v3.22.2.2
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
REVENUES        
Total revenues $ 91,356 $ 82,184 $ 268,815 $ 236,404
EXPENSES        
Real estate taxes 14,900 11,764 39,432 35,393
Utilities 3,955 3,573 11,365 10,816
Operating services 20,565 17,135 57,671 51,400
Real estate services expenses 2,752 3,307 8,035 9,838
General and administrative 12,863 11,288 43,919 43,340
Transaction related costs 3 3,671 1,348 6,416
Depreciation and amortization 28,960 28,950 82,812 85,226
Property impairments 84,509 0 84,509 6,041
Land and other impairments, net 2,536 3,401 9,368 11,333
Total expenses 171,043 83,089 338,459 259,803
OTHER (EXPENSE) INCOME        
Interest expense (22,137) (15,200) (54,869) (49,364)
Interest and other investment income (loss) 280 (4,731) 627 (4,619)
Equity in earnings (loss) of unconsolidated joint ventures (304) (1,724) 1,847 (2,831)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net (5,100) (3,000) (3,264) 521
Gain on disposition of developable land 0 0 57,748 111
Loss on sale of unconsolidated joint venture interests 0 (1,886) 0 (1,886)
Loss from extinguishment of debt, net 0 0 (6,418) (46,735)
Total other income (expense) (27,261) (26,541) (4,329) (104,803)
Loss from continuing operations (106,948) (27,446) (73,973) (128,202)
Discontinued operations:        
Income from discontinued operations 1,046 1,045 2,634 16,431
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 0 609 (4,440) 25,469
Total discontinued operations, net 1,046 1,654 (1,806) 41,900
Net income (loss) (105,902) (25,792) (75,779) (86,302)
Noncontrolling interests in consolidated joint ventures 726 1,137 2,484 3,670
Noncontrolling interests in Operating Partnership of income from continuing operations 10,420 2,962 8,356 13,084
Noncontrolling interests in Operating Partnership in discontinued operations (97) (150) 170 (3,809)
Redeemable noncontrolling interests (6,365) (6,471) (19,168) (19,413)
Net income (loss) available to common shareholders $ (101,218) $ (28,314) $ (83,937) $ (92,770)
Basic earnings per common share:        
Income (loss) from continuing operations (in dollars per share) $ (1.11) $ (0.35) $ (0.96) $ (1.50)
Discontinued operations (in dollars per share) 0.01 0.02 (0.02) 0.42
Net income (loss) available to common shareholders (in dollars per share) (1.10) (0.33) (0.98) (1.08)
Diluted earnings per common share:        
Income (loss) from continuing operations (in dollars per share) (1.11) (0.35) (0.96) (1.50)
Discontinued operations (in dollars per share) 0.01 0.02 (0.02) 0.42
Net income (loss) available to common shareholders (in dollars per share) $ (1.10) $ (0.33) $ (0.98) $ (1.08)
Basic weighted average shares outstanding (in shares) 91,087 90,941 91,022 90,803
Diluted weighted average shares outstanding (in shares) 100,378 99,975 100,215 99,870
Revenue from leases        
REVENUES        
Total revenues $ 77,765 $ 70,683 $ 210,597 $ 202,270
Real estate services        
REVENUES        
Total revenues 886 2,628 2,693 7,747
Parking income        
REVENUES        
Total revenues 4,873 3,950 13,804 10,520
Hotel income        
REVENUES        
Total revenues 4,489 3,018 10,442 6,785
Other income        
REVENUES        
Total revenues $ 3,343 $ 1,905 $ 31,279 $ 9,082

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