v3.22.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Rental property    
Land and leasehold interests $ 494,935 $ 494,935
Buildings and improvements 3,404,452 3,375,266
Tenant improvements 108,173 106,654
Furniture, fixtures and equipment 101,690 100,011
Gross investment in rental property 4,109,250 4,076,866
Less - accumulated depreciation and amortization (606,625) (583,416)
Total investment in rental property 3,502,625 3,493,450
Real estate held for sale, net 412,058 618,646
Net investment in rental property 3,914,683 4,112,096
Cash and cash equivalents 26,138 31,754
Restricted cash 21,153 19,701
Investments in unconsolidated joint ventures 135,116 137,772
Unbilled rents receivable, net 53,161 72,285
Deferred charges and other assets, net 107,341 151,347
Accounts receivable 2,233 2,363
Total assets 4,259,825 4,527,318
LIABILITIES AND EQUITY    
Revolving credit facility and term loans 78,000 148,000
Mortgages, loans payable and other obligations, net 2,108,943 2,241,070
Distributions payable 132 384
Accounts payable, accrued expenses and other liabilities 89,980 134,977
Rents received in advance and security deposits 24,275 26,396
Accrued interest payable 5,182 5,760
Total liabilities 2,306,512 2,556,587
Commitments and contingencies
Redeemable noncontrolling interests 512,512 521,313
Veris Residential, Inc. stockholders’ equity:    
Common stock, $0.01 par value, 190,000,000 shares authorized, 90,955,759 and 90,948,008 shares outstanding 909 909
Additional paid-in capital 2,531,188 2,530,383
Dividends in excess of net earnings (1,258,411) (1,249,319)
Accumulated other comprehensive income (loss) 1,995 9
Total Veris Residential, Inc. stockholders’ equity 1,275,681 1,281,982
Noncontrolling interests in subsidiaries:    
Operating Partnership 125,700 127,053
Consolidated joint ventures 39,420 40,383
Total noncontrolling interests in subsidiaries 165,120 167,436
Total equity 1,440,801 1,449,418
Total liabilities and equity 4,259,825 4,527,318
VERIS RESIDENTIAL, L.P. [Member]    
Rental property    
Land and leasehold interests 494,935 494,935
Buildings and improvements 3,404,452 3,375,266
Tenant improvements 108,173 106,654
Furniture, fixtures and equipment 101,690 100,011
Gross investment in rental property 4,109,250 4,076,866
Less - accumulated depreciation and amortization (606,625) (583,416)
Total investment in rental property 3,502,625 3,493,450
Real estate held for sale, net 412,058 618,646
Net investment in rental property 3,914,683 4,112,096
Cash and cash equivalents 26,138 31,754
Restricted cash 21,153 19,701
Investments in unconsolidated joint ventures 135,116 137,772
Unbilled rents receivable, net 53,161 72,285
Deferred charges and other assets, net 107,341 151,347
Accounts receivable 2,233 2,363
Total assets 4,259,825 4,527,318
LIABILITIES AND EQUITY    
Revolving credit facility and term loans 78,000 148,000
Mortgages, loans payable and other obligations, net 2,108,943 2,241,070
Distributions payable 132 384
Accounts payable, accrued expenses and other liabilities 89,980 134,977
Rents received in advance and security deposits 24,275 26,396
Accrued interest payable 5,182 5,760
Total liabilities 2,306,512 2,556,587
Commitments and contingencies
Redeemable noncontrolling interests 512,512 521,313
Veris Residential, Inc. stockholders’ equity:    
General Partner, 90,955,759 and 90,948,008 common units outstanding 1,201,834 1,211,790
Limited partners, 8,962,385 and 9,013,534 common units/LTIPs outstanding 197,552 197,236
Accumulated other comprehensive income (loss) 1,995 9
Total Veris Residential, L.P. partners’ capital 1,401,381 1,409,035
Noncontrolling interests in subsidiaries:    
Noncontrolling interests in consolidated joint ventures 39,420 40,383
Total equity 1,440,801 1,449,418
Total liabilities and equity $ 4,259,825 $ 4,527,318

Source