASES | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
TENANT LEASES | TENANT LEASES The Company’s consolidated office properties are leased to tenants under operating leases with various expiration dates through 2032. 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. Future minimum rentals to be received under non-cancelable commercial operating leases (excluding properties classified as discontinued operations) at June 30, 2023 and December 31, 2022 are as follows (dollars in thousands) : Year As of June 30, 2023 Amount July 1 through December 31, 2023 $ 6,718 2024 12,084 2025 10,952 2026 8,822 2027 5,749 2028 and thereafter 7,795 Total $ 52,120 Year As of December 31, 2022 Amount 2023 $ 14,618 2024 11,879 2025 10,535 2026 8,397 2027 5,315 2028 and thereafter 6,891 Total $ 57,635 Multifamily rental property residential leases are excluded from the above table as they generally expire within one year. |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTERESTS | 6 Months Ended |
Jun. 30, 2023 | |
Temporary Equity Disclosure [Abstract] | |
REDEEMABLE NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTSThe 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. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Noncontrolling interests in subsidiaries within the equity section on the Company’s Consolidated Balance Sheet. Rockpoint Transaction On February 27, 2017, the Company, Veris Residential Trust (“VRT”), the Company’s subsidiary through which the Company conducts its multifamily residential real estate operations, Veris Residential Partners, L.P. (“VRLP”), the operating partnership through which VRT conducts all of its operations, and certain other affiliates of the Company entered into a preferred equity investment agreement (the “Original Investment Agreement”) with certain affiliates of Rockpoint Group, L.L.C. (Rockpoint Group, L.L.C. and its affiliates, collectively, “Rockpoint”). The Original Investment Agreement provided for VRT to contribute property to VRLP in exchange for common units of limited partnership interests in VRLP (the “Common Units”) and for multiple equity investments by Rockpoint in VRLP from time to time for up to an aggregate of $300 million of preferred units of limited partnership interests in VRLP (the “Preferred Units”). The initial closing under the Original Investment Agreement occurred on March 10, 2017 for $150 million of Preferred Units and the parties agreed that the Company’s contributed equity value (“VRT Contributed Equity Value”), was $1.23 billion at closing. During the year ended December 31, 2018, a total additional amount of $105 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement. During the year ended December 31, 2019, a total additional amount of $45 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement, which brought the Preferred Units to the full balance of $300 million. In addition, certain contributions of property to VRLP by VRT subsequent to the execution of the Original Investment Agreement resulted in VRT being issued approximately $46 million of Preferred Units and Common Units in VRLP prior to June 26, 2019. On June 26, 2019, the Company, VRT, VRLP, certain other affiliates of the Company and Rockpoint entered into an additional preferred equity investment agreement (the “Add On Investment Agreement”). The closing under the Add On Investment Agreement occurred on June 28, 2019. Pursuant to the Add On Investment Agreement, Rockpoint invested an additional $100 million in Preferred Units and the Company and VRT agreed to contribute to VRLP two additional properties located in Jersey City, New Jersey. The Company used the $100 million in proceeds received to repay outstanding borrowings under its revolving credit facility and other debt by June 30, 2019. In addition, Rockpoint has a right of first refusal to invest another $100 million in Preferred Units in the event VRT determines that VRLP requires additional capital prior to March 1, 2023 and, subject thereto, VRLP may issue up to approximately $154 million in Preferred Units to VRT or an affiliate so long as at the time of such funding VRT determines in good faith that VRLP has a valid business purpose to use such proceeds. Included in general and administrative expenses for the year ended December 31, 2019 were $371 thousand in fees associated with the modifications of the Original Investment Agreement, which were made upon signing of the Add On Investment Agreement. Under the terms of the new transaction with Rockpoint, set forth in the Third Amended and Restated Limited Partnership Agreement of VRLP, dated as of June 28, 2019 (the “VRLP Partnership Agreement”), the cash flow from operations of VRLP will be distributable to Rockpoint and VRT as follows: • first, to provide a 6% annual return to Rockpoint and VRT on their capital invested in Preferred Units (the “Preferred Base Return”); • second, 95.36% to VRT and 4.64% to Rockpoint until VRT has received a 6% annual return (the “VRT Base Return”) on the equity value of the properties contributed by it to VRLP in exchange for Common Units (previously 95% and 5%, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to VRLP in the future; and • third, pro rata to Rockpoint and VRT based on total respective capital invested in and contributed equity value of Preferred Units and Common Units (based on Rockpoint’s $400 million of invested capital at June 30, 2023, this pro rata distribution would be approximately 21.89% to Rockpoint in respect of Preferred Units, 2.65% to VRT in respect of Preferred Units and 75.46% to VRT in respect of Common Units). VRLP’s cash flow from capital events will generally be distributable by VRLP to Rockpoint and VRT as follows: • first, to Rockpoint and VRT to the extent there is any unpaid, accrued Preferred Base Return; • second, as a return of capital to Rockpoint and to VRT in respect of Preferred Units; • third, 95.36% to VRT and 4.64% to Rockpoint until VRT has received the VRT Base Return in respect of Common Units (previously 95% and 5%, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to VRLP in the future; • fourth, 95.36% to VRT and 4.64% to Rockpoint until VRT has received a return of capital based on the equity value of the properties contributed by it to VRLP in exchange for Common Units (previously 95% and 5%, respectively, under the Original Investment Agreement), subject to adjustment in the event VRT contributes additional property to the capital of VRLP in the future; • fifth, pro rata to Rockpoint and VRT based on respective total capital invested in and contributed equity value of Preferred and Common Units until Rockpoint has received an 11% internal rate of return (based on Rockpoint’s $400 million of invested capital at June 30, 2023, this pro rata distribution would be approximately 21.89% to Rockpoint in respect of Preferred Units, 2.65% to VRT in respect of Preferred Units and 75.46% to VRT in respect of Common Units); and • sixth, to Rockpoint and VRT in respect of their Preferred Units based on 50% of their pro rata shares described in “fifth” above and the balance to VRT in respect of its Common Units (based on Rockpoint’s $400 million of invested capital at June 30, 2023, this pro rata distribution would be approximately 10.947% to Rockpoint in respect of Preferred Units, 1.325% to VRT in respect of Preferred Units and 87.728% to VRT in respect of Common Units). In general, VRLP may not sell its properties in taxable transactions, although it may engage in tax-deferred like-kind exchanges of properties or it may proceed in another manner designed to avoid the recognition of gain for tax purposes. In connection with the Add On Investment Agreement, on June 26, 2019, VRT increased the size of its board of trustees from six to seven persons, with five trustees being designated by the Company and two trustees being designated by Rockpoint. In addition, as was the case under the Original Investment Agreement, VRT and VRLP are required to obtain Rockpoint’s consent with respect to: • debt financings in excess of a 65% loan-to-value ratio; • corporate level financings that are pari-passu or senior to the Preferred Units; • new investment opportunities to the extent the opportunity requires an equity capitalization in excess of 10% of VRLP’s NAV; • new investment opportunities located in a Metropolitan Statistical Area where VRLP owns no property as of the previous quarter; • declaration of bankruptcy of VRT; • transactions between VRT and the Company, subject to certain limited exceptions; • any equity granted or equity incentive plan adopted by VRLP or any of its subsidiaries; and • certain matters relating to the Credit Enhancement Note (as defined below) between the Company and VRLP (other than ordinary course borrowings or repayments thereunder). Under a Discretionary Demand Promissory Note (the “Credit Enhancement Note”), the Company may provide periodic cash advances to VRLP. The Credit Enhancement Note provides for an interest rate equal to the London Inter-Bank Offered Rate plus fifty (50) basis points above the applicable interest rate under the Company’s revolving credit facility. The maximum aggregate principal amount of advances at any one time outstanding under the Credit Enhancement Note is limited to $50 million, an increase of $25 million from the prior transaction. VRT and VRLP also have agreed, as was the case under the Original Investment Agreement, to register the Preferred Units under certain circumstances in the future in the event VRT or VRLP becomes a publicly traded company. During the period commencing on June 28, 2019 and ended on March 1, 2023 (the “Lockout Period”), Rockpoint’s interest in the Preferred Units cannot be redeemed or repurchased, except in connection with (a) a sale of all or substantially all of VRLP or a sale of a majority of the then-outstanding interests in VRLP, in each case, which sale is not approved by Rockpoint, or (b) a spin-out or initial public offering of common stock of VRT, or distributions of VRT equity interests by the Company or its affiliates to shareholders or their respective parent interest holders (an acquisition pursuant clauses (a) or (b) above, an “Early Purchase”). VRT has the right to acquire Rockpoint’s interest in the Preferred Units in connection with an Early Purchase for a purchase price generally equal to (i) the amount that Rockpoint would receive upon the sale of the assets of VRLP for fair market value and a distribution of the net sale proceeds in accordance with (A) the capital event distribution priorities discussed above (in the case of certain Rockpoint Preferred Holders) and (B) the distribution priorities applicable in the case of a liquidation of VRLP (in the case of the other Rockpoint Preferred Holder), plus (ii) a make whole premium (such purchase price, the “Purchase Payment”). The make whole premium is an amount equal to (i) $173.5 million until December 28, 2020, or $198.5 million thereafter, less distributions theretofore made to Rockpoint with respect to its Preferred Base Return or any deficiency therein, plus (ii) $1.5 million less certain other distributions theretofore made to Rockpoint. The fair market value of VRLP’s assets is determined by a third party appraisal of the net asset value (“NAV”) of VRLP and the fair market value of VRLP’s assets, to be completed within ninety (90) calendar days of March 1, 2023 and annually thereafter. After the Lockout Period, either VRT may acquire from Rockpoint, or Rockpoint may sell to VRT, all, but not less than all, of Rockpoint’s interest in the Preferred Units (each, a “Put/Call Event”) for a purchase price equal to the Purchase Payments (determined without regard to the make whole premium and any related tax allocations). An acquisition of Rockpoint’s interest in the Preferred Units pursuant to a Put/Call Event is generally required to be structured as a purchase of the common equity in the applicable Rockpoint entities holding direct or indirect interests in the Preferred Units (the “Put/Call Interests”). Subject to certain exceptions, Rockpoint also has a right of first offer and a participation right with respect to other common equity interests of VRLP or any subsidiary of VRLP that may be offered for sale by VRLP or its subsidiaries from time to time. Upon a Put/Call Event, other than in the event of a sale of VRLP, Rockpoint may elect to convert all, but not less than all, of its Preferred Units to Common Units in VRLP. As such, the Preferred Units contain a substantive redemption feature that is outside of the Company’s control and accordingly, pursuant to ASC 480-1—S99-3A, the Preferred Units were previously classified in mezzanine equity measured based on the estimated future redemption value before the redemption right was exercised. On April 5, 2023, VRT delivered notice to Rockpoint that VRT was exercising its right to purchase and redeem the Put/Call Interests from Rockpoint. On April 6, 2023, Rockpoint delivered notice to VRT that Rockpoint was exercising its right under the VRLP Partnership Agreement to defer the closing of VRT’s purchase and redemption of the Put/Call Interests for one year. Within ninety (90) days of March 1, 2024, VRLP must engage an appraiser mutually agreed by VRT and Rockpoint or otherwise selected pursuant to VRLP Partnership Agreement, to determine the fair market value of the Partnership’s assets, which valuation will be used to determine the Purchase Payments (determined without regard to the make whole premium). Closing of (i) the purchase and redemption of the Put/Call Interests, or, (ii) if a Rockpoint conversion election has been made, the issuance of Common Interests in VRLP will occur within thirty (30) calendar days following the determination of the fair market value of VRLP’s assets and the Purchase Payments (determined without regard to the make whole premium), which closing will occur no earlier than the second quarter of 2024. The exercise of the call right caused Rockpoint's interests to be reclassified as mandatorily redeemable noncontrolling interests under the accounting guidance, and included within the Total liabilities on the Company's Consolidated Balance Sheets. The impact of subsequent change in redemption value at each period end is recorded as interest cost. The carrying amount is not reduced below the initially measurement amount. The Company determines the redemption value of these interests by hypothetically liquidating the estimated NAV of the VRT real estate portfolio including debt principal through the applicable waterfall provisions of the new transaction with Rockpoint. The estimation of NAV includes unobservable inputs that consider assumptions of market participants in pricing the underlying assets of VRLP. For properties under development, the Company applies a discount rate to the estimated future cash flows allocable to the Company during the period under construction and then applies a direct capitalization method to the estimated stabilized cash flows. For operating properties, the direct capitalization method is used by applying a capitalization rate to the projected net operating income. For developable land holdings, an estimated per-unit market value assumption is considered based on development rights or plans for the land. Estimated future cash flows used in such analyses are based on the Company’s business plan for each respective property including capital expenditures, management’s views of market and economic conditions, and considers items such as current and future rental rates, occupancies and market transactions for comparable properties. The estimated future redemption value of the Preferred Units, including current preferred return payments of $2.0 million is approximately $487.6 million as of June 30, 2023. On July 25, 2023, VRT and the Operating Partnership entered into the Rockpoint Purchase Agreement with Rockpoint pursuant to which VRT and the Operating Partnership acquired from Rockpoint all of the Preferred Units that constituted the Put/Call Interests for an aggregate purchase price of $520 million. Under the terms of the Rockpoint Purchase Agreement, the Original Investment Agreement and the Add On Investment Agreement have been terminated and are of no further force and effect (other than certain tax and related indemnification rights and obligations), Rockpoint ceased to be, direct or indirect, as applicable, members of VRLP, and all obligations of VRT and VRLP and all rights, title and interest of Rockpoint in and pursuant to the VRLP Partnership Agreement (except for certain tax, confidentiality and indemnification rights and obligations) and all other agreements by and between the General Partner, the Operating Partnership, VRT, VRLP and Rockpoint were terminated, including without limitation all provisions relating to the valuation and repurchase of the Put/Call Interests. Preferred Units On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Series A Units”). The Series A Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to the Company’s Harborside property in Jersey City, New Jersey as non-cash consideration for their approximate 37.5 percent interest in the joint venture. Each Series A Unit has a stated value of $1,000, pays dividends quarterly at an annual rate of 3.5 percent (subject to increase under certain circumstances), is convertible into 28.15 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 1,204,820 common units. The conversion rate was based on a value of $35.52 per common unit. The Series A Units have a liquidation and dividend preference senior to the common units and include customary anti-dilution protections for stock splits and similar events. The Series A Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. During the six months ended June 30, 2022, 12,000 Series A Units were redeemed for cash at the stated value. On February 28, 2017, the Operating Partnership authorized the issuance of 9,213 shares of a new class of 3.5 percent Series A-1 Preferred Limited Partnership Units of the Operating Partnership (the “Series A-1 Units”). 9,122 Series A-1 Units were issued on February 28, 2017 and an additional 91 Series A-1 Units were issued in April 2017 pursuant to acquiring additional interests in a joint venture that owns Monaco Towers in Jersey City, New Jersey. The Series A-1 Units were issued as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture. Each Series A-1 Unit has a stated value of $1,000 (the “Stated Value”), pays dividends quarterly at an annual rate equal to the greater of (x) 3.50 percent, or (y) the then-effective annual dividend yield on the General Partner’s common stock, and is convertible into 27.936 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 257,375 Common Units. The conversion rate was based on a value of $35.80 per common unit. The Series A-1 Units have a liquidation and dividend preference senior to the Common Units and include customary anti-dilution protections for stock splits and similar events. The Series A-1 Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. The Series A-1 Units are pari passu with the 3.5% Series A Units issued on February 3, 2017. The following tables set forth the changes in Mandatorily redeemable noncontrolling interests for the three and six months ended June 30, 2023 (dollars in thousands) : Rockpoint Balance at January 1 and April 1, 2023 $ — Reclassification 479,977 Income Attributed to Noncontrolling Interests 5,748 Distributions (5,748) Redemption Value Adjustment 7,642 Balance at Balance at June 30, 2023 $ 487,619 The following tables set forth the changes in Redeemable noncontrolling interests within the mezzanine section for the three and six months ended June 30, 2023 and 2022, respectively (dollars in thousands) : Series A and Rockpoint Interests in VRT Total Balance at April 1, 2023 $ 40,231 $ 479,977 $ 520,208 Income Attributed to Noncontrolling Interests 350 267 617 Distributions (350) (267) (617) Reclassification to Mandatorily Redeemable Non-controlling Interests — (479,977) (479,977) Balance at June 30, 2023 $ 40,231 $ — $ 40,231 Series A and Rockpoint Total Balance at April 1, 2022 $ 40,302 $ 472,210 $ 512,512 Income Attributed to Noncontrolling Interests 350 6,016 6,366 Distributions (350) (6,016) (6,366) Redemption Value Adjustment (71) 3,884 3,813 Balance at June 30, 2022 $ 40,231 $ 476,094 $ 516,325 Series A and Rockpoint Interests in VRT Total Balance at Balance at January 1, 2023 $ 40,231 $ 475,000 $ 515,231 Income Attributed to Noncontrolling Interests 700 6,283 6,983 Distributions (700) (6,283) (6,983) Redemption Value Adjustment — 4,977 4,977 Reclassification to Mandatorily Redeemable Non-controlling Interests — (479,977) (479,977) Balance at June 30, 2023 $ 40,231 $ — $ 40,231 Series A and Rockpoint Total Balance at January 1, 2022 $ 52,324 $ 468,989 $ 521,313 Redemption/Payout (12,000) — (12,000) Net 40,324 468,989 509,313 Income Attributed to Noncontrolling Interests 771 12,032 12,803 Distributions (771) (12,032) (12,803) Redemption Value Adjustment (93) 7,105 7,012 Balance at June 30, 2022 $ 40,231 $ 476,094 $ 516,325 |
VERIS RESIDENTIAL, INC. STOCKHO
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL | VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL To maintain its qualification as a REIT, not more than 50 percent in value of the outstanding shares of the General Partner may be owned, directly or indirectly, by five or fewer individuals at any time during the last half of any taxable year of the General Partner, other than its initial taxable year (defined to include certain entities), applying certain constructive ownership rules. To help ensure that the General Partner will not fail this test, the General Partner’s Charter provides, among other things, certain restrictions on the transfer of common stock to prevent further concentration of stock ownership. Moreover, to evidence compliance with these requirements, the General Partner must maintain records that disclose the actual ownership of its outstanding common stock and demands written statements each year from the holders of record of designated percentages of its common stock requesting the disclosure of the beneficial owners of such common stock. Partners’ Capital in the accompanying consolidated financial statements relates to (a) General Partners’ capital consisting of common units in the Operating Partnership held by the General Partner, and (b) Limited Partners’ capital consisting of common units and LTIP units held by the limited partners. See Note 16: Noncontrolling Interests in Subsidiaries. The following table reflects the activity of the General Partner capital for the three and six months ended June 30, 2023 and 2022, respectively (dollars in thousands) : Three Months Ended Six Months Ended 2023 2022 2023 2022 Opening Balance $ 1,216,530 $ 1,275,681 $ 1,235,685 $ 1,281,982 Net (loss) income available to common shareholders (27,434) 26,373 (47,407) 17,281 Redeemable noncontrolling interests — (3,524) (4,516) (6,466) Redemption of common units for common stock 4,192 161 9,051 161 Shares issued under Dividend Reinvestment and Stock Purchase Plan 1 16 2 27 Directors' deferred compensation plan 86 110 196 220 Stock Compensation 3,381 2,509 6,852 4,466 Cancellation of common stock (219) (696) (466) (696) Other comprehensive income (loss) 1,399 (54) 541 1,932 Rebalancing of ownership percent between parent and subsidiaries (983) (4,296) (2,985) (2,627) Balance at June 30 $ 1,196,953 $ 1,296,280 $ 1,196,953 $ 1,296,280 Any transactions resulting in the issuance of additional common and preferred stock of the General Partner result in a corresponding issuance by the Operating Partnership of an equivalent amount of common and preferred units to the General Partner. ATM PROGRAM On December 13, 2021, the Company entered into a distribution agreement (the “Distribution Agreement”) with J.P. Morgan Securities LLC, BofA Securities, Inc., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Comerica Securities, Inc., Goldman Sachs & Co. LLC, R. Seelaus & Co., LLC and Samuel A. Ramirez & Company, Inc., as sales agents. Pursuant to the Distribution Agreement, the Company may issue and sell, from time to time, shares of common stock, par value $0.01 per share, having a combined aggregate offering price of up to $200 million. The Company will pay a commission that will not exceed, but may be lower than, 2% of the gross proceeds of all shares sold through the ATM Program. As of June 30, 2023, the Company had not sold any shares pursuant to the ATM Program. DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN The General Partner has a Dividend Reinvestment and Stock Purchase Plan (the “DRIP”) which commenced in March 1999 under which approximately 5.4 million shares of the General Partner’s common stock have been reserved for future issuance. The DRIP provides for automatic reinvestment of all or a portion of a participant’s dividends from the General Partner’s shares of common stock. The DRIP also permits participants to make optional cash investments up to $5,000 a month without restriction and, if the Company waives this limit, for additional amounts subject to certain restrictions and other conditions set forth in the DRIP prospectus filed as part of the Company’s effective registration statement on Form S-3 filed with the SEC for the approximately 5.4 million shares of the General Partner’s common stock reserved for issuance under the DRIP. INCENTIVE STOCK PLAN In May 2013, the General Partner established the 2013 Incentive Stock Plan (the “2013 Plan”) under which a total of 4,600,000 shares has been reserved for issuance. In June 2021, stockholders of the Company approved amendments to the 2013 Plan to increase the total shares reserved for issuance under the plan from 4,600,000 to 6,565,000 shares. Stock Options In addition to stock options issued in June 2021 under the 2013 Plan, in March 2021, the General Partner granted 950,000 stock options with an exercise price equal to the closing price of the Company’s common stock on the grant date of $15.79 per share to the Chief Executive Officer as an employment “inducement award” that is intended to comply with New York Stock Exchange Rule 303A.08. In April 2022, the General Partner granted 250,000 stock options with an exercise price equal to the closing price of the Company’s common stock on the grant date of $16.33 per share to the Chief Investment Officer as an employment “inducement award” that is intended to comply with New York Stock Exchange Rule 303A.08. There were no stock options that were exercised under any stock option plans for the six months ended June 30, 2023 and 2022, respectively. The Company has a policy of issuing new shares to satisfy stock option exercises. As of June 30, 2023 and December 31, 2022, the stock options outstanding had a weighted average remaining contractual life of approximately 4.1 and 4.6 years, respectively. The Company recognized stock options expense of $322 thousand and $309 thousand for the three months ended June 30, 2023 and 2022, respectively and $644 thousand and $562 thousand for the six months ended June 30, 2023 and 2022, respectively. Appreciation-Only LTIP Units In March 2019, the Company granted 625,000 Appreciation-Only LTIP Units (“AO LTIP Units”) which were a class of partnership interests in the Operating Partnership that were intended to qualify as “profits interests” for federal income tax purposes. The AO LTIP Units were cancelled and forfeited in March 2023 as they did not vest. The Company recognized AO LTIP unit expense of zero and $156 thousand for the three months ended June 30, 2023 and 2022 and $124 thousand and $311 thousand for the six months ended June 30, 2023 and 2022. Time-based Restricted Stock Awards and Restricted Stock Units The Company has issued restricted stock units and common stock (“Restricted Stock Awards”) to officers, certain other employees and non-employee members of the Board of Directors, which allow the holders to each receive a certain amount of shares of the General Partner’s common stock generally over a one-year to three-year vesting period. On June 14, 2023, the Company issued Restricted Stock Awards to non-employee members of the Board of Directors which vest within one year, of which 54,184 unvested Restricted Stock Awards were outstanding at June 30, 2023. During the years ended December 31, 2021 and December 31, 2022 and the six months ended June 30, 2023, the Company granted restricted stock units to certain non-executive employees of the Company which will vest after three years, of which 358,164 were still outstanding and unvested as of June 30, 2023. Restricted Stock Awards allow holders to receive shares of the Company’s common stock upon vesting. Vesting of the Restricted Stock Awards issued is based on time and service. All currently outstanding and unvested Restricted Stock Awards provided to the officers, certain other employees, and members of the Board of Directors were issued under the 2013 Plan and as inducement awards. As of June 30, 2023, the Company had $4.4 million of total unrecognized compensation cost related to unvested Restricted Stock Awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 1.6 years. Long-Term Incentive Plan Awards The Company has granted long-term incentive plans awards (“LTIP Awards”) to senior management of the Company, including the General Partner’s executive officers. LTIP Awards generally are granted in the form of restricted stock units (each, an “RSU” and collectively, the “RSU LTIP Awards”) and constitute awards under the 2013 Plan. Prior to 2021, LTIP Awards were in the form of LTIP Units. LTIP Awards are typically issued from the Company’s Outperformance Plan adopted by the Board of Directors. Each RSU entitles the holder to one share of the General Partner's common stock upon vesting. LTIP Awards are subject to forfeiture depending on the extent that awards vest. The number of market-based and performance-based LTIP Units that actually vest for each award recipient will be determined at the end of the related measurement period. In 2021, the Company has adopted an annual LTIP Award grant program in the form of RSUs. A portion of the RSUs are subject to time-based vesting conditions and will vest in three equal, annual installments over a three year period ending on the three year anniversary of the grant date. Currently, there are 427,099 awards outstanding and unvested. Another portion of the annual LTIP Awards have market-based vesting conditions, and recipients will only earn the full amount of the market-based RSUs if, over the three-year performance period, the General Partner achieves an absolute TSR target and if the General Partner’s relative TSR as compared to a group of peer REITs exceeds certain thresholds. The market-based award targets are determined annually by the compensation committee of the Board of Directors. Currently, there are 580,415 awards outstanding and unvested. In addition, the Company has granted RSUs subject to the achievement of adjusted funds from operations targets. The RSU LTIP Awards are designed to align the interests of senior management to relative and absolute performance of the Company over a three years performance period. Currently there are 627,644 awards outstanding and unvested. In April 2022, the General Partner granted approximately 60,000 RSUs subject to time-vesting conditions, vesting over three years, to three executive officers as “inducement awards” intended to comply with New York Stock Exchange Rule 303A.08. Prior to vesting, recipients of LTIP Units will generally be entitled to receive per unit distributions equal to one-tenth of the regular quarterly distributions payable on a common share but will not be entitled to receive any special distributions. Distributions with respect to the other nine-tenths of regular quarterly distributions payable on a common unit will accrue but shall only become payable upon vesting of the LTIP Unit. As of June 30, 2023, the Company had $12.3 million of total unrecognized compensation cost related to unvested LTIP awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 1.9 years. Deferred Stock Compensation Plan For Directors The Amended and Restated Deferred Compensation Plan for Directors, which commenced January 1, 1999, allows non-employee directors of the Company to elect to defer up to 100 percent of their annual retainer fee into deferred stock units. The deferred stock units are convertible into an equal number of shares of common stock upon the directors’ termination of service from the Board of Directors or a change in control of the Company, as defined in the plan. Deferred stock units are credited to each director quarterly using the closing price of the Company’s common stock on the applicable dividend record date for the respective quarter. Each participating director’s account is also credited for an equivalent amount of deferred stock units based on the dividend rate for each quarter. During the three months ended June 30, 2023 and 2022, 5,379 and 8,234 deferred stock units were earned, respectively. During the six months ended June 30, 2023 and 2022, 12,950 and 14,417 deferred stock units were earned, respectively. As of June 30, 2023 and December 31, 2022, there were 59,874 and 66,196 deferred stock units outstanding, respectively. Pursuant to the retirement of a director from the Board of Directors in May 2023, the Company converted 20,767 deferred stock units into shares of common stock. EARNINGS PER SHARE/UNIT Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. In the calculation of basic and diluted EPS and EPU, a redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders or unitholders is included in the calculation to arrive at the numerator of net income (loss) available to common shareholders or unitholders. The following information presents the Company’s results for the three and six months ended June 30, 2023 and 2022 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts) : Veris Residential, Inc.: Three Months Ended Six Months Ended Computation of Basic EPS 2023 2022 2023 2022 (Loss) income from continuing operations $ (26,787) $ 33,282 $ (46,000) $ 6,779 Add (deduct): Noncontrolling interests in consolidated joint ventures 636 784 1,223 1,758 Add (deduct): Noncontrolling interests in Operating Partnership 2,384 (2,568) 4,696 305 Add (deduct): Redeemable noncontrolling interests (617) (6,366) (6,983) (12,803) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders — (3,524) (4,516) (6,466) (Loss) income from continuing operations available to common shareholders $ (24,384) $ 21,608 $ (51,580) $ (10,427) (Loss) income from discontinued operations available to common shareholders (3,050) 1,241 (343) 21,242 Net (loss) income available to common shareholders for basic earnings per share (27,434) 22,849 (51,923) 10,815 Weighted average common shares 91,873 91,027 91,551 90,989 Basic EPS : (Loss) income from continuing operations available to common shareholders $ (0.27) $ 0.24 $ (0.56) $ (0.11) (Loss) income from discontinued operations available to common shareholders (0.03) 0.01 0.00 0.23 Net (loss) income available to common shareholders $ (0.30) $ 0.25 $ (0.56) $ 0.12 Three Months Ended Six Months Ended Computation of Diluted EPS 2023 2022 2023 2022 Net (loss) income from continuing operations available to common shareholders $ (24,384) $ 21,608 $ (51,580) $ (10,427) Add (deduct): Noncontrolling interests in Operating Partnership (2,384) 2,568 (4,696) (305) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders — (360) (461) (651) (Loss) income from continuing operations for diluted earnings per share (26,768) 23,816 (56,737) (11,383) (Loss) income from discontinued operations for diluted earnings per share (3,348) 1,368 (365) 23,344 Net (loss) income available for diluted earnings per share $ (30,116) $ 25,184 $ (57,102) $ 11,961 Weighted average common shares 100,854 100,352 100,691 100,171 Diluted EPS : (Loss) income from continuing operations available to common shareholders $ (0.27) $ 0.24 $ (0.56) $ (0.11) (Loss) Income from discontinued operations available to common shareholders (0.03) 0.01 0.00 0.23 Net (loss) income available to common shareholders $ (0.30) $ 0.25 $ (0.56) $ 0.12 The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands) : Three Months Ended Six Months Ended 2023 2022 2023 2022 Basic EPS shares 91,873 91,027 91,551 90,989 Add: Operating Partnership – common and vested LTIP units 8,981 9,302 9,140 9,144 Restricted Stock Awards — 7 — 10 Stock Options — 16 — 28 Diluted EPS Shares 100,854 100,352 100,691 100,171 Contingently issuable shares under Restricted Stock Awards were excluded from the denominator during the periods ended June 30, 2023 as such securities were anti-dilutive during the periods. Shares issuable under all outstanding stock options were excluded from the denominator during the periods ended June 30, 2023 as such securities were anti-dilutive during the periods. Also not included in the computations of diluted EPS were the unvested LTIP Units and unvested AO LTIP Units as such securities were anti-dilutive during all periods presented. Unvested LTIP Awards outstanding as of June 30, 2023 and 2022 were 2,096,075 and 1,866,543, respectively. Unvested restricted common stock outstanding as of June 30, 2023 and 2022 were 54,184 and 49,784 shares, respectively. Unvested AO LTIP Units outstanding as of June 30, 2022 were 625,000. No dividends were declared per common share for the six-month periods ended June 30, 2023 and 2022. Veris Residential, L.P.: Three Months Ended Six Months Ended Computation of Basic EPU 2023 2022 2023 2022 Loss from continuing operations $ (26,787) $ 33,282 $ (46,000) $ 6,779 Add (deduct): Noncontrolling interests in consolidated joint ventures 636 784 1,223 1,758 Add (deduct): Redeemable noncontrolling interests (617) (6,366) (6,983) (12,803) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests — (3,884) (4,977) (7,117) (Loss) income from continuing operations available to unitholders (26,768) 23,816 (56,737) (11,383) (Loss) income from discontinued operations available to unitholders (3,348) 1,368 (365) 23,344 Net (loss) income available to common unitholders for basic earnings per unit $ (30,116) $ 25,184 $ (57,102) $ 11,961 Weighted average common units 100,854 100,329 100,691 100,133 Basic EPU : (Loss) income from continuing operations available to unitholders $ (0.27) $ 0.24 $ (0.56) $ (0.11) (Loss) income from discontinued operations available to unitholders (0.03) 0.01 0.00 0.23 Net (loss) income available to common unitholders for basic earnings per unit $ (0.30) $ 0.25 $ (0.56) $ 0.12 Three Months Ended Six Months Ended Computation of Diluted EPU 2023 2022 2023 2022 (Loss) income from continuing operations available to common unitholders $ (26,768) $ 23,816 $ (56,737) $ (11,383) (Loss) income from discontinued operations for diluted earnings per unit (3,348) 1,368 (365) 23,344 Net (loss) income available to common unitholders for diluted earnings per unit $ (30,116) $ 25,184 $ (57,102) $ 11,961 Weighted average common unit 100,854 100,352 100,691 100,171 Diluted EPU : (Loss) income from continuing operations available to common unitholders $ (0.27) $ 0.24 $ (0.56) $ (0.11) (Loss) income from discontinued operations available to common unitholders (0.03) 0.01 0.00 0.23 Net (loss) income available to common unitholders $ (0.30) $ 0.25 $ (0.56) $ 0.12 The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands) : Three Months Ended Six Months Ended 2023 2022 2023 2022 Basic EPU units 100,854 100,329 100,691 100,133 Add: Restricted Stock Awards — 7 — 10 Stock Options — 16 — 28 Diluted EPU Units 100,854 100,352 100,691 100,171 Contingently issuable shares under Restricted Stock Awards were excluded from the denominator during the periods ended June 30, 2023 as such securities were anti-dilutive during the periods. Shares issuable under all outstanding stock options were excluded from the denominator during the periods ended June 30, 2023 as such securities were anti-dilutive during the periods. Also not included in the computations of diluted EPU were the unvested LTIP Units and unvested AO LTIP Units as such securities were anti-dilutive during all periods presented. Unvested LTIP Awards outstanding as of June 30, 2023 and 2022 were 2,096,075 and 1,866,543, respectively. Unvested restricted common stock outstanding as of June 30, 2023 and 2022 were 54,184 and 49,784 shares, respectively. Unvested AO LTIP Units outstanding as of March 31, 2022 were 625,000. No distributions were declared per common unit for the six-month periods ended June 30, 2023 and 2022. |
NONCONTROLLING INTERESTS IN SUB
NONCONTROLLING INTERESTS IN SUBSIDIARIES | 6 Months Ended |
Jun. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS IN SUBSIDIARIES | NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in subsidiaries in the accompanying consolidated financial statements relate to (i) common units (“Common Units”) and LTIP units in the Operating Partnership, held by parties other than the General Partner (“Limited Partners”), and (ii) interests in consolidated joint ventures for the portion of such ventures not owned by the Company. The following table reflects the activity of noncontrolling interests for the three and six months ended June 30, 2023 and 2022, respectively (dollars in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Opening Balance at January 1 $ 157,439 $ 165,120 $ 163,652 $ 167,436 Net (loss) income (2,701) 8,277 1,042 12,842 Unit distributions — — — 218 Redeemable noncontrolling interests (617) (6,726) (7,444) (13,454) Change in noncontrolling interests in consolidated joint ventures — 7 (562) 18 Redemption of common units for common stock (4,192) (161) (9,051) (161) Redemption of common units (78) (359) (94) (1,801) Stock compensation 94 445 487 2,978 Other comprehensive income (loss) 137 (6) 50 190 Rebalancing of ownership percentage between parent and subsidiaries 983 4,296 2,985 2,627 Balance at June 30 $ 151,065 $ 170,893 $ 151,065 $ 170,893 Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary, changes in a parent’s ownership interest (and transactions with noncontrolling interests unitholders in the subsidiary) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying value of the noncontrolling interests shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of equity transactions which caused changes in ownership percentages between Veris Residential, Inc. stockholders’ equity and noncontrolling interests in the Operating Partnership that occurred during the six months ended June 30, 2023, the Company has increased noncontrolling interests in the Operating Partnership and decreased additional paid-in capital in Veris Residential, Inc. stockholders’ equity by approximately $3.0 million as of June 30, 2023. NONCONTROLLING INTERESTS IN OPERATING PARTNERSHIP (applicable only to General Partner) Common Units During the six months ended June 30, 2023, the Company redeemed for cash 6,168 common units at their fair value of $94 thousand. Certain individuals and entities own common units in the Operating Partnership. A common unit and a share of Common Stock of the General Partner have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Common unitholders have the right to redeem their common units, subject to certain restrictions. The redemption is required to be satisfied in shares of Common Stock, 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, cash, or any combination thereof). If the General Partner elects to satisfy the redemption with shares of Common Stock as opposed to cash, it 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 General Partner or the Operating Partnership under any circumstances. When a unitholder redeems a common unit, noncontrolling interests in the Operating Partnership is reduced and Veris Residential, Inc. Stockholders’ equity is increased. LTIP Units From time to time, the Company has granted LTIP awards to executive officers of the Company. All of the LTIP Awards granted through January 2021 are in the form of units in the Operating Partnership. See Note 15: Veris Residential, Inc. Stockholders’ Equity and Veris Residential, L.P.’s Partners’ Capital – Long-Term Incentive Plan Awards. LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes. As a general matter, the profits interests characteristics of the LTIP Units mean that initially they will not be economically equivalent in value to a common unit. If and when events specified by applicable tax regulations occur, LTIP Units can over time increase in value up to the point where they are equivalent to common units on a one-for-one basis. After LTIP Units are fully vested, and to the extent the special tax rules applicable to profits interests have allowed them to become equivalent in value to common units, LTIP Units may be converted on a one-for-one basis into common units. Common units in turn have a one-for-one relationship in value with shares of the General Partner’s common stock, and are redeemable on a one-for-one basis for cash or, at the election of the Company, shares of the General Partner’s common stock. AO LTIP Units (Appreciation-Only LTIP Units) On March 13, 2019, the Company granted 625,000 AO LTIP Units pursuant to the AO Long Term Incentive Plan Award Agreement. See Note 15: Veris Residential, Inc. Stockholders’ Equity and Veris Residential, L.P.’s Partners’ Capital – Incentive Stock Plan (Appreciation-Only LTIP Units). AO LTIP Units were a class of partnership interests in the Operating Partnership that were intended to qualify as “profit interests” for federal income tax purposes. The AO LTIP Units were cancelled and forfeited in March 2023 as they did not vest. Noncontrolling Interests Ownership in Operating Partnership As of June 30, 2023 and December 31, 2022, the noncontrolling interests common unit holders owned 8.8 percent and 9.3 percent of the Operating Partnership, respectively. NONCONTROLLING INTERESTS IN CONSOLIDATED JOINT VENTURES (applicable to General Partner and Operating Partnership) The Company consolidates certain joint ventures in which it has ownership interests. Various entities and/or individuals hold noncontrolling interests in these ventures. PARTICIPATION RIGHTS The Company’s interests in a potential future development provides for the initial distributions of net cash flow solely to the Company, and thereafter, other parties have participation rights in 50 percent of the excess net cash flow remaining after the distribution to the Company of the aggregate amount equal to the sum of: (a) the Company’s capital contributions, plus (b) an IRR of 10 percent per annum. |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING The Company operates in two business segments: (i) multifamily real estate and services and (ii) commercial and other real estate. The Company provides property management, leasing, acquisition, development, construction and tenant-related services for its commercial and other real estate and multifamily real estate portfolio. The Company’s multifamily services business also provides similar services for third parties. The Company had no revenues from foreign countries recorded for the six months ended June 30, 2023 and 2022. The Company had no long lived assets in foreign locations as of June 30, 2023 and December 31, 2022. The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization. The Company evaluates performance based upon net operating income from the combined properties and operations in each of its real estate segments (commercial and other real estate and multifamily real estate and services). All properties classified as discontinued operations have been excluded. Selected results of operations for the three and six months ended June 30, 2023 and 2022 and selected asset information as of June 30, 2023 and December 31, 2022 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands) : Commercial Multifamily Corporate Total Total revenues: Three months ended: June 30, 2023 $ 4,525 $ 64,144 $ 60 $ 68,729 June 30, 2022 1,379 52,876 (442) 53,813 Six months ended: June 30, 2023 $ 8,290 $ 126,422 $ 976 $ 135,688 June 30, 2022 4,865 99,393 (944) 103,314 Total operating and interest expenses (a): Three months ended: June 30, 2023 $ 3,050 $ 23,710 $ 45,968 $ 72,728 June 30, 2022 672 26,221 26,357 53,250 Six months ended: June 30, 2023 $ 4,697 $ 52,061 $ 77,008 $ 133,766 June 30, 2022 1,372 51,008 57,637 110,017 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: June 30, 2023 $ — $ 2,700 $ — $ 2,700 June 30, 2022 — 2,638 — 2,638 Six months ended: June 30, 2023 $ — $ 2,633 $ — $ 2,633 June 30, 2022 — 2,151 — 2,151 Net operating income (loss) (b): Three months ended: June 30, 2023 $ 1,475 $ 43,134 $ (45,908) $ (1,299) June 30, 2022 707 29,293 (26,799) 3,201 Six months ended: June 30, 2023 $ 3,593 $ 76,994 $ (76,032) $ 4,555 June 30, 2022 3,493 50,536 (58,581) (4,552) Total assets: June 30, 2023 $ 200,488 $ 3,192,520 $ 379,825 $ 3,772,833 December 31, 2022 597,459 3,302,188 21,121 3,920,768 Total long-lived assets (c): June 30, 2023 $ 194,879 $ 2,969,009 $ (1,503) $ 3,162,385 December 31, 2022 547,923 3,101,286 (1,330) 3,647,879 Total investments in unconsolidated joint ventures: June 30, 2023 $ — 122,435 $ — $ 122,435 December 31, 2022 — 126,158 — 126,158 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income (including for property-level mortgages), is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property and unbilled rents receivable. (d) Segment assets and operations were owned through a consolidated and variable interest entity commencing in February 2018. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. Veris Residential, Inc. The following schedule reconciles net operating income to net income (loss) available to common shareholders (dollars in thousands) : Three Months Ended Six Months Ended 2023 2022 2023 2022 Net operating (loss) income $ (1,299) $ 3,201 $ 4,555 $ (4,552) Add (deduct): Depreciation and amortization (23,684) (21,015) (47,331) (39,456) Land and other impairments, net — (3,900) (3,396) (6,832) (Loss) Gain on disposition of developable land — 55,125 (22) 57,748 Gain (loss) from extinguishment of debt, net (2,657) (129) (2,657) (129) Other income, net 853 — 2,851 — (Loss) income from continuing operations (26,787) 33,282 (46,000) 6,779 Discontinued operations (Loss) income from discontinued operations 140 5,808 2,344 25,948 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (3,488) (4,440) (2,709) (2,604) Total discontinued operations, net (3,348) 1,368 (365) 23,344 Net (loss) income (30,135) 34,650 (46,365) 30,123 Noncontrolling interests in consolidated joint ventures 636 784 1,223 1,758 Noncontrolling interests in Operating Partnership 2,384 (2,568) 4,696 305 Noncontrolling interest in discontinued operations 298 (127) 22 (2,102) Redeemable noncontrolling interests (617) (6,366) (6,983) (12,803) Net (loss) income available to common shareholders $ (27,434) $ 26,373 $ (47,407) $ 17,281 Veris Residential, L.P. The following schedule reconciles net operating income to net income (loss) available to common unitholders (dollars in thousands) : Three Months Ended Six Months Ended 2023 2022 2023 2022 Net operating (loss) income $ (1,299) $ 3,201 $ 4,555 $ (4,552) Add (deduct): Depreciation and amortization (23,684) (21,015) (47,331) (39,456) Land and other impairments, net — (3,900) (3,396) (6,832) Gain on disposition of developable land — 55,125 (22) 57,748 Gain (loss) from extinguishment of debt, net (2,657) (129) (2,657) (129) Other income, net 853 — 2,851 — (Loss) income from continuing operations (26,787) 33,282 (46,000) 6,779 Discontinued operations (Loss) income from discontinued operations 140 5,808 2,344 25,948 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (3,488) (4,440) (2,709) (2,604) Total discontinued operations, net (3,348) 1,368 (365) 23,344 Net (loss) income (30,135) 34,650 (46,365) 30,123 Noncontrolling interests in consolidated joint ventures 636 784 1,223 1,758 Redeemable noncontrolling interests (617) (6,366) (6,983) (12,803) Net (loss) income available to common unitholders $ (30,116) $ 29,068 $ (52,125) $ 19,078 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policy) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Rental Property | Rental Property Rental properties are reported at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. Where an acquisition has been determined to be an asset acquisition, acquisition-related transaction 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. Capitalized development and construction salaries and related costs approximated $0.2 million and $0.4 million for the three months ended June 30, 2023 and 2022, respectively, and $0.3 million and $0.9 million for the six months ended June 30, 2023 and 2022, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and improvements, which 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. |
Dividends and Distributions Payable | Dividends and Distributions Payable As a result of the completion of the Company’s transformation to a pure-play multifamily REIT, as well as the Company’s current estimates of taxable income, the Board of Directors of the General Partner (the "Board of Directors") has decided to reinstate a quarterly dividend beginning with the third quarter of 2023. The Company will reevaluate its dividend as the Company completes the sale of non-strategic asset sales. The declaration and payment of dividends and distributions will continue to be determined by the Board of Directors 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. On July 24, 2023, the Company declared a $0.05 dividend per common share to be payable on October 10, 2023 to shareholders of record as of the close of business on September 30, 2023. The dividends and distributions payable at June 30, 2023 and December 31, 2022 represent amounts payable on unvested LTIP units. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule Of Rental Property Improvements | Included in net investment in rental property as of June 30, 2023 and December 31, 2022 is real estate and building and tenant improvements not in service, as follows (dollars in thousands) : June 30, December 31, Land held for development (including pre-development costs, if any) (a)(b) $ 256,190 $ 264,934 Development and construction in progress, including land (c) 36,601 205,173 Total $ 292,791 $ 470,107 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $95.1 million and $97.7 million as of June 30, 2023 and December 31, 2022, respectively. (b) Includes $63.5 million of land and $7.6 million of building and improvements classified as to assets held for sale at June 30, 2023. (c) Includes land of $11.5 million as of June 30, 2023 and $13.6 million as of December 31, 2022. |
RECENT TRANSACTIONS (Tables)
RECENT TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Recent Transactions [Abstract] | |
Schedule Of Assets Held For Sale | The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) as of June 30, 2023: Office Other Properties Total Land $ 5,327 $ 64,888 $ 70,215 Building & Other 92,097 10,853 102,950 Less: Accumulated depreciation (37,789) — (37,789) Less: Cumulative unrealized losses on property held for sale (8,070) (4,616) (12,686) Real estate held for sale, net $ 51,565 $ 71,125 $ 122,690 Other assets and liabilities Office Other Properties Total Unbilled rents receivable, net (a) $ 1,177 $ — $ 1,177 Deferred charges, net (a) 620 — 620 Accounts payable, accrued exp & other liability (1,564) (67) (1,631) Unearned rents/deferred rental income (a) (120) — (120) (a) Expected to be removed with the completion of the sales. |
Schedule Of Real Estate Properties Sold And Disposed | The Company disposed of the following rental property during the six months ended June 30, 2023 (dollars in thousands) : Disposition Property Location # of Rentable Property Net Net Discontinued 02/10/23 XS Hotels Weehawken, New Jersey 2 — Hotel $ 93,358 (a) $ 92,578 $ 780 04/04/23 Harborside 1, 2 and 3 Jersey City, New Jersey 3 1,886,800 Office 362,446 362,304 142 Totals 5 1,886,800 $ 455,804 $ 454,882 $ 922 (a) Included the proceeds of $84 million used to repay the mortgage loan encumbering the property at closing. |
Schedule Of Disposed Developable Land | The Company disposed of the following developable land holding during the six months ended June 30, 2023 (dollars in thousands): Disposition Property Location Net Net Realized 03/17/23 Columbia-Honeywell Morris Township, New Jersey $ 8,214 (a) $ 8,236 $ (22) Totals $ 8,214 $ 8,236 $ (22) (a) Included deposits totaling $1.1 million received by the Company in December 2022 and January 2023. |
INVESTMENTS IN UNCONSOLIDATED_2
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary Of Unconsolidated Joint Ventures | The following is a summary of the Company's unconsolidated joint ventures as of June 30, 2023 and December 31, 2022 (dollars in thousands) : Property Debt Entity / Property Name Number of Company's Carrying Value As of June 30, 2023 Interest June 30, December 31, Balance Maturity Multifamily Metropolitan and Lofts at 189 units 25.00 % $ 1,038 $ 1,747 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 4,767 5,114 82,000 11/10/26 3.21 % Capstone at Port Imperial 360 units 40.00 % 22,505 23,234 135,000 12/22/24 SOFR+ 1.2 % Riverpark at Harrison 141 units 45.00 % — — 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 32,365 32,372 90,447 07/01/33 4.82 % Urby at Harborside (e) 762 units 85.00 % 59,663 61,594 187,137 08/01/29 5.197 % PI North - Land (b) (f) 829 potential units 20.00 % 1,678 1,678 — — — Other (g) 419 419 — — — Totals: $ 122,435 $ 126,158 $ 585,543 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c) Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59-unit, five story multifamily rental property ("Lofts at 40 Park"). (d) Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $36,500, bears interest at LIBOR +2.85 percent, matures in October 2023; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,067, with a fixed rate of 5.125%. On January 10, 2023, the loan was modified bearing interest at SOFR +2.00 percent and matures in January 2025; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $18,200, which bears interest at SOFR +2.00 percent and originally matured in January 2023. The loan has been extended with a maturity date of October 1, 2023. (e) The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The Company had guaranteed $22 million of the principal outstanding debt. On February 1, 2023, the lender released the guarantor of all obligations under the Guaranty Agreement. (f) The Company owns a 20 percent residual interest in undeveloped land parcels 6 and I that can accommodate the development of 829 multifamily units. |
Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three and six months ended June 30, 2023 and 2022, respectively (dollars in thousands) : Three Months Ended Six Months Ended Entity / Property Name 2023 2022 2023 2022 Multifamily Metropolitan and Lofts at 40 Park $ (326) $ (95) $ (608) $ (233) RiverTrace at Port Imperial 144 80 282 147 Capstone at Port Imperial (126) 23 (313) 49 Riverpark at Harrison 67 45 405 45 Station House 91 (96) (7) (455) Urby at Harborside 2,906 2,793 2,973 2,768 PI North - Land (56) (102) (96) (173) Liberty Landing — (10) (3) (10) Other Other — — — 13 Company's equity in earnings of unconsolidated joint ventures (a) $ 2,700 $ 2,638 $ 2,633 $ 2,151 (a) Amounts are net of amortization of basis differences of $154 for each of the three months ended June 30, 2023 and 2022 and $309 for each of the six months ended June 30, 2023 and 2022. |
Schedule of Equity Method Investment, Summarized Financial Information, Balance Sheet | The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of June 30, 2023 and December 31, 2022 : (dollars in thousands) June 30, December 31, Assets: Rental Property, net $ 736,427 $ 745,210 Other assets 32,786 39,241 Total assets $ 769,213 $ 784,451 Liabilities and partners'/members' capital: Mortgages and loans payable $ 585,543 $ 587,913 Other liabilities 9,325 15,545 Partners'/members' capital 174,345 180,993 Total liabilities and partners'/members' capital $ 769,213 $ 784,451 |
Schedule of Equity Method Investment, Summarized Financial Information, Income Statement | The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three and six months ended June 30, 2023 and 2022, respectively (dollars in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Total revenues $ 25,945 $ 41,345 $ 47,770 $ 77,472 Operating and other expenses (8,698) (22,317) (17,142) (47,816) Depreciation and amortization (5,572) (6,381) (11,137) (12,941) Interest expense (7,762) (7,051) (15,475) (13,827) Net income $ 3,913 $ 5,596 $ 4,016 $ 2,888 |
DEFERRED CHARGES AND OTHER AS_2
DEFERRED CHARGES AND OTHER ASSETS, NET (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Assets [Abstract] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | (dollars in thousands) June 30, December 31, Deferred leasing costs $ 11,487 $ 59,651 Deferred financing costs - revolving credit facility (a) — 6,684 11,487 66,335 Accumulated amortization (7,314) (30,471) Deferred charges, net 4,173 35,864 Notes receivable (b) 78 1,309 In-place lease values, related intangibles and other assets, net (c) 10,554 12,298 Right of use assets (c) 6,645 2,238 Prepaid expenses and other assets, net 37,511 44,453 Total deferred charges and other assets, net $ 58,961 $ 96,162 (a) Deferred financing costs related to all other debt liabilities (other than for the revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2 to the Company's 2022 10-K: Significant Accounting Policies – Deferred Financing Costs. (b) As of December 31, 2022, included an interest-free note receivable with a net present value of $0.2 million which matured in April 2023. Also included $1.0 million, net of a loan loss allowance of $26.0 thousand, as of December 31, 2022, of seller-financing provided by the Company to the buyers of the Metropark portfolio, which matured in May 2023. The receivable was secured against available cash of one of the Metropark properties disposed of and earned an annual return of four percent for 90 days after the disposition, with the interest rate increased to 15 percent through November 18, 2021 and to 10 percent thereafter, pursuant to an amended operating agreement. (c) This amount has a corresponding liability of $7.7 million and 3.2 million as of June 30, 2023 and December 31, 2022, respectively, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Office and Ground Lease agreements for further details. |
Schedule Of Fair Value Of The Derivative Financial Instruments | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2023 and December 31, 2022 (dollars in thousands) : Asset Derivatives designated Fair Value Balance sheet location June 30, December 31, Interest rate caps $ 8,038 $ 9,808 Deferred charges and other assets |
Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement | The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022, respectively (dollars in thousands) : Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Total Amount of Interest Expense presented in the consolidated statements of operations Three months ended June 30, 2023 2022 2023 2022 2023 2022 Interest Rate Caps $ 2,221 $ (60) Interest expense $ 685 $ — $ (21,692) $ (17,707) Six months ended June 30, Interest Rate Caps $ 1,697 $ 2,124 Interest expense $ 1,106 $ 2 $ (43,706) $ (32,733) |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Restricted Cash and Investments [Abstract] | |
Schedule Of Restricted Cash | Restricted cash generally includes tenant and resident security deposits for certain of the Company’s properties, and escrow and reserve funds for debt service, real estate taxes, property insurance, capital improvements, tenant improvements and leasing costs established pursuant to certain mortgage financing arrangements, and is comprised of the following (dollars in thousands) : June 30, December 31, Security deposits $ 10,009 $ 9,175 Escrow and other reserve funds 17,605 11,692 Total restricted cash $ 27,614 $ 20,867 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses) (Details) | The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the three and six months ended June 30, 2023 and 2022 (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total revenues $ 2,685 $ 27,557 $ 19,333 $ 77,157 Operating and other expenses (2,270) (11,769) (10,773) (23,449) Depreciation and amortization (275) (7,014) (5,382) (15,086) Interest expense — (2,966) (822) (6,385) Income from discontinued operations 140 5,808 2,356 32,237 Loss from extinguishment of debt, net — — (12) (6,289) Realized loss on disposition of rental property (3,488) (4,440) (2,709) (2,604) Realized loss, net (3,488) (4,440) (2,721) (8,893) Total discontinued operations, net $ (3,348) $ 1,368 $ (365) $ 23,344 |
MORTGAGES, LOANS PAYABLE AND _2
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary Of Mortgages, Loans Payable And Other Obligations | A summary of the Company’s mortgages, loans payable and other obligations as of June 30, 2023 and December 31, 2022 is as follows (dollars in thousands) : Property/Project Name Lender Effective Rate (a) June 30, December 31, Maturity Port Imperial 4/5 Hotel (b) Fifth Third Bank N/A $ — $ 84,000 — Portside at Pier One CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Signature Place Nationwide Life Insurance Company 3.74 % 43,000 43,000 08/01/24 Liberty Towers American General Life Insurance Company 3.37 % 265,000 265,000 10/01/24 Haus25 (c) QuadReal Finance SOFR+ 2.70 % 297,324 297,324 12/01/24 Portside 5/6 (d) New York Life Insurance Company 4.56 % 97,000 97,000 03/10/26 BLVD 425 New York Life Insurance Company 4.17 % 131,000 131,000 08/10/26 BLVD 401 New York Life Insurance Company 4.29 % 117,000 117,000 08/10/26 The Upton (e) Bank of New York Mellon SOFR+ 1.58 % 75,000 75,000 10/27/26 145 Front at City Square (f) MUFG Union Bank SOFR+ 1.84 % 63,000 63,000 12/10/26 Riverhouse 9 at Port Imperial (g) JP Morgan SOFR+ 1.41 % 110,000 110,000 06/21/27 Quarry Place at Tuckahoe Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 BLVD 475 N/S The Northwestern Mutual Life Insurance Co. 2.91 % 165,000 165,000 11/10/27 Riverhouse 11 at Port Imperial The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (h) New York Community Bank 3.77 % 160,000 160,000 07/01/29 Port Imperial South 4/5 Garage American General Life & A/G PC 4.85 % 31,908 32,166 12/01/29 Emery at Overlook Ridge New York Community Bank 3.21 % 72,000 72,000 01/01/31 Principal balance outstanding 1,827,230 1,911,488 Unamortized deferred financing costs (6,249) (7,511) Total mortgages, loans payable and other obligations, net $ 1,820,981 $ 1,903,977 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) The loan was paid off on disposition of the hotels on February 10, 2023. (c) This construction loan has a SOFR floor of 2.0 percent, has a maximum borrowing capacity of $300 million and provides, subject to certain conditions, a one year extension option with a fee of 25 basis points. The Company entered into an interest-rate cap agreement for the mortgage loan. (d) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (e) On October 27, 2021, the Company obtained a $75 million mortgage loan and entered into an interest-rate cap agreement for the mortgage loan. (f) On January 12, 2023, the Company entered into an interest-rate cap agreement for the mortgage loan. (g) On June 21, 2022, the Company obtained a $110 million mortgage loan and entered into an interest-rate cap agreement for the mortgage loan. |
Summary Of Indebtedness | Summary of Indebtedness (dollars in thousands) June 30, December 31, Balance Weighted Average Balance Weighted Average Interest Rate Fixed Rate & Hedged Debt (a) $ 1,820,981 4.32 % $ 1,757,308 4.27 % Other Variable Rate Debt — — % 146,669 6.86 % Totals/Weighted Average: $ 1,820,981 4.32 % $ 1,903,977 4.47 % (a) As of June 30, 2023 and December 31, 2022, includes debt with interest rate caps outstanding with a notional amount of $548 million and $485 million, respectively. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Tax Abatement Agreements | Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows: PILOT Payments Three PILOT Payments Six Property Name Location Asset Type PILOT Months Ended Months Ended 2023 2022 2023 2022 (Dollars in Thousands) (Dollars in Thousands) 111 River Street (a) Hoboken, NJ Office 4/2022 $ — $ — $ — $ 85 Harborside Plaza 4A (b) Jersey City, NJ Office 2/2022 — — — 218 Harborside Plaza 5 (c) Jersey City, NJ Office 6/2022 — 1,109 — 2,217 BLVD 401 (Marbella 2) (d) Jersey City, NJ Multifamily 4/2026 461 376 864 735 RiverHouse 11 at Port Imperial (e) Weehawken, NJ Multifamily 7/2033 405 356 779 706 Port Imperial 4/5 Hotel (f) Weehawken, NJ Hotel 12/2033 — 733 224 1,466 RiverHouse 9 at Port Imperial (g) Weehawken, NJ Multifamily 6/2046 372 318 754 640 Haus25 (h) Jersey City, NJ Mixed-Use 3/2047 573 124 1,147 124 The James (i) Park Ridge, NJ Multifamily 6/2051 144 — 287 — Total Pilot taxes $ 1,955 $ 3,016 $ 4,055 $ 6,191 (a) The property was disposed of in the first quarter of 2022. (b) The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $49.5 million. (c) The annual PILOT is equal to two percent of Total Project Costs, as defined. The total Project Costs are $170.9 million. (d) The annual PILOT is equal to ten percent of Gross Revenues for years 1-4, 12 percent for years 5-8 and 14 percent for years 9-10, as defined. (e) The annual PILOT is equal to 12 percent of Gross Revenues for years 1-5, 13 percent for years 6-10 and 14 percent for years 11-15, as defined. (f) The annual PILOT is equal to two percent of Total Project Costs, as defined. The property was disposed of during the first quarter of 2023. (g) The annual PILOT is equal to 11 percent of Gross Revenues for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined. (h) For a term of 25 years following substantial completion, which occurred in April 2022. The annual PILOT is equal to seven percent of Gross Revenues, as defined. |
Future Minimum Rental Payments Of Ground Leases | Future minimum rental payments under the terms of all non-cancelable office and ground leases under which the Company is the lessee, as of June 30, 2023 and December 31, 2022, are as follows (dollars in thousands) : Year As of June 30, 2023 Amount July 1 through December 31, 2023 $ 636 2024 1,272 2025 1,279 2026 1,279 2027 1,280 2028 through 2101 31,940 Total lease payments 37,686 Less: imputed interest (29,948) Total $ 7,738 Year As of December 31, 2022 Amount 2023 $ 192 2024 192 2025 199 2026 199 2027 200 2028 through 2101 31,664 Total lease payments 32,646 Less: imputed interest (29,418) Total $ 3,228 |
TENANT LEASES (Tables)
TENANT LEASES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | Future minimum rentals to be received under non-cancelable commercial operating leases (excluding properties classified as discontinued operations) at June 30, 2023 and December 31, 2022 are as follows (dollars in thousands) : Year As of June 30, 2023 Amount July 1 through December 31, 2023 $ 6,718 2024 12,084 2025 10,952 2026 8,822 2027 5,749 2028 and thereafter 7,795 Total $ 52,120 Year As of December 31, 2022 Amount 2023 $ 14,618 2024 11,879 2025 10,535 2026 8,397 2027 5,315 2028 and thereafter 6,891 Total $ 57,635 |
REDEEMABLE NONCONTROLLING INT_2
REDEEMABLE NONCONTROLLING INTERESTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Temporary Equity Disclosure [Abstract] | |
Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests | The following tables set forth the changes in Mandatorily redeemable noncontrolling interests for the three and six months ended June 30, 2023 (dollars in thousands) : Rockpoint Balance at January 1 and April 1, 2023 $ — Reclassification 479,977 Income Attributed to Noncontrolling Interests 5,748 Distributions (5,748) Redemption Value Adjustment 7,642 Balance at Balance at June 30, 2023 $ 487,619 The following tables set forth the changes in Redeemable noncontrolling interests within the mezzanine section for the three and six months ended June 30, 2023 and 2022, respectively (dollars in thousands) : Series A and Rockpoint Interests in VRT Total Balance at April 1, 2023 $ 40,231 $ 479,977 $ 520,208 Income Attributed to Noncontrolling Interests 350 267 617 Distributions (350) (267) (617) Reclassification to Mandatorily Redeemable Non-controlling Interests — (479,977) (479,977) Balance at June 30, 2023 $ 40,231 $ — $ 40,231 Series A and Rockpoint Total Balance at April 1, 2022 $ 40,302 $ 472,210 $ 512,512 Income Attributed to Noncontrolling Interests 350 6,016 6,366 Distributions (350) (6,016) (6,366) Redemption Value Adjustment (71) 3,884 3,813 Balance at June 30, 2022 $ 40,231 $ 476,094 $ 516,325 Series A and Rockpoint Interests in VRT Total Balance at Balance at January 1, 2023 $ 40,231 $ 475,000 $ 515,231 Income Attributed to Noncontrolling Interests 700 6,283 6,983 Distributions (700) (6,283) (6,983) Redemption Value Adjustment — 4,977 4,977 Reclassification to Mandatorily Redeemable Non-controlling Interests — (479,977) (479,977) Balance at June 30, 2023 $ 40,231 $ — $ 40,231 Series A and Rockpoint Total Balance at January 1, 2022 $ 52,324 $ 468,989 $ 521,313 Redemption/Payout (12,000) — (12,000) Net 40,324 468,989 509,313 Income Attributed to Noncontrolling Interests 771 12,032 12,803 Distributions (771) (12,032) (12,803) Redemption Value Adjustment (93) 7,105 7,012 Balance at June 30, 2022 $ 40,231 $ 476,094 $ 516,325 |
VERIS RESIDENTIAL, INC. STOCK_2
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule Of General Partner Capital | The following table reflects the activity of the General Partner capital for the three and six months ended June 30, 2023 and 2022, respectively (dollars in thousands) : Three Months Ended Six Months Ended 2023 2022 2023 2022 Opening Balance $ 1,216,530 $ 1,275,681 $ 1,235,685 $ 1,281,982 Net (loss) income available to common shareholders (27,434) 26,373 (47,407) 17,281 Redeemable noncontrolling interests — (3,524) (4,516) (6,466) Redemption of common units for common stock 4,192 161 9,051 161 Shares issued under Dividend Reinvestment and Stock Purchase Plan 1 16 2 27 Directors' deferred compensation plan 86 110 196 220 Stock Compensation 3,381 2,509 6,852 4,466 Cancellation of common stock (219) (696) (466) (696) Other comprehensive income (loss) 1,399 (54) 541 1,932 Rebalancing of ownership percent between parent and subsidiaries (983) (4,296) (2,985) (2,627) Balance at June 30 $ 1,196,953 $ 1,296,280 $ 1,196,953 $ 1,296,280 |
Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation | The following information presents the Company’s results for the three and six months ended June 30, 2023 and 2022 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts) : Veris Residential, Inc.: Three Months Ended Six Months Ended Computation of Basic EPS 2023 2022 2023 2022 (Loss) income from continuing operations $ (26,787) $ 33,282 $ (46,000) $ 6,779 Add (deduct): Noncontrolling interests in consolidated joint ventures 636 784 1,223 1,758 Add (deduct): Noncontrolling interests in Operating Partnership 2,384 (2,568) 4,696 305 Add (deduct): Redeemable noncontrolling interests (617) (6,366) (6,983) (12,803) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders — (3,524) (4,516) (6,466) (Loss) income from continuing operations available to common shareholders $ (24,384) $ 21,608 $ (51,580) $ (10,427) (Loss) income from discontinued operations available to common shareholders (3,050) 1,241 (343) 21,242 Net (loss) income available to common shareholders for basic earnings per share (27,434) 22,849 (51,923) 10,815 Weighted average common shares 91,873 91,027 91,551 90,989 Basic EPS : (Loss) income from continuing operations available to common shareholders $ (0.27) $ 0.24 $ (0.56) $ (0.11) (Loss) income from discontinued operations available to common shareholders (0.03) 0.01 0.00 0.23 Net (loss) income available to common shareholders $ (0.30) $ 0.25 $ (0.56) $ 0.12 Three Months Ended Six Months Ended Computation of Diluted EPS 2023 2022 2023 2022 Net (loss) income from continuing operations available to common shareholders $ (24,384) $ 21,608 $ (51,580) $ (10,427) Add (deduct): Noncontrolling interests in Operating Partnership (2,384) 2,568 (4,696) (305) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders — (360) (461) (651) (Loss) income from continuing operations for diluted earnings per share (26,768) 23,816 (56,737) (11,383) (Loss) income from discontinued operations for diluted earnings per share (3,348) 1,368 (365) 23,344 Net (loss) income available for diluted earnings per share $ (30,116) $ 25,184 $ (57,102) $ 11,961 Weighted average common shares 100,854 100,352 100,691 100,171 Diluted EPS : (Loss) income from continuing operations available to common shareholders $ (0.27) $ 0.24 $ (0.56) $ (0.11) (Loss) Income from discontinued operations available to common shareholders (0.03) 0.01 0.00 0.23 Net (loss) income available to common shareholders $ (0.30) $ 0.25 $ (0.56) $ 0.12 The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands) : Three Months Ended Six Months Ended 2023 2022 2023 2022 Basic EPS shares 91,873 91,027 91,551 90,989 Add: Operating Partnership – common and vested LTIP units 8,981 9,302 9,140 9,144 Restricted Stock Awards — 7 — 10 Stock Options — 16 — 28 Diluted EPS Shares 100,854 100,352 100,691 100,171 Veris Residential, L.P.: Three Months Ended Six Months Ended Computation of Basic EPU 2023 2022 2023 2022 Loss from continuing operations $ (26,787) $ 33,282 $ (46,000) $ 6,779 Add (deduct): Noncontrolling interests in consolidated joint ventures 636 784 1,223 1,758 Add (deduct): Redeemable noncontrolling interests (617) (6,366) (6,983) (12,803) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests — (3,884) (4,977) (7,117) (Loss) income from continuing operations available to unitholders (26,768) 23,816 (56,737) (11,383) (Loss) income from discontinued operations available to unitholders (3,348) 1,368 (365) 23,344 Net (loss) income available to common unitholders for basic earnings per unit $ (30,116) $ 25,184 $ (57,102) $ 11,961 Weighted average common units 100,854 100,329 100,691 100,133 Basic EPU : (Loss) income from continuing operations available to unitholders $ (0.27) $ 0.24 $ (0.56) $ (0.11) (Loss) income from discontinued operations available to unitholders (0.03) 0.01 0.00 0.23 Net (loss) income available to common unitholders for basic earnings per unit $ (0.30) $ 0.25 $ (0.56) $ 0.12 Three Months Ended Six Months Ended Computation of Diluted EPU 2023 2022 2023 2022 (Loss) income from continuing operations available to common unitholders $ (26,768) $ 23,816 $ (56,737) $ (11,383) (Loss) income from discontinued operations for diluted earnings per unit (3,348) 1,368 (365) 23,344 Net (loss) income available to common unitholders for diluted earnings per unit $ (30,116) $ 25,184 $ (57,102) $ 11,961 Weighted average common unit 100,854 100,352 100,691 100,171 Diluted EPU : (Loss) income from continuing operations available to common unitholders $ (0.27) $ 0.24 $ (0.56) $ (0.11) (Loss) income from discontinued operations available to common unitholders (0.03) 0.01 0.00 0.23 Net (loss) income available to common unitholders $ (0.30) $ 0.25 $ (0.56) $ 0.12 The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands) : Three Months Ended Six Months Ended 2023 2022 2023 2022 Basic EPU units 100,854 100,329 100,691 100,133 Add: Restricted Stock Awards — 7 — 10 Stock Options — 16 — 28 Diluted EPU Units 100,854 100,352 100,691 100,171 |
NONCONTROLLING INTERESTS IN S_2
NONCONTROLLING INTERESTS IN SUBSIDIARIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Schedule Of Activity Of Noncontrolling Interests | The following table reflects the activity of noncontrolling interests for the three and six months ended June 30, 2023 and 2022, respectively (dollars in thousands): Three Months Ended Six Months Ended 2023 2022 2023 2022 Opening Balance at January 1 $ 157,439 $ 165,120 $ 163,652 $ 167,436 Net (loss) income (2,701) 8,277 1,042 12,842 Unit distributions — — — 218 Redeemable noncontrolling interests (617) (6,726) (7,444) (13,454) Change in noncontrolling interests in consolidated joint ventures — 7 (562) 18 Redemption of common units for common stock (4,192) (161) (9,051) (161) Redemption of common units (78) (359) (94) (1,801) Stock compensation 94 445 487 2,978 Other comprehensive income (loss) 137 (6) 50 190 Rebalancing of ownership percentage between parent and subsidiaries 983 4,296 2,985 2,627 Balance at June 30 $ 151,065 $ 170,893 $ 151,065 $ 170,893 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule Of Selected Results Of Operations And Asset Information | Selected results of operations for the three and six months ended June 30, 2023 and 2022 and selected asset information as of June 30, 2023 and December 31, 2022 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands) : Commercial Multifamily Corporate Total Total revenues: Three months ended: June 30, 2023 $ 4,525 $ 64,144 $ 60 $ 68,729 June 30, 2022 1,379 52,876 (442) 53,813 Six months ended: June 30, 2023 $ 8,290 $ 126,422 $ 976 $ 135,688 June 30, 2022 4,865 99,393 (944) 103,314 Total operating and interest expenses (a): Three months ended: June 30, 2023 $ 3,050 $ 23,710 $ 45,968 $ 72,728 June 30, 2022 672 26,221 26,357 53,250 Six months ended: June 30, 2023 $ 4,697 $ 52,061 $ 77,008 $ 133,766 June 30, 2022 1,372 51,008 57,637 110,017 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: June 30, 2023 $ — $ 2,700 $ — $ 2,700 June 30, 2022 — 2,638 — 2,638 Six months ended: June 30, 2023 $ — $ 2,633 $ — $ 2,633 June 30, 2022 — 2,151 — 2,151 Net operating income (loss) (b): Three months ended: June 30, 2023 $ 1,475 $ 43,134 $ (45,908) $ (1,299) June 30, 2022 707 29,293 (26,799) 3,201 Six months ended: June 30, 2023 $ 3,593 $ 76,994 $ (76,032) $ 4,555 June 30, 2022 3,493 50,536 (58,581) (4,552) Total assets: June 30, 2023 $ 200,488 $ 3,192,520 $ 379,825 $ 3,772,833 December 31, 2022 597,459 3,302,188 21,121 3,920,768 Total long-lived assets (c): June 30, 2023 $ 194,879 $ 2,969,009 $ (1,503) $ 3,162,385 December 31, 2022 547,923 3,101,286 (1,330) 3,647,879 Total investments in unconsolidated joint ventures: June 30, 2023 $ — 122,435 $ — $ 122,435 December 31, 2022 — 126,158 — 126,158 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income (including for property-level mortgages), is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property and unbilled rents receivable. (d) Segment assets and operations were owned through a consolidated and variable interest entity commencing in February 2018. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. |
Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders | The following schedule reconciles net operating income to net income (loss) available to common shareholders (dollars in thousands) : Three Months Ended Six Months Ended 2023 2022 2023 2022 Net operating (loss) income $ (1,299) $ 3,201 $ 4,555 $ (4,552) Add (deduct): Depreciation and amortization (23,684) (21,015) (47,331) (39,456) Land and other impairments, net — (3,900) (3,396) (6,832) (Loss) Gain on disposition of developable land — 55,125 (22) 57,748 Gain (loss) from extinguishment of debt, net (2,657) (129) (2,657) (129) Other income, net 853 — 2,851 — (Loss) income from continuing operations (26,787) 33,282 (46,000) 6,779 Discontinued operations (Loss) income from discontinued operations 140 5,808 2,344 25,948 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (3,488) (4,440) (2,709) (2,604) Total discontinued operations, net (3,348) 1,368 (365) 23,344 Net (loss) income (30,135) 34,650 (46,365) 30,123 Noncontrolling interests in consolidated joint ventures 636 784 1,223 1,758 Noncontrolling interests in Operating Partnership 2,384 (2,568) 4,696 305 Noncontrolling interest in discontinued operations 298 (127) 22 (2,102) Redeemable noncontrolling interests (617) (6,366) (6,983) (12,803) Net (loss) income available to common shareholders $ (27,434) $ 26,373 $ (47,407) $ 17,281 The following schedule reconciles net operating income to net income (loss) available to common unitholders (dollars in thousands) : Three Months Ended Six Months Ended 2023 2022 2023 2022 Net operating (loss) income $ (1,299) $ 3,201 $ 4,555 $ (4,552) Add (deduct): Depreciation and amortization (23,684) (21,015) (47,331) (39,456) Land and other impairments, net — (3,900) (3,396) (6,832) Gain on disposition of developable land — 55,125 (22) 57,748 Gain (loss) from extinguishment of debt, net (2,657) (129) (2,657) (129) Other income, net 853 — 2,851 — (Loss) income from continuing operations (26,787) 33,282 (46,000) 6,779 Discontinued operations (Loss) income from discontinued operations 140 5,808 2,344 25,948 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (3,488) (4,440) (2,709) (2,604) Total discontinued operations, net (3,348) 1,368 (365) 23,344 Net (loss) income (30,135) 34,650 (46,365) 30,123 Noncontrolling interests in consolidated joint ventures 636 784 1,223 1,758 Redeemable noncontrolling interests (617) (6,366) (6,983) (12,803) Net (loss) income available to common unitholders $ (30,116) $ 29,068 $ (52,125) $ 19,078 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details) $ in Millions | Jul. 25, 2023 USD ($) | Jun. 30, 2023 USD ($) property | Dec. 31, 2022 USD ($) |
Real Estate Properties [Line Items] | |||
Percentage of ownership interest | 91.20% | 90.70% | |
Loan balance | $ 1,800 | $ 1,900 | |
Consolidated joint ventures, total real estate assets | 454.6 | 468.1 | |
Consolidated joint ventures, other assets | 6.6 | 6 | |
Consolidated joint ventures, mortgages | 285.4 | 285.5 | |
Consolidated joint ventures, other liabilities | $ 15.3 | $ 17.3 | |
Revolving Credit Facility | Credit Agreement | Line of Credit | Subsequent Event | |||
Real Estate Properties [Line Items] | |||
Secured debt | $ 60 | ||
Loan balance | 52 | ||
Term Loan | Credit Agreement | Line of Credit | Subsequent Event | |||
Real Estate Properties [Line Items] | |||
Secured debt | 115 | ||
Loan balance | 115 | ||
Rockpoint | Rockpoint Purchase Agreement | Rockpoint | Subsequent Event | |||
Real Estate Properties [Line Items] | |||
Purchase price | $ 520 | ||
Multi-Family Properties | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 24 | ||
Office | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 3 | ||
Parking/Retail | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 4 | ||
Company Controlled Properties | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 23 | ||
Multi-Family Properties, Company Controlled | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 17 | ||
Non-Core Assets | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 6 | ||
Nvestment Properties | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 8 | ||
Multi-Family Properties, Investment | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 7 | ||
Non-Core Assets, Investment | |||
Real Estate Properties [Line Items] | |||
Number of properties | property | 7 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 24, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Class of Stock [Line Items] | |||||
Capitalized development and construction salaries and other related costs | $ 0.2 | $ 0.4 | $ 0.3 | $ 0.9 | |
Maximum period after cessation of major construction activity that projects are considered complete | 1 year | ||||
Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Dividends declared per common share (in dollars per share) | $ 0.05 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Schedule Of Rental Property Improvements (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Land held for development (including pre-development costs, if any) | $ 256,190 | $ 264,934 |
Development and construction in progress, including land | 36,601 | 205,173 |
Total | 292,791 | 470,107 |
Land Held For Development (Including Pre-Development Costs, If Any) | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and improvement | 95,100 | 97,700 |
Disposal Group, Held-for-sale, Not Discontinued Operations | Land Held For Development (Including Pre-Development Costs, If Any) | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and improvement | 7,600 | |
Land | 63,500 | |
Disposal Group, Not Discontinued Operations | Development And Construction In Progress, Including Land | ||
Property, Plant and Equipment [Line Items] | ||
Land | $ 11,500 | $ 13,600 |
RECENT TRANSACTIONS - Narrative
RECENT TRANSACTIONS - Narrative (Details) $ in Thousands, ft² in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) ft² property | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) ft² property | Jun. 30, 2022 USD ($) | |
Real Estate Properties [Line Items] | ||||
Land and other impairments, net | $ | $ 0 | $ 3,900 | $ 3,396 | $ 6,832 |
Discontinued Operations, Held-for-sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties | 1 | 1 | ||
Land and other impairments, net | $ | $ 3,600 | $ 7,000 | ||
Office | ||||
Real Estate Properties [Line Items] | ||||
Number of properties | 3 | 3 | ||
Office | Discontinued Operations, Held-for-sale | ||||
Real Estate Properties [Line Items] | ||||
Number of properties | 2 | 2 | ||
Office | Jersey City, Holmdel, Parsippany, Morris Township, Wall and Weehawken, New Jersey | ||||
Real Estate Properties [Line Items] | ||||
Estimated expected sales proceeds | $ | $ 131,700 | |||
Office | Jersey City, Holmdel, Parsippany, Morris Township, Wall and Weehawken, New Jersey | Discontinued Operations, Held-for-sale | ||||
Real Estate Properties [Line Items] | ||||
Area of property (in square feet) | ft² | 0.6 | 0.6 | ||
Number of real estate properties, unrecoverable | 1 | |||
Land Parcel | Jersey City, Holmdel, Parsippany, Morris Township, Wall and Weehawken, New Jersey | Discontinued Operations, Held-for-sale | ||||
Real Estate Properties [Line Items] | ||||
Number of real estate properties, unrecoverable | 3 |
RECENT TRANSACTIONS - Schedule
RECENT TRANSACTIONS - Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Less: Accumulated depreciation | $ (438,113) | $ (631,910) |
Real estate held for sale, net | 122,690 | $ 193,933 |
Total | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 70,215 | |
Building & Other | 102,950 | |
Less: Accumulated depreciation | (37,789) | |
Less: Cumulative unrealized losses on property held for sale | (12,686) | |
Real estate held for sale, net | 122,690 | |
Unbilled rents receivable, net | 1,177 | |
Deferred charges, net | 620 | |
Accounts payable, accrued exp & other liability | (1,631) | |
Unearned rents/deferred rental income | (120) | |
Office Portfolio | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 5,327 | |
Building & Other | 92,097 | |
Less: Accumulated depreciation | (37,789) | |
Less: Cumulative unrealized losses on property held for sale | (8,070) | |
Real estate held for sale, net | 51,565 | |
Unbilled rents receivable, net | 1,177 | |
Deferred charges, net | 620 | |
Accounts payable, accrued exp & other liability | (1,564) | |
Unearned rents/deferred rental income | (120) | |
Other Properties Held for Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 64,888 | |
Building & Other | 10,853 | |
Less: Accumulated depreciation | 0 | |
Less: Cumulative unrealized losses on property held for sale | (4,616) | |
Real estate held for sale, net | 71,125 | |
Unbilled rents receivable, net | 0 | |
Deferred charges, net | 0 | |
Accounts payable, accrued exp & other liability | (67) | |
Unearned rents/deferred rental income | $ 0 |
RECENT TRANSACTIONS - Schedul_2
RECENT TRANSACTIONS - Schedule Of Disposed Properties (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) ft² building | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of Buildings | building | 5 |
Rentable Square Feet | ft² | 1,886,800 |
Net Sales Proceeds | $ 455,804 |
Net Carrying Value | $ 454,882 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | XS Hotels | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of Buildings | building | 2 |
Rentable Square Feet | ft² | 0 |
Net Sales Proceeds | $ 93,358 |
Net Carrying Value | 92,578 |
Debt extinguished | $ 84,000 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Harborside 1, 2 and 3 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of Buildings | building | 3 |
Rentable Square Feet | ft² | 1,886,800 |
Net Sales Proceeds | $ 362,446 |
Net Carrying Value | 362,304 |
Discontinued Operations, Disposed of by Sale | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations Realized Gains (Losses)/ Unrealized Losses, net | 922 |
Discontinued Operations, Disposed of by Sale | XS Hotels | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations Realized Gains (Losses)/ Unrealized Losses, net | 780 |
Discontinued Operations, Disposed of by Sale | Harborside 1, 2 and 3 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations Realized Gains (Losses)/ Unrealized Losses, net | $ 142 |
RECENT TRANSACTIONS - Schedul_3
RECENT TRANSACTIONS - Schedule Of Disposed Developable Land (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Deposits received | $ 1,100 | $ 1,100 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales Proceeds | $ 8,214 | ||
Net Carrying Value | 8,236 | ||
Realized Gains (Losses)/ Unrealized Losses, net | (22) | ||
Columbia-Honeywell | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net Sales Proceeds | 8,214 | ||
Net Carrying Value | 8,236 | ||
Realized Gains (Losses)/ Unrealized Losses, net | $ (22) |
INVESTMENTS IN UNCONSOLIDATED_3
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES - Narrative (Details) ft² in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) investment property apartmentUnit | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) ft² investment property apartmentUnit | Dec. 31, 2022 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Investments in equity method joint ventures | $ 122,400 | $ 122,400 | ||
Management, leasing, development and other services fees | 500 | $ 900 | ||
Accounts receivable | 4,498 | 4,498 | $ 2,920 | |
Unconsolidated Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Accounts receivable | $ 600 | $ 600 | $ 200 | |
Unconsolidated Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of VIEs | investment | 0 | 0 | ||
Unconsolidated Joint Venture | Minimum | Unconsolidated Interests | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of interest in venture | 20% | 20% | ||
Unconsolidated Joint Venture | Maximum | Unconsolidated Interests | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of interest in venture | 85% | 85% | ||
Multifamily | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of properties | property | 7 | 7 | ||
Number of units in real estate property | apartmentUnit | 2,146 | 2,146 | ||
Unconsolidated Joint Venture Retail Buildings | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Area of mixed use project (in square feet) | ft² | 51 | |||
Unconsolidated Joint Venture Land Parcels | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of units in real estate property | apartmentUnit | 829 | 829 | ||
Unconsolidated Joint Ventures | Guarantee of Indebtedness of Others | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Amount outstanding | $ 18,200 | $ 18,200 | ||
Unconsolidated Joint Ventures | Parent Company | Guarantee of Indebtedness of Others | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Guaranteed amount | $ 2,000 | $ 2,000 |
INVESTMENTS IN UNCONSOLIDATED_4
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES - Summary Of Unconsolidated Joint Ventures (Details) $ in Thousands | 6 Months Ended | ||
Jan. 10, 2023 USD ($) | Jun. 30, 2023 USD ($) ft² apartmentUnit potentialApartmentUnit floor | Dec. 31, 2022 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Carrying Value | $ 122,435 | $ 126,158 | |
Property Debt, Balance | 585,543 | ||
Metropolitan and Lofts at 40 Park | Metropolitan at 40 Park | |||
Schedule of Equity Method Investments [Line Items] | |||
Property Debt, Balance | $ 36,500 | ||
Metropolitan and Lofts at 40 Park | Metropolitan at 40 Park | LIBOR | |||
Schedule of Equity Method Investments [Line Items] | |||
Variable interest rate | 2.85% | ||
Metropolitan and Lofts at 40 Park | The Shops At 40 Park Property | |||
Schedule of Equity Method Investments [Line Items] | |||
Property Debt, Balance | $ 6,067 | ||
Interest rate, stated | 5.125% | ||
Residual ownership interest | 25% | ||
Rentable Square Feet | ft² | 50,973 | ||
Metropolitan and Lofts at 40 Park | The Shops At 40 Park Property | Secured Overnight Financing Rate (SOFR) | |||
Schedule of Equity Method Investments [Line Items] | |||
Variable interest rate | 2% | ||
Metropolitan and Lofts at 40 Park | Lofts At 40 Park Property | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Apartment Units or Rentable SF | apartmentUnit | 59 | ||
Property Debt, Balance | $ 18,200 | ||
Indirect ownership interest | 50% | ||
Number of stories | floor | 5 | ||
Metropolitan and Lofts at 40 Park | Lofts At 40 Park Property | Secured Overnight Financing Rate (SOFR) | |||
Schedule of Equity Method Investments [Line Items] | |||
Variable interest rate | 2% | ||
PI North - Land | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Apartment Units or Rentable SF | apartmentUnit | 829 | ||
Residual ownership interest | 20% | ||
Multifamily | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Apartment Units or Rentable SF | apartmentUnit | 2,146 | ||
Multifamily | Metropolitan and Lofts at 40 Park | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Apartment Units or Rentable SF | apartmentUnit | 189 | ||
Company's Effective Ownership Percentage | 25% | ||
Carrying Value | $ 1,038 | 1,747 | |
Property Debt, Balance | $ 60,767 | ||
Multifamily | RiverTrace at Port Imperial | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Apartment Units or Rentable SF | apartmentUnit | 316 | ||
Company's Effective Ownership Percentage | 22.50% | ||
Carrying Value | $ 4,767 | 5,114 | |
Property Debt, Balance | $ 82,000 | ||
Interest rate, stated | 3.21% | ||
Multifamily | Capstone at Port Imperial | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Apartment Units or Rentable SF | apartmentUnit | 360 | ||
Company's Effective Ownership Percentage | 40% | ||
Carrying Value | $ 22,505 | 23,234 | |
Property Debt, Balance | $ 135,000 | ||
Multifamily | Capstone at Port Imperial | Secured Overnight Financing Rate (SOFR) | |||
Schedule of Equity Method Investments [Line Items] | |||
Variable interest rate | 1.20% | ||
Multifamily | Riverpark at Harrison | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Apartment Units or Rentable SF | apartmentUnit | 141 | ||
Company's Effective Ownership Percentage | 45% | ||
Carrying Value | $ 0 | 0 | |
Property Debt, Balance | $ 30,192 | ||
Interest rate, stated | 3.19% | ||
Multifamily | Station House | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Apartment Units or Rentable SF | apartmentUnit | 378 | ||
Company's Effective Ownership Percentage | 50% | ||
Carrying Value | $ 32,365 | 32,372 | |
Property Debt, Balance | $ 90,447 | ||
Interest rate, stated | 4.82% | ||
Multifamily | Urby at Harborside | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Apartment Units or Rentable SF | apartmentUnit | 762 | ||
Company's Effective Ownership Percentage | 85% | ||
Carrying Value | $ 59,663 | 61,594 | |
Property Debt, Balance | $ 187,137 | ||
Interest rate, stated | 5.197% | ||
Guaranteed amount | $ 22,000 | ||
Multifamily | PI North - Land | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Apartment Units or Rentable SF | potentialApartmentUnit | 829 | ||
Company's Effective Ownership Percentage | 20% | ||
Carrying Value | $ 1,678 | 1,678 | |
Property Debt, Balance | $ 0 | ||
Interest rate, stated | 0% | ||
Other | Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Carrying Value | $ 419 | $ 419 | |
Property Debt, Balance | $ 0 | ||
Interest rate, stated | 0% |
INVESTMENTS IN UNCONSOLIDATED_5
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES - Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity in earnings (loss) of unconsolidated joint ventures | $ 2,700 | $ 2,638 | $ 2,633 | $ 2,151 |
Amortization of basis difference | 154 | 154 | 309 | 309 |
Multifamily | Metropolitan and Lofts at 40 Park | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in earnings (loss) of unconsolidated joint ventures | (326) | (95) | (608) | (233) |
Multifamily | RiverTrace at Port Imperial | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in earnings (loss) of unconsolidated joint ventures | 144 | 80 | 282 | 147 |
Multifamily | Capstone at Port Imperial | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in earnings (loss) of unconsolidated joint ventures | (126) | 23 | (313) | 49 |
Multifamily | Riverpark at Harrison | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in earnings (loss) of unconsolidated joint ventures | 67 | 45 | 405 | 45 |
Multifamily | Station House | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in earnings (loss) of unconsolidated joint ventures | 91 | (96) | (7) | (455) |
Multifamily | Urby at Harborside | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in earnings (loss) of unconsolidated joint ventures | 2,906 | 2,793 | 2,973 | 2,768 |
Multifamily | PI North - Land | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in earnings (loss) of unconsolidated joint ventures | (56) | (102) | (96) | (173) |
Multifamily | Liberty Landing | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in earnings (loss) of unconsolidated joint ventures | 0 | (10) | (3) | (10) |
Other | Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in earnings (loss) of unconsolidated joint ventures | $ 0 | $ 0 | $ 0 | $ 13 |
INVESTMENTS IN UNCONSOLIDATED_6
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES - Schedule of Equity Method Investment, Summarized Financial Information, Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Rental Property, net | $ 3,154,577 | $ 3,608,145 |
Other assets | 58,961 | 96,162 |
Total assets | 3,772,833 | 3,920,768 |
Liabilities and partners'/members' capital: | ||
Mortgages, loans payable and other obligations, net | 1,820,981 | 1,903,977 |
Total liabilities and equity | 3,772,833 | 3,920,768 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||
Assets: | ||
Rental Property, net | 736,427 | 745,210 |
Other assets | 32,786 | 39,241 |
Total assets | 769,213 | 784,451 |
Liabilities and partners'/members' capital: | ||
Mortgages, loans payable and other obligations, net | 585,543 | 587,913 |
Other liabilities | 9,325 | 15,545 |
Partners'/members' capital | 174,345 | 180,993 |
Total liabilities and equity | $ 769,213 | $ 784,451 |
INVESTMENTS IN UNCONSOLIDATED_7
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES - Schedule of Equity Method Investment, Summarized Financial Information, Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Total revenues | $ 68,729 | $ 53,813 | $ 135,688 | $ 103,314 |
Operating and other expenses | (14,044) | (13,100) | (26,307) | (25,964) |
Depreciation and amortization | (23,684) | (21,015) | (47,331) | (39,456) |
Interest expense | (21,692) | (14,741) | (43,706) | (26,348) |
Net (loss) income | (30,135) | 34,650 | (46,365) | 30,123 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenues | 25,945 | 41,345 | 47,770 | 77,472 |
Operating and other expenses | (8,698) | (22,317) | (17,142) | (47,816) |
Depreciation and amortization | (5,572) | (6,381) | (11,137) | (12,941) |
Interest expense | (7,762) | (7,051) | (15,475) | (13,827) |
Net (loss) income | $ 3,913 | $ 5,596 | $ 4,016 | $ 2,888 |
DEFERRED CHARGES AND OTHER AS_3
DEFERRED CHARGES AND OTHER ASSETS, NET - Schedule Of Deferred Charges, Goodwill And Other Assets (Details) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 USD ($) building property | Dec. 31, 2022 USD ($) | Nov. 19, 2021 | Nov. 18, 2021 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Deferred leasing costs | $ 11,487,000 | $ 59,651,000 | ||
Deferred financing costs - revolving credit facility | 0 | 6,684,000 | ||
Deferred charges, gross | 11,487,000 | 66,335,000 | ||
Accumulated amortization | (7,314,000) | (30,471,000) | ||
Deferred charges, net | 4,173,000 | 35,864,000 | ||
Notes receivable | 78,000 | 1,309,000 | ||
In-place lease values, related intangibles and other assets, net | 10,554,000 | 12,298,000 | ||
Right of use assets | 6,645,000 | 2,238,000 | ||
Prepaid expenses and other assets, net | 37,511,000 | 44,453,000 | ||
Total deferred charges and other assets, net | 58,961,000 | 96,162,000 | ||
Liability | $ 7,700,000 | 3,200,000 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Number of buildings on properties sold | building | 5 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Metropark | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Number of buildings on properties sold | property | 1 | |||
Interest-Free Notes Receivable | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Notes receivable | 200,000 | |||
Seller Financing Receivable | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Notes receivable | 1,000,000 | |||
Loan loss allowance charge | $ 26,000 | |||
Annual return on the equity value | 4% | |||
Interest rate, stated | 10% | 15% |
DEFERRED CHARGES AND OTHER AS_4
DEFERRED CHARGES AND OTHER ASSETS, NET - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) interestRateCap | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimated additional amount to be reclassified to interest expense | $ 6.4 |
Interest Rate Caps | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivatives, net liability position | $ 0 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Caps | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Number of interest rate derivatives outstanding | interestRateCap | 4 |
Notional value | $ 548 |
DEFERRED CHARGES AND OTHER AS_5
DEFERRED CHARGES AND OTHER ASSETS, NET - Schedule Of Fair Value Of The Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Designated as Hedging Instrument | Interest Rate Caps | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset derivatives | $ 8,038 | $ 9,808 |
DEFERRED CHARGES AND OTHER AS_6
DEFERRED CHARGES AND OTHER ASSETS, NET - Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Amount of Interest Expense presented in the consolidated statements of operations | $ 21,692 | $ 14,741 | $ 43,706 | $ 26,348 |
Not Designated as Hedging Instrument | Interest Rate Caps | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivative | 2,221 | (60) | 1,697 | 2,124 |
Total Amount of Interest Expense presented in the consolidated statements of operations | (21,692) | (17,707) | (43,706) | (32,733) |
Not Designated as Hedging Instrument | Interest Rate Caps | Interest expense | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | $ 685 | $ 0 | $ 1,106 | $ 2 |
RESTRICTED CASH - Schedule Of R
RESTRICTED CASH - Schedule Of Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Restricted Cash and Investments [Abstract] | ||||
Security deposits | $ 10,009 | $ 9,175 | ||
Escrow and other reserve funds | 17,605 | 11,692 | ||
Total restricted cash | $ 27,614 | $ 20,867 | $ 24,356 | $ 19,701 |
DISCONTINUED OPERATIONS - Narra
DISCONTINUED OPERATIONS - Narrative (Details) ft² in Thousands, $ in Millions | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) ft² property | Jun. 30, 2023 ft² | Sep. 30, 2022 ft² | |
Discontinued Operations, Held-for-sale | Office Portfolio | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties sold | property | 1 | |||
Area of property (in square feet) | 350 | |||
Unrealized loss on real estate held for sale | $ | $ 4.4 | |||
Discontinued Operations, Held-for-sale | Waterfront Office Properties | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Area of property (in square feet) | 3,900 | |||
Discontinued Operations, Disposed of by Sale | Office Portfolio | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of properties sold | property | 37 | |||
Area of property (in square feet) | 6,300 | |||
Sales proceeds | $ | $ 1,000 |
DISCONTINUED OPERATIONS - Summa
DISCONTINUED OPERATIONS - Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations | $ 140 | $ 5,808 | $ 2,344 | $ 25,948 |
Loss from extinguishment of debt, net | (2,657) | (129) | (2,657) | (129) |
Realized loss, net | (3,488) | (4,440) | (2,709) | (2,604) |
Total discontinued operations, net | (3,348) | 1,368 | (365) | 23,344 |
Office Portfolio | Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total revenues | 2,685 | 27,557 | 19,333 | 77,157 |
Operating and other expenses | (2,270) | (11,769) | (10,773) | (23,449) |
Depreciation and amortization | (275) | (7,014) | (5,382) | (15,086) |
Interest expense | 0 | (2,966) | (822) | (6,385) |
Income from discontinued operations | 140 | 5,808 | 2,356 | 32,237 |
Loss from extinguishment of debt, net | 0 | 0 | (12) | (6,289) |
Realized loss on disposition of rental property | (3,488) | (4,440) | (2,709) | (2,604) |
Realized loss, net | (3,488) | (4,440) | (2,721) | (8,893) |
Total discontinued operations, net | $ (3,348) | $ 1,368 | $ (365) | $ 23,344 |
REVOLVING CREDIT FACILITY AND_2
REVOLVING CREDIT FACILITY AND TERM LOANS (Details) $ in Thousands | 6 Months Ended | ||||
Jul. 25, 2023 USD ($) lender multi-familyResidentialUnit | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | May 06, 2021 USD ($) lender | |
Line of Credit Facility [Line Items] | |||||
Loan balance | $ 1,800,000 | $ 1,900,000 | |||
Borrowings from revolving credit facility | 16,000 | $ 43,000 | |||
Payment for borrowings | 16,000 | $ 115,000 | |||
2021 Credit Facility | Revolving Credit Facility | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Number of lenders | lender | 7 | ||||
Secured debt | $ 250,000 | ||||
2021 Term Loan | Term Loan | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Secured debt | $ 150,000 | ||||
2021 Credit Agreement | Revolving Credit Facility and Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Written off unamortized deferred financing costs | $ 2,700 | ||||
Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Number of lenders | lender | 2 | ||||
Secured debt | $ 60,000 | ||||
Loan period | 1 year | ||||
Extension option period | 6 months | ||||
Number of units in unencumbered properties | multi-familyResidentialUnit | 240 | ||||
Borrowing capacity under the credit facility | $ 60,000 | ||||
Facility fee basis points | 0.35% | ||||
Total leverage ratio | 65% | ||||
Debt service coverage ratio | 125% | ||||
Tangible net worth ratio | 80% | ||||
Percentage of net cash proceeds of equity issuances | 80% | ||||
Percentage of maximum unhedged variable rate debt ratio | 30% | ||||
Cash sweep threshold | $ 25,000 | ||||
Loan balance | $ 52,000 | ||||
Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit | SOFR | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate | 0.10% | ||||
Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit | Adjusted Daily Effective SOFR | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate | 0% | ||||
Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit | Term SOFR | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate | 0.10% | ||||
Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit | Adjusted Term SOFR Subject to Floor | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate | 0% | ||||
Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit | Adjusted Term SOFR | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate | 1% | ||||
Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit | NYFRB Rate | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate | 0.50% | ||||
Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit | Alternative Base Rate | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate | 1% | ||||
Credit Agreement | Subsequent Event | Term Loan | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Secured debt | $ 115,000 | ||||
Loan period | 1 year | ||||
Extension option period | 6 months | ||||
Borrowing capacity under the credit facility | $ 115,000 | ||||
Loan balance | 115,000 | ||||
Borrowings from revolving credit facility | 52,000 | ||||
Payment for borrowings | $ 27,000 | ||||
Credit Agreement | Subsequent Event | Minimum | Revolving Credit Facility | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate | 2.50% | ||||
Credit Agreement | Subsequent Event | Maximum | Revolving Credit Facility | Line of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Variable interest rate | 3.50% |
MORTGAGES, LOANS PAYABLE AND _3
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS - Narrative (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 USD ($) property | Jun. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | ||
Number of properties with encumbered company mortgages | property | 16 | |
Carrying value of encumbered properties | $ 2,600 | |
Cash paid for interest | 40.1 | $ 37 |
Interest capitalized | 0 | 10.5 |
Discontinued Operations | ||
Debt Instrument [Line Items] | ||
Cash paid for interest | $ 1.1 | $ 7.8 |
MORTGAGES, LOANS PAYABLE AND _4
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS - Summary Of Mortgages, Loans Payable And Other Obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 21, 2022 | Oct. 27, 2021 | |
Debt Instrument [Line Items] | ||||
Principal balance outstanding | $ 1,800,000 | $ 1,900,000 | ||
Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Principal balance outstanding | 1,827,230 | 1,911,488 | ||
Unamortized deferred financing costs | (6,249) | (7,511) | ||
Total mortgages, loans payable and other obligations, net | 1,820,981 | 1,903,977 | ||
Secured Debt | Port Imperial 4/5 Hotel | ||||
Debt Instrument [Line Items] | ||||
Principal balance outstanding | $ 0 | 84,000 | ||
Secured Debt | Portside at Pier One | ||||
Debt Instrument [Line Items] | ||||
Effective rate | 3.57% | |||
Principal balance outstanding | $ 58,998 | 58,998 | ||
Secured Debt | Signature Place | ||||
Debt Instrument [Line Items] | ||||
Effective rate | 3.74% | |||
Principal balance outstanding | $ 43,000 | 43,000 | ||
Secured Debt | Liberty Towers | ||||
Debt Instrument [Line Items] | ||||
Effective rate | 3.37% | |||
Principal balance outstanding | $ 265,000 | 265,000 | ||
Secured Debt | Haus 25 | ||||
Debt Instrument [Line Items] | ||||
Principal balance outstanding | 297,324 | 297,324 | ||
Borrowing capacity under the credit facility | $ 300,000 | |||
Loan period | 1 year | |||
Extension fee | 25% | |||
Secured Debt | Haus 25 | SOFR | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 2.70% | |||
Secured Debt | Haus 25 | Minimum | SOFR | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 2% | |||
Secured Debt | Portside 5/6 | ||||
Debt Instrument [Line Items] | ||||
Effective rate | 4.56% | |||
Principal balance outstanding | $ 97,000 | 97,000 | ||
Debt instrument, percent guaranteed | 10% | |||
Secured Debt | BLVD 425 | ||||
Debt Instrument [Line Items] | ||||
Effective rate | 4.17% | |||
Principal balance outstanding | $ 131,000 | 131,000 | ||
Secured Debt | BLVD 401 | ||||
Debt Instrument [Line Items] | ||||
Effective rate | 4.29% | |||
Principal balance outstanding | $ 117,000 | 117,000 | ||
Secured Debt | The Upton | ||||
Debt Instrument [Line Items] | ||||
Principal balance outstanding | $ 75,000 | 75,000 | ||
Debt instrument, face amount | $ 75,000 | |||
Secured Debt | The Upton | SOFR | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 1.58% | |||
Secured Debt | 145 Front at City Square | ||||
Debt Instrument [Line Items] | ||||
Principal balance outstanding | $ 63,000 | 63,000 | ||
Secured Debt | 145 Front at City Square | SOFR | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 1.84% | |||
Secured Debt | Riverhouse 9 At Port Imperial | ||||
Debt Instrument [Line Items] | ||||
Principal balance outstanding | $ 110,000 | 110,000 | $ 110,000 | |
Secured Debt | Riverhouse 9 At Port Imperial | SOFR | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 1.41% | |||
Secured Debt | Quarry Place at Tuckahoe | ||||
Debt Instrument [Line Items] | ||||
Effective rate | 4.48% | |||
Principal balance outstanding | $ 41,000 | 41,000 | ||
Secured Debt | BLVD 475 N/S | ||||
Debt Instrument [Line Items] | ||||
Effective rate | 2.91% | |||
Principal balance outstanding | $ 165,000 | 165,000 | ||
Secured Debt | Riverhouse 11 at Port Imperial | ||||
Debt Instrument [Line Items] | ||||
Effective rate | 4.52% | |||
Principal balance outstanding | $ 100,000 | 100,000 | ||
Secured Debt | Soho Lofts | ||||
Debt Instrument [Line Items] | ||||
Effective rate | 3.77% | |||
Principal balance outstanding | $ 160,000 | 160,000 | ||
Secured Debt | Soho Lofts | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate | 2.75% | |||
Secured Debt | Port Imperial South 4/5 Garage | ||||
Debt Instrument [Line Items] | ||||
Effective rate | 4.85% | |||
Principal balance outstanding | $ 31,908 | 32,166 | ||
Secured Debt | Emery at Overlook Ridge | ||||
Debt Instrument [Line Items] | ||||
Effective rate | 3.21% | |||
Principal balance outstanding | $ 72,000 | $ 72,000 |
MORTGAGES, LOANS PAYABLE AND _5
MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS - Summary Of Indebtedness (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Totals/Weighted Average | $ 1,820,981 | $ 1,903,977 |
Weighted Average Interest Rate | 4.32% | 4.47% |
Fixed Rate & Hedged Debt | ||
Debt Instrument [Line Items] | ||
Balance | $ 1,820,981 | $ 1,757,308 |
Weighted Average Interest Rate | 4.32% | 4.27% |
Other Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Balance | $ 0 | $ 146,669 |
Weighted Average Interest Rate | 0% | 6.86% |
Other Variable Rate Debt | Interest Rate Caps | ||
Debt Instrument [Line Items] | ||
Balance | $ 548,000 | $ 485,000 |
EMPLOYEE BENEFIT 401(k) PLANS (
EMPLOYEE BENEFIT 401(k) PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Minimum employee subscription rate, percentage of compensation | 1% | |||
Maximum employee subscription rate, percentage of compensation | 60% | |||
Employee pre-tax contributions vested percentage | 100% | |||
Vesting rate | 20% | |||
Percentage vested after total service period | 100% | |||
Expenses for employee benefit plan | $ 129 | $ 148 | $ 277 | $ 330 |
Minimum | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Employer contribution vesting period | 2 years | |||
Maximum | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Employer contribution vesting period | 6 years |
DISCLOSURE OF FAIR VALUE OF A_2
DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES - Narrative (Details) $ in Thousands, ft² in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) ft² property | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) ft² property | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Real Estate Properties [Line Items] | |||||
Loans payable and other obligations | $ | $ 1,700,000 | $ 1,700,000 | $ 1,800,000 | ||
Principal balance outstanding | $ | 1,800,000 | 1,800,000 | $ 1,900,000 | ||
Land and other impairments, net | $ | $ 0 | $ 3,900 | $ 3,396 | $ 6,832 | |
Office | |||||
Real Estate Properties [Line Items] | |||||
Number of properties | 3 | 3 | |||
Discontinued Operations, Held-for-sale | |||||
Real Estate Properties [Line Items] | |||||
Number of properties | 1 | 1 | |||
Land and other impairments, net | $ | $ 3,600 | $ 7,000 | |||
Discontinued Operations, Held-for-sale | Office | |||||
Real Estate Properties [Line Items] | |||||
Number of properties | 2 | 2 | |||
Discontinued Operations, Held-for-sale | Office | Jersey City, Holmdel, Parsippany, Morris Township, Wall and Weehawken, New Jersey | |||||
Real Estate Properties [Line Items] | |||||
Rentable Square Feet | ft² | 0.6 | 0.6 | |||
Number of real estate properties, unrecoverable | 1 | ||||
Discontinued Operations, Held-for-sale | Land Parcel | Jersey City, Holmdel, Parsippany, Morris Township, Wall and Weehawken, New Jersey | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties, unrecoverable | 3 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Tax Abatement Agreements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Commitments And Contingencies [Line Items] | ||||
Total Pilot taxes | $ 1,955 | $ 3,016 | $ 4,055 | $ 6,191 |
111 River Street | ||||
Commitments And Contingencies [Line Items] | ||||
Total Pilot taxes | 0 | 0 | 0 | 85 |
Harborside Plaza 4A | ||||
Commitments And Contingencies [Line Items] | ||||
Total Pilot taxes | 0 | 0 | $ 0 | 218 |
Percentage of PILOT on project costs | 2% | |||
Total project costs | $ 49,500 | |||
Harborside Plaza 5 | ||||
Commitments And Contingencies [Line Items] | ||||
Total Pilot taxes | 0 | 1,109 | $ 0 | 2,217 |
Percentage of PILOT on project costs | 2% | |||
Total project costs | $ 170,900 | |||
Blvd 401 (Marbella 2) | ||||
Commitments And Contingencies [Line Items] | ||||
Total Pilot taxes | 461 | 376 | $ 864 | 735 |
Blvd 401 (Marbella 2) | Years 1-4 | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of PILOT on gross revenues | 10% | |||
Blvd 401 (Marbella 2) | Years 5-8 | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of PILOT on gross revenues | 12% | |||
Blvd 401 (Marbella 2) | Years 9-10 | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of PILOT on gross revenues | 14% | |||
Riverhouse 11 at Port Imperial | ||||
Commitments And Contingencies [Line Items] | ||||
Total Pilot taxes | 405 | 356 | $ 779 | 706 |
Riverhouse 11 at Port Imperial | Years 1-5 | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of PILOT on gross revenues | 12% | |||
Riverhouse 11 at Port Imperial | Years 6-10 | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of PILOT on gross revenues | 13% | |||
Riverhouse 11 at Port Imperial | Years 11-15 | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of PILOT on gross revenues | 14% | |||
Port Imperial 4/5 Hotel | ||||
Commitments And Contingencies [Line Items] | ||||
Total Pilot taxes | 0 | 733 | $ 224 | 1,466 |
Percentage of PILOT on project costs | 2% | |||
Riverhouse 9 At Port Imperial | ||||
Commitments And Contingencies [Line Items] | ||||
Total Pilot taxes | 372 | 318 | $ 754 | 640 |
Riverhouse 9 At Port Imperial | Years 1-10 | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of PILOT on gross revenues | 11% | |||
Riverhouse 9 At Port Imperial | Years 11-18 | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of PILOT on gross revenues | 12.50% | |||
Riverhouse 9 At Port Imperial | Years 19-25 | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of PILOT on gross revenues | 14% | |||
Haus 25 | ||||
Commitments And Contingencies [Line Items] | ||||
Total Pilot taxes | 573 | 124 | $ 1,147 | 124 |
Percentage of PILOT on gross revenues | 7% | |||
Project period | 25 years | |||
The James | ||||
Commitments And Contingencies [Line Items] | ||||
Total Pilot taxes | $ 144 | $ 0 | $ 287 | $ 0 |
Percentage of PILOT on gross revenues | 10% | |||
Project period | 30 years | |||
The James | Years 11-21 | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of PILOT on gross revenues | 11.50% | |||
The James | Years 22-30 | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of PILOT on gross revenues | 12.50% |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Payments Of Ground Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Remaining | $ 636 | |
Year one | 1,272 | $ 192 |
Year two | 1,279 | 192 |
Year three | 1,279 | 199 |
Year four | 1,280 | 199 |
After year four | 31,940 | |
Year five | 200 | |
After year five | 31,664 | |
Total lease payments | 37,686 | 32,646 |
Less: imputed interest | (29,948) | (29,418) |
Operating lease | $ 7,738 | $ 3,228 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Ground Lease Agreements - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) property | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) groundLease property | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | |||||
Ground lease expense incurred | $ 582 | $ 214 | $ 847 | $ 562 | |
Number of ground leases | groundLease | 2 | ||||
Operating lease | $ 7,738 | $ 7,738 | $ 3,228 | ||
Borrowing rate | 6.60% | 6.60% | |||
Remaining lease term | 35 years 8 months 12 days | 35 years 8 months 12 days | |||
Right of use assets | $ 6,645 | $ 6,645 | $ 2,238 | ||
Office | |||||
Lessee, Lease, Description [Line Items] | |||||
Number of property | property | 1 | 1 | |||
Operating lease | $ 4,700 | $ 4,700 | |||
Right of use assets | 4,700 | 4,700 | |||
Accounting Standards Update 2016-02 | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease | $ 7,600 | $ 7,600 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Other - Narrative (Details) - Stay-On Award Agreement $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) employee shares | |
Commitments And Contingencies [Line Items] | |
Number of employees | employee | 23 |
Potential shares (in shares) | shares | 42,095 |
Vesting period | 7 years |
Maximum | |
Commitments And Contingencies [Line Items] | |
Stay on award agreement cost | $ | $ 2.9 |
TENANT LEASES - Narrative (Deta
TENANT LEASES - Narrative (Details) | Jun. 30, 2023 |
Multi-Family Properties | |
Leases [Line Items] | |
Lease period | 1 year |
TENANT LEASES - Future Minimum
TENANT LEASES - Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Remainder of year | $ 6,718 | |
Year one | 12,084 | $ 14,618 |
Year two | 10,952 | 11,879 |
Year three | 8,822 | 10,535 |
Year four | 5,749 | 8,397 |
After year four | 7,795 | |
Year five | 5,315 | |
After year five | 6,891 | |
Total | $ 52,120 | $ 57,635 |
REDEEMABLE NONCONTROLLING INT_3
REDEEMABLE NONCONTROLLING INTERESTS - Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||
Jul. 25, 2023 USD ($) | Apr. 05, 2023 | Jun. 30, 2019 USD ($) | Jun. 28, 2019 USD ($) | Jun. 26, 2019 USD ($) trustee property | Mar. 10, 2017 USD ($) | Feb. 28, 2017 USD ($) $ / shares shares | Feb. 27, 2017 USD ($) | Feb. 03, 2017 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Jun. 25, 2019 trustee | Apr. 30, 2017 shares | |
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Payment for borrowings | $ 16,000,000 | $ 115,000,000 | |||||||||||||||
General and administrative | $ 9,582,000 | $ 11,527,000 | 19,865,000 | 30,976,000 | |||||||||||||
Current preferred return payments | 2,000,000 | ||||||||||||||||
Rockpoint | Designated By Rockpoint | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Number of board members | trustee | 2 | ||||||||||||||||
RRT | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Number of board members | trustee | 7 | 6 | |||||||||||||||
RRT | Designated By Veris | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Number of board members | trustee | 5 | ||||||||||||||||
VERIS RESIDENTIAL, L.P. | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Payment for borrowings | 16,000,000 | 115,000,000 | |||||||||||||||
General and administrative | 9,582,000 | $ 11,527,000 | $ 19,865,000 | $ 30,976,000 | |||||||||||||
Common unit distribution per unit declared (in dollars per share) | $ / shares | $ 0 | $ 0 | |||||||||||||||
Series A Units | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Stock redeemed or called (in shares) | shares | 12,000 | ||||||||||||||||
Series A Units | VERIS RESIDENTIAL, L.P. | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Preferred units shares issued (in shares) | shares | 42,800 | ||||||||||||||||
Preferred unit annual rate | 3.50% | ||||||||||||||||
Preferred unit in operating partnership | $ 1,000 | ||||||||||||||||
Convertible preferred units ratio | 28.15 | ||||||||||||||||
Expiration period | 5 years | ||||||||||||||||
Shares that may be converted to common units (in shares) | shares | 1,204,820 | ||||||||||||||||
Common unit distribution per unit declared (in dollars per share) | $ / shares | $ 35.52 | ||||||||||||||||
Series A Units | VERIS RESIDENTIAL, L.P. | The Joint Venture | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Percentage of interest in venture | 37.50% | ||||||||||||||||
Series A-1 Units | VERIS RESIDENTIAL, L.P. | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Preferred units shares issued (in shares) | shares | 9,213 | 91 | |||||||||||||||
Preferred unit annual rate | 3.50% | ||||||||||||||||
Preferred unit in operating partnership | $ 1,000 | ||||||||||||||||
Convertible preferred units ratio | 27.936 | ||||||||||||||||
Expiration period | 5 years | ||||||||||||||||
Shares that may be converted to common units (in shares) | shares | 257,375 | ||||||||||||||||
Common unit distribution per unit declared (in dollars per share) | $ / shares | $ 35.80 | ||||||||||||||||
Series A-1 Units | VERIS RESIDENTIAL, L.P. | The Joint Venture | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Percentage of interest in venture | 13.80% | ||||||||||||||||
Series A-1 Units | VERIS RESIDENTIAL, L.P. | Monaco (BLVD 495 N/S) | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Preferred units shares issued (in shares) | shares | 9,122 | ||||||||||||||||
Investment Agreement | Minimum | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Incremental closing payments, limited partnership interest | $ 105,000,000 | ||||||||||||||||
RRLP | Cash Flow From Operations | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Annual return on the equity value | 6% | ||||||||||||||||
RRLP | Investment Agreement | Cash Flow From Capital Events, Distribution Four | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Base return | 5% | ||||||||||||||||
RRLP | Credit Enhancement Note | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Variable interest rate | 0.50% | ||||||||||||||||
Borrowing capacity under the credit facility | 50,000,000 | $ 50,000,000 | |||||||||||||||
Increased line of credit | 25,000,000 | 25,000,000 | |||||||||||||||
Rockpoint | Rockpoint | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Redemption restriction period | 90 days | 90 days | |||||||||||||||
Estimated redemption value | $ 487,600,000 | ||||||||||||||||
Issuance period following conversion election | 30 days | ||||||||||||||||
Rockpoint | Rockpoint | Cash Flow From Operations | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Base return | 4.64% | ||||||||||||||||
Rockpoint | Rockpoint | Cash Flow From Capital Events, Distribution Five | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Invested capital | 400,000,000 | $ 400,000,000 | |||||||||||||||
Rockpoint | Rockpoint | Cash Flow From Capital Events, Distribution Six | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Invested capital | 400,000,000 | $ 400,000,000 | |||||||||||||||
Rockpoint | Rockpoint | Distribution One | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Purchase price | $ 173,500,000 | ||||||||||||||||
Purchase price, less distributions | 198,500,000 | ||||||||||||||||
Rockpoint | Rockpoint | Distribution Two | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Purchase price, less distributions | $ 1,500,000 | ||||||||||||||||
Rockpoint | Preferred Units | Rockpoint | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Pro rata distribution | 10.947% | ||||||||||||||||
Rockpoint | Preferred Units | Rockpoint | Cash Flow From Capital Events, Distribution Five | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Pro rata distribution | 21.89% | ||||||||||||||||
Rockpoint | Investment Agreement | Maximum | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Contributed amount to obtain equity units | $ 300,000,000 | ||||||||||||||||
Rockpoint | Investment Agreement | Rockpoint | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Incremental closing payments, limited partnership interest | $ 46,000,000 | $ 150,000,000 | $ 45,000,000 | ||||||||||||||
Contributed equity value | $ 1,230,000,000 | ||||||||||||||||
Rockpoint | Investment Agreement | Rockpoint | Maximum | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Contributed amount to obtain equity units | 300,000,000 | ||||||||||||||||
Rockpoint | Add On Investment Agreement | Rockpoint | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Contributed amount to obtain equity units | $ 100,000,000 | ||||||||||||||||
Number of properties in which additional interest was acquired during period | property | 2 | ||||||||||||||||
Payment for borrowings | $ 100,000,000 | ||||||||||||||||
Right of first refusal to invest | 100,000,000 | ||||||||||||||||
General and administrative | $ 371,000 | ||||||||||||||||
Rockpoint | Add On Investment Agreement | Rockpoint | Maximum | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Contributed amount to obtain equity units | $ 154,000,000 | ||||||||||||||||
Rockpoint | Rockpoint Purchase Agreement | Rockpoint | Subsequent Event | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Purchase price | $ 520,000,000 | ||||||||||||||||
Rockpoint | RRLP | Cash Flow From Operations | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Invested capital | $ 400,000,000 | $ 400,000,000 | |||||||||||||||
Rockpoint | RRLP | Cash Flow From Capital Events, Distribution Four | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Base return | 4.64% | ||||||||||||||||
Rockpoint | RRLP | Rockpoint | Cash Flow From Capital Events, Distribution Three | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Base return | 4.64% | ||||||||||||||||
Rockpoint | RRLP | Rockpoint | Cash Flow From Capital Events, Distribution Five | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Internal rate of return | 11% | ||||||||||||||||
Rockpoint | RRLP | Rockpoint | Cash Flow From Capital Events, Distribution Six | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Pro rata share | 50% | ||||||||||||||||
Rockpoint | RRLP | RRT | Cash Flow From Operations | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Annual return on the equity value | 6% | ||||||||||||||||
Rockpoint | RRLP | Preferred Units | Cash Flow From Operations | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Pro rata distribution | 21.89% | ||||||||||||||||
Rockpoint | RRLP | Investment Agreement | Rockpoint | Cash Flow From Operations | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Base return | 5% | ||||||||||||||||
Rockpoint | RRLP | Investment Agreement | Rockpoint | Cash Flow From Capital Events, Distribution Three | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Base return | 95% | ||||||||||||||||
RRT | Preferred Units | RRT | Cash Flow From Operations | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Pro rata distribution | 2.65% | ||||||||||||||||
RRT | Preferred Units | RRT | Cash Flow From Capital Events, Distribution Five | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Pro rata distribution | 2.65% | ||||||||||||||||
RRT | Preferred Units | RRT | Cash Flow From Capital Events, Distribution Six | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Pro rata distribution | 1.325% | ||||||||||||||||
RRT | Common Unit | RRT | Cash Flow From Operations | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Pro rata distribution | 75.46% | ||||||||||||||||
RRT | Common Unit | RRT | Cash Flow From Capital Events, Distribution Five | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Pro rata distribution | 75.46% | ||||||||||||||||
RRT | Common Unit | RRT | Cash Flow From Capital Events, Distribution Six | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Pro rata distribution | 87.728% | ||||||||||||||||
RRT | RRLP | Cash Flow From Capital Events, Distribution Four | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Base return | 95.36% | ||||||||||||||||
RRT | RRLP | RRT | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Loan-to-value ratio | 65% | ||||||||||||||||
Equity capitalization percent | 10% | ||||||||||||||||
RRT | RRLP | RRT | Cash Flow From Operations | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Annual return on the equity value | 95.36% | ||||||||||||||||
RRT | RRLP | RRT | Cash Flow From Capital Events | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Base return | 95.36% | ||||||||||||||||
RRT | RRLP | Investment Agreement | Cash Flow From Capital Events, Distribution Four | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Base return | 95% | ||||||||||||||||
RRT | RRLP | Investment Agreement | RRT | Cash Flow From Operations | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Annual return on the equity value | 95% | ||||||||||||||||
RRT | RRLP | Investment Agreement | RRT | Cash Flow From Capital Events, Distribution Three | |||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||||
Base return | 5% |
REDEEMABLE NONCONTROLLING INT_4
REDEEMABLE NONCONTROLLING INTERESTS - Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Income Attributed to Noncontrolling Interests | $ (617) | $ (6,366) | $ (6,983) | $ (12,803) |
Redemption Value Adjustment | (617) | (10,250) | (11,960) | (19,920) |
Mandatorily Redeemable Noncontrolling Interests | Rockpoint | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Beginning balance | 0 | |||
Reclassification | 479,977 | |||
Income Attributed to Noncontrolling Interests | 5,748 | |||
Distributions | (5,748) | |||
Redemption Value Adjustment | 7,642 | |||
Ending balance | 487,619 | 487,619 | ||
Redeemable Noncontrolling Interests | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Beginning balance | 520,208 | 512,512 | 515,231 | 521,313 |
Reclassification | (479,977) | (479,977) | ||
Income Attributed to Noncontrolling Interests | 617 | 6,366 | 6,983 | 12,803 |
Distributions | (617) | (6,366) | (6,983) | (12,803) |
Redemption Value Adjustment | 3,813 | 4,977 | 7,012 | |
Redemption/Payout | (12,000) | |||
Net | 509,313 | |||
Ending balance | 40,231 | 516,325 | 40,231 | 516,325 |
Redeemable Noncontrolling Interests | Series A and A-1 Preferred Units In VRLP | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Beginning balance | 40,231 | 40,302 | 40,231 | 52,324 |
Reclassification | 0 | 0 | ||
Income Attributed to Noncontrolling Interests | 350 | 350 | 700 | 771 |
Distributions | (350) | (350) | (700) | (771) |
Redemption Value Adjustment | (71) | 0 | (93) | |
Redemption/Payout | (12,000) | |||
Net | 40,324 | |||
Ending balance | 40,231 | 40,231 | 40,231 | 40,231 |
Redeemable Noncontrolling Interests | Rockpoint | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Beginning balance | 479,977 | 472,210 | 475,000 | 468,989 |
Reclassification | (479,977) | (479,977) | ||
Income Attributed to Noncontrolling Interests | 267 | 6,016 | 6,283 | 12,032 |
Distributions | (267) | (6,016) | (6,283) | (12,032) |
Redemption Value Adjustment | 3,884 | 4,977 | 7,105 | |
Redemption/Payout | 0 | |||
Net | 468,989 | |||
Ending balance | $ 0 | $ 476,094 | $ 0 | $ 476,094 |
VERIS RESIDENTIAL, INC. STOCK_3
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Schedule Of General Partner Capital (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance, beginning | $ 1,235,685 | |||
Redeemable noncontrolling interests | $ (617) | $ (6,366) | (6,983) | $ (12,803) |
Redemption of common units for common stock | (78) | (359) | (94) | (1,801) |
Directors' deferred compensation plan | 86 | 110 | 196 | 220 |
Other comprehensive income (loss) | 1,536 | (60) | 591 | 2,122 |
Rebalancing of ownership percent between parent and subsidiaries | 0 | 0 | 0 | 0 |
Balance, ending | 1,196,953 | 1,196,953 | ||
Common Unitholders | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Balance, beginning | 1,216,530 | 1,275,681 | 1,235,685 | 1,281,982 |
Net (loss) income available to common shareholders | (27,434) | 26,373 | (47,407) | 17,281 |
Redeemable noncontrolling interests | 0 | (3,524) | (4,516) | (6,466) |
Redemption of common units for common stock | 4,192 | 161 | 9,051 | 161 |
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 1 | 16 | 2 | 27 |
Directors' deferred compensation plan | 86 | 110 | 196 | 220 |
Stock Compensation | 3,381 | 2,509 | 6,852 | 4,466 |
Cancellation of common stock | (219) | (696) | (466) | (696) |
Other comprehensive income (loss) | 1,399 | (54) | 541 | 1,932 |
Rebalancing of ownership percent between parent and subsidiaries | (983) | (4,296) | (2,985) | (2,627) |
Balance, ending | $ 1,196,953 | $ 1,296,280 | $ 1,196,953 | $ 1,296,280 |
VERIS RESIDENTIAL, INC. STOCK_4
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Share/Unit Repurchase Program And Dividend Reinvestment And Stock Purchase Plan - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Stockholders Equity [Line Items] | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Combined aggregate offering price | $ 200,000 | |
ATM, shares issued (in shares) | 0 | |
Dividend Reinvestment And Stock Purchase Plan | ||
Stockholders Equity [Line Items] | ||
Reserved stocks for issuance (in shares) | 5,400,000 | |
Monthly cash investment without restriction, maximum | $ 5 | |
Minimum | ||
Stockholders Equity [Line Items] | ||
ATM commission | 2% |
VERIS RESIDENTIAL, INC. STOCK_5
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Stock Option Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Apr. 30, 2022 | Mar. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jun. 30, 2021 | May 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Options exercised (in shares) | 0 | 0 | |||||||
Weighted average remaining contractual life | 4 years 1 month 6 days | 4 years 7 months 6 days | |||||||
Stock options expense | $ 322 | $ 309 | $ 644 | $ 562 | |||||
Chief Executive Officer | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares granted (in shares) | 950,000 | ||||||||
Share price (in dollars per share) | $ 15.79 | ||||||||
Chief Investment Officer | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares granted (in shares) | 250,000 | ||||||||
Share price (in dollars per share) | $ 16.33 | ||||||||
2013 Incentive Stock Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Reserved stocks for issuance (in shares) | 6,565,000 | 4,600,000 |
VERIS RESIDENTIAL, INC. STOCK_6
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Appreciation-Only LTIP Units - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options expense | $ 322 | $ 309 | $ 644 | $ 562 | |
AO LTIP Units Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares to be vested and exercisable (in shares) | 625,000 | ||||
Stock options expense | $ 0 | $ 156 | $ 124 | $ 311 |
VERIS RESIDENTIAL, INC. STOCK_7
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Restricted Stock Awards - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) shares | |
Unvested Restricted Stock | Board Member | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 1 year |
Unvested stock outstanding (in shares) | 54,184 |
Unvested Restricted Stock | Non-Executive Employees | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Unvested stock outstanding (in shares) | 358,164 |
Unvested Restricted Stock | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 1 year |
Unvested Restricted Stock | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Time-Based Award | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation cost | $ | $ 4.4 |
Total unrecognized compensation cost, period of recognition | 1 year 7 months 6 days |
VERIS RESIDENTIAL, INC. STOCK_8
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Long-Term Incentive Plan Awards - Narrative (Details) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 executive shares | Jun. 30, 2023 USD ($) shares | Dec. 31, 2021 installment shares | |
2021 RSU LTIP Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | 3 years | |
Unvested LTIP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost | $ | $ 12.3 | ||
Total unrecognized compensation cost, period of recognition | 1 year 10 months 24 days | ||
Time-Based Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost | $ | $ 4.4 | ||
Total unrecognized compensation cost, period of recognition | 1 year 7 months 6 days | ||
Time-Based Award | 2021 RSU LTIP Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 580,415 | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of installments | installment | 3 | ||
Vesting period | 3 years | ||
Share-based compensation arrangement by share-based payment award, vested (in shares) | 427,099 | ||
Unit distribution per common share distribution, percentage | 10% | ||
Unit distribution per common share, accrued percentage | 90% | ||
Restricted Stock Units | Three Executive Officers | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Shares granted (in shares) | 60,000 | ||
Number of executives | executive | 3 | ||
Unvested Restricted Stock | Non-Executive Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Unvested stock outstanding (in shares) | 358,164 | ||
Unvested Restricted Stock | Non-Executive Employees | 2021 RSU LTIP Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested stock outstanding (in shares) | 627,644 |
VERIS RESIDENTIAL, INC. STOCK_9
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Deferred Stock Compensation Plan For Directors - Narrative (Details) - shares | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
May 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | ||||||
Maximum percentage of retainer fee that directors may defer | 100% | |||||
Deferred stock units earned (in shares) | 5,379 | 8,234 | 12,950 | 14,417 | ||
Deferred stock units outstanding (in shares) | 59,874 | 59,874 | 66,196 | |||
Deferred stock units converted (in shares) | 20,767 |
VERIS RESIDENTIAL, INC. STOC_10
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Earnings Per Share Tables - Basic Computation Of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stockholders Equity [Line Items] | ||||
(Loss) income from continuing operations | $ (26,787) | $ 33,282 | $ (46,000) | $ 6,779 |
Add (deduct): Noncontrolling interests in consolidated joint ventures | 636 | 784 | 1,223 | 1,758 |
Add (deduct): Noncontrolling interests in Operating Partnership | 2,384 | (2,568) | 4,696 | 305 |
Add (deduct): Redeemable noncontrolling interests | (617) | (6,366) | (6,983) | (12,803) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | 0 | (3,524) | (4,516) | (6,466) |
(Loss) income from continuing operations available to common shareholders | (24,384) | 21,608 | (51,580) | (10,427) |
(Loss) income from discontinued operations available to common shareholders | (3,050) | 1,241 | (343) | 21,242 |
Net (loss) income available to common shareholders for basic earnings per share | $ (27,434) | $ 22,849 | $ (51,923) | $ 10,815 |
Weighted average common shares (in shares) | 91,873 | 91,027 | 91,551 | 90,989 |
(Loss) income from continuing operations available to common shareholders (in dollars per share) | $ (0.27) | $ 0.24 | $ (0.56) | $ (0.11) |
(Loss) income from discontinued operations available to common shareholders (in dollars per share) | (0.03) | 0.01 | 0 | 0.23 |
Net (loss) income available to common shareholders (in dollars per share) | $ (0.30) | $ 0.25 | $ (0.56) | $ 0.12 |
VERIS RESIDENTIAL, L.P. | ||||
Stockholders Equity [Line Items] | ||||
(Loss) income from continuing operations | $ (26,787) | $ 33,282 | $ (46,000) | $ 6,779 |
Add (deduct): Noncontrolling interests in consolidated joint ventures | 636 | 784 | 1,223 | 1,758 |
Add (deduct): Redeemable noncontrolling interests | (617) | (6,366) | (6,983) | (12,803) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | 0 | (3,884) | (4,977) | (7,117) |
(Loss) income from continuing operations available to common shareholders | (26,768) | 23,816 | (56,737) | (11,383) |
(Loss) income from discontinued operations available to common shareholders | (3,348) | 1,368 | (365) | 23,344 |
Net (loss) income available to common shareholders for basic earnings per share | $ (30,116) | $ 25,184 | $ (57,102) | $ 11,961 |
Basic weighted average units outstanding (in shares) | 100,854 | 100,329 | 100,691 | 100,133 |
(Loss) income from continuing operations available to common shareholders (in dollars per share) | $ (0.27) | $ 0.24 | $ (0.56) | $ (0.11) |
(Loss) income from discontinued operations available to common shareholders (in dollars per share) | (0.03) | 0.01 | 0 | 0.23 |
Net (loss) income available to common shareholders (in dollars per share) | $ (0.30) | $ 0.25 | $ (0.56) | $ 0.12 |
VERIS RESIDENTIAL, INC. STOC_11
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Earnings Per Share Tables - Diluted Computation Of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stockholders Equity [Line Items] | ||||
Net (loss) income from continuing operations available to common shareholders | $ (24,384) | $ 21,608 | $ (51,580) | $ (10,427) |
Add (deduct): Noncontrolling interests in Operating Partnership | (2,384) | 2,568 | (4,696) | (305) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders | 0 | (360) | (461) | (651) |
(Loss) income from continuing operations for diluted earnings per share | (26,768) | 23,816 | (56,737) | (11,383) |
(Loss) income from discontinued operations for diluted earnings per share | (3,348) | 1,368 | (365) | 23,344 |
Net (loss) income available for diluted earnings per share | $ (30,116) | $ 25,184 | $ (57,102) | $ 11,961 |
Weighted average common shares (in shares) | 100,854 | 100,352 | 100,691 | 100,171 |
(Loss) income from continuing operations available to common unitholders (in dollars per share) | $ (0.27) | $ 0.24 | $ (0.56) | $ (0.11) |
(Loss) income from discontinued operations available to common unitholders (in dollars per share) | (0.03) | 0.01 | 0 | 0.23 |
Net (loss) income available to common shareholders (in dollars per share) | $ (0.30) | $ 0.25 | $ (0.56) | $ 0.12 |
VERIS RESIDENTIAL, L.P. | ||||
Stockholders Equity [Line Items] | ||||
Net (loss) income from continuing operations available to common shareholders | $ (26,768) | $ 23,816 | $ (56,737) | $ (11,383) |
(Loss) income from discontinued operations for diluted earnings per share | (3,348) | 1,368 | (365) | 23,344 |
Net (loss) income available for diluted earnings per share | $ (30,116) | $ 25,184 | $ (57,102) | $ 11,961 |
Weighted average common unit (in shares) | 100,854 | 100,352 | 100,691 | 100,171 |
(Loss) income from continuing operations available to common unitholders (in dollars per share) | $ (0.27) | $ 0.24 | $ (0.56) | $ (0.11) |
(Loss) income from discontinued operations available to common unitholders (in dollars per share) | (0.03) | 0.01 | 0 | 0.23 |
Net (loss) income available to common shareholders (in dollars per share) | $ (0.30) | $ 0.25 | $ (0.56) | $ 0.12 |
VERIS RESIDENTIAL, INC. STOC_12
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stockholders Equity [Line Items] | ||||
Basic weighted average shares outstanding (in shares) | 91,873 | 91,027 | 91,551 | 90,989 |
Diluted EPS shares (in shares) | 100,854 | 100,352 | 100,691 | 100,171 |
Operating Partnership – common and vested LTIP units | ||||
Stockholders Equity [Line Items] | ||||
Weighted average number of shares outstanding, diluted adjustment (in shares) | 8,981 | 9,302 | 9,140 | 9,144 |
Restricted Stock Awards | ||||
Stockholders Equity [Line Items] | ||||
Weighted average number of shares outstanding, diluted adjustment (in shares) | 0 | 7 | 0 | 10 |
Stock Options | ||||
Stockholders Equity [Line Items] | ||||
Weighted average number of shares outstanding, diluted adjustment (in shares) | 0 | 16 | 0 | 28 |
VERIS RESIDENTIAL, L.P. | ||||
Stockholders Equity [Line Items] | ||||
Basic EPU units (in shares) | 100,854 | 100,329 | 100,691 | 100,133 |
Diluted EPU Units (in shares) | 100,854 | 100,352 | 100,691 | 100,171 |
VERIS RESIDENTIAL, L.P. | Restricted Stock Awards | ||||
Stockholders Equity [Line Items] | ||||
Weighted average number of units outstanding, diluted adjustment (in shares) | 0 | 7 | 0 | 10 |
VERIS RESIDENTIAL, L.P. | Stock Options | ||||
Stockholders Equity [Line Items] | ||||
Weighted average number of units outstanding, diluted adjustment (in shares) | 0 | 16 | 0 | 28 |
VERIS RESIDENTIAL, INC. STOC_13
VERIS RESIDENTIAL, INC. STOCKHOLDERS’ EQUITY AND VERIS RESIDENTIAL, L.P.’S PARTNERS’ CAPITAL - Earnings Per Share/Unit - Narrative (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
VERIS RESIDENTIAL, L.P. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Distribution declared per common unit (in dollars per share) | $ 0 | $ 0 | |
Unvested LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive securities excluded from the computation of earnings per share (in shares) | 2,096,075 | 1,866,543 | |
Unvested LTIP Units | VERIS RESIDENTIAL, L.P. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive securities excluded from the computation of earnings per share (in shares) | 2,096,075 | 1,866,543 | |
Unvested Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive securities excluded from the computation of earnings per share (in shares) | 54,184 | 49,784 | |
Unvested Restricted Stock | VERIS RESIDENTIAL, L.P. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive securities excluded from the computation of earnings per share (in shares) | 54,184 | 49,784 | |
Unvested AO LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive securities excluded from the computation of earnings per share (in shares) | 625,000 | ||
Unvested AO LTIP Units | VERIS RESIDENTIAL, L.P. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive securities excluded from the computation of earnings per share (in shares) | 625,000 |
NONCONTROLLING INTERESTS IN S_3
NONCONTROLLING INTERESTS IN SUBSIDIARIES - Schedule Of Activity Of Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance, value | $ 163,652 | |||
Unit distributions | 0 | $ 218 | ||
Redeemable noncontrolling interests | $ (617) | $ (6,366) | (6,983) | (12,803) |
Redemption of common units for common stock | 0 | 0 | 0 | 0 |
Redemption of common units | (78) | (359) | (94) | (1,801) |
Other comprehensive income (loss) | 1,536 | (60) | 591 | 2,122 |
Rebalancing of ownership percentage between parent and subsidiaries | 0 | 0 | 0 | 0 |
Balance, value | 151,065 | 151,065 | ||
Noncontrolling Interests in Subsidiaries | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance, value | 157,439 | 165,120 | 163,652 | 167,436 |
Net (loss) income | (2,701) | 8,277 | 1,042 | 12,842 |
Unit distributions | 0 | 0 | 0 | 218 |
Redeemable noncontrolling interests | (617) | (6,726) | (7,444) | (13,454) |
Change in noncontrolling interests in consolidated joint ventures | 0 | 7 | (562) | 18 |
Redemption of common units for common stock | (4,192) | (161) | (9,051) | (161) |
Redemption of common units | (78) | (359) | (94) | (1,801) |
Stock compensation | 94 | 445 | 487 | 2,978 |
Other comprehensive income (loss) | 137 | (6) | 50 | 190 |
Rebalancing of ownership percentage between parent and subsidiaries | 983 | 4,296 | 2,985 | 2,627 |
Balance, value | $ 151,065 | $ 170,893 | $ 151,065 | $ 170,893 |
NONCONTROLLING INTERESTS IN S_4
NONCONTROLLING INTERESTS IN SUBSIDIARIES - Narrative (Details) $ in Thousands | 6 Months Ended | ||
Mar. 13, 2019 shares | Jun. 30, 2023 USD ($) shares | Dec. 31, 2022 | |
Noncontrolling Interest [Line Items] | |||
Rebalance of ownership percentage | $ | $ 3,000 | ||
Number of common shares received upon redemption of common units (in shares) | 1 | ||
Conversion ratio | 1 | ||
Participation Rights | |||
Noncontrolling Interest [Line Items] | |||
Excess net cash flow remaining after the distribution to the Company | 50% | ||
Internal rate of return | 10% | ||
VERIS RESIDENTIAL, L.P. | |||
Noncontrolling Interest [Line Items] | |||
Percentage of noncontrolling interest | 8.80% | 9.30% | |
AO LTIP Units Award | |||
Noncontrolling Interest [Line Items] | |||
Shares granted (in shares) | 625,000 | ||
Flex Portfolio | |||
Noncontrolling Interest [Line Items] | |||
Redemption of common units (in shares) | 6,168 | ||
Proceeds from sale of properties | $ | $ 94 |
SEGMENT REPORTING - Narrative (
SEGMENT REPORTING - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of business segments | segment | 2 | ||||
Total revenues | $ 68,729,000 | $ 53,813,000 | $ 135,688,000 | $ 103,314,000 | |
Foreign Locations | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 0 | $ 0 | |||
Long lived assets | $ 0 | $ 0 | $ 0 |
SEGMENT REPORTING - Schedule Of
SEGMENT REPORTING - Schedule Of Selected Results Of Operations And Asset Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 68,729 | $ 53,813 | $ 135,688 | $ 103,314 | |
Total operating and interest expenses | 72,728 | 53,250 | 133,766 | 110,017 | |
Equity in earnings of unconsolidated joint ventures | 2,700 | 2,638 | 2,633 | 2,151 | |
Net operating income (loss) | (1,299) | 3,201 | 4,555 | (4,552) | |
Total assets | 3,772,833 | 3,772,833 | $ 3,920,768 | ||
Total long-lived assets | 3,162,385 | 3,162,385 | 3,647,879 | ||
Total investments in unconsolidated joint ventures | 122,435 | 122,435 | 126,158 | ||
Corporate & Other | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 60 | (442) | 976 | (944) | |
Total operating and interest expenses | 45,968 | 26,357 | 77,008 | 57,637 | |
Equity in earnings of unconsolidated joint ventures | 0 | 0 | 0 | 0 | |
Net operating income (loss) | (45,908) | (26,799) | (76,032) | (58,581) | |
Total assets | 379,825 | 379,825 | 21,121 | ||
Total long-lived assets | (1,503) | (1,503) | (1,330) | ||
Total investments in unconsolidated joint ventures | 0 | 0 | 0 | ||
Commercial & Other Real Estate | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 4,525 | 1,379 | 8,290 | 4,865 | |
Total operating and interest expenses | 3,050 | 672 | 4,697 | 1,372 | |
Equity in earnings of unconsolidated joint ventures | 0 | 0 | 0 | 0 | |
Net operating income (loss) | 1,475 | 707 | 3,593 | 3,493 | |
Total assets | 200,488 | 200,488 | 597,459 | ||
Total long-lived assets | 194,879 | 194,879 | 547,923 | ||
Total investments in unconsolidated joint ventures | 0 | 0 | 0 | ||
Multiple-Family Real Estate & Services | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 64,144 | 52,876 | 126,422 | 99,393 | |
Total operating and interest expenses | 23,710 | 26,221 | 52,061 | 51,008 | |
Equity in earnings of unconsolidated joint ventures | 2,700 | 2,638 | 2,633 | 2,151 | |
Net operating income (loss) | 43,134 | $ 29,293 | 76,994 | $ 50,536 | |
Total assets | 3,192,520 | 3,192,520 | 3,302,188 | ||
Total long-lived assets | 2,969,009 | 2,969,009 | 3,101,286 | ||
Total investments in unconsolidated joint ventures | $ 122,435 | $ 122,435 | $ 126,158 |
SEGMENT REPORTING - Schedule _2
SEGMENT REPORTING - Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Net operating (loss) income | $ (1,299) | $ 3,201 | $ 4,555 | $ (4,552) |
Depreciation and amortization | (23,684) | (21,015) | (47,331) | (39,456) |
Land and other impairments, net | 0 | (3,900) | (3,396) | (6,832) |
(Loss) Gain on disposition of developable land | 0 | 55,125 | (22) | 57,748 |
Gain (loss) from extinguishment of debt, net | (2,657) | (129) | (2,657) | (129) |
Other income, net | 853 | 0 | 2,851 | 0 |
(Loss) income from continuing operations | (26,787) | 33,282 | (46,000) | 6,779 |
(Loss) income from discontinued operations | 140 | 5,808 | 2,344 | 25,948 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | (3,488) | (4,440) | (2,709) | (2,604) |
Total discontinued operations, net | (3,348) | 1,368 | (365) | 23,344 |
Net (loss) income | (30,135) | 34,650 | (46,365) | 30,123 |
Noncontrolling interests in consolidated joint ventures | 636 | 784 | 1,223 | 1,758 |
Noncontrolling interests in Operating Partnership | 2,384 | (2,568) | 4,696 | 305 |
Noncontrolling interests in Operating Partnership in discontinued operations | 298 | (127) | 22 | (2,102) |
Redeemable noncontrolling interests | (617) | (6,366) | (6,983) | (12,803) |
Net (loss) income available to common shareholders | (27,434) | 26,373 | (47,407) | 17,281 |
VERIS RESIDENTIAL, L.P. | ||||
Segment Reporting Information [Line Items] | ||||
Net operating (loss) income | (1,299) | 3,201 | 4,555 | (4,552) |
Depreciation and amortization | (23,684) | (21,015) | (47,331) | (39,456) |
Land and other impairments, net | 0 | (3,900) | (3,396) | (6,832) |
(Loss) Gain on disposition of developable land | 0 | 55,125 | (22) | 57,748 |
Gain (loss) from extinguishment of debt, net | (2,657) | (129) | (2,657) | (129) |
Other income, net | 853 | 0 | 2,851 | 0 |
(Loss) income from continuing operations | (26,787) | 33,282 | (46,000) | 6,779 |
(Loss) income from discontinued operations | 140 | 5,808 | 2,344 | 25,948 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | (3,488) | (4,440) | (2,709) | (2,604) |
Total discontinued operations, net | (3,348) | 1,368 | (365) | 23,344 |
Net (loss) income | (30,135) | 34,650 | (46,365) | 30,123 |
Noncontrolling interests in consolidated joint ventures | 636 | 784 | 1,223 | 1,758 |
Redeemable noncontrolling interests | (617) | (6,366) | (6,983) | (12,803) |
Net (loss) income available to common shareholders | $ (30,116) | $ 29,068 | $ (52,125) | $ 19,078 |