v3.22.2
VERIS RESIDENTIAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
REVENUES        
Total revenues $ 79,826 $ 79,687 $ 177,459 $ 154,220
EXPENSES        
Real estate taxes 12,032 12,010 24,532 23,629
Utilities 3,477 3,151 7,410 7,243
Operating services 18,706 18,943 37,106 34,265
Real estate services expenses 2,920 3,213 5,283 6,531
General and administrative 11,582 18,066 31,056 32,052
Transaction related costs 1,345 2,745 1,345 2,745
Depreciation and amortization 27,733 28,498 53,851 56,276
Property impairments 0 6,041 0 6,041
Land and other impairments, net 3,900 7,519 6,832 7,932
Total expenses 81,695 100,186 167,415 176,714
OTHER (EXPENSE) INCOME        
Interest expense (17,707) (16,554) (32,733) (34,164)
Interest and other investment income (loss) 189 95 347 112
Equity in earnings (loss) of unconsolidated joint ventures 2,638 349 2,151 (1,107)
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net 0 3,521 1,836 3,521
Gain on disposition of developable land 55,125 111 57,748 111
Gain (loss) from extinguishment of debt, net (129) (46,735) (6,418) (46,735)
Total other income (expense) 40,116 (59,213) 22,931 (78,262)
Income (loss) from continuing operations 38,247 (79,712) 32,975 (100,756)
Discontinued operations:        
Income from discontinued operations 843 3,601 1,588 15,385
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net (4,440) 2,080 (4,440) 24,861
Total discontinued operations, net (3,597) 5,681 (2,852) 40,246
Net income (loss) 34,650 (74,031) 30,123 (60,510)
Noncontrolling interests in consolidated joint ventures 784 1,198 1,758 2,533
Noncontrolling interests in Operating Partnership of income from continuing operations (3,029) 7,742 (2,064) 10,122
Noncontrolling interests in Operating Partnership in discontinued operations 334 (517) 267 (3,659)
Redeemable noncontrolling interests (6,366) (6,471) (12,803) (12,942)
Net income (loss) available to common shareholders $ 26,373 $ (72,079) $ 17,281 $ (64,456)
Basic earnings per common share:        
Income (loss) from continuing operations (in dollars per share) $ 0.29 $ (0.87) $ 0.15 $ (1.15)
Discontinued operations (in dollars per share) (0.04) 0.06 (0.03) 0.40
Net income (loss) available to common shareholders (in dollars per share) 0.25 (0.81) 0.12 (0.75)
Diluted earnings per common share:        
Income (loss) from continuing operations (in dollars per share) 0.29 (0.87) 0.15 (1.15)
Discontinued operations (in dollars per share) (0.04) 0.06 (0.03) 0.40
Net income (loss) available to common shareholders (in dollars per share) $ 0.25 $ (0.81) $ 0.12 $ (0.75)
Basic weighted average shares outstanding (in shares) 91,027 90,774 90,989 90,733
Diluted weighted average shares outstanding (in shares) 100,352 99,873 100,171 99,817
Revenue from leases        
REVENUES        
Total revenues $ 68,490 $ 67,376 $ 132,832 $ 131,587
Real estate services        
REVENUES        
Total revenues 897 2,593 1,807 5,119
Parking income        
REVENUES        
Total revenues 4,754 3,484 8,931 6,570
Hotel income        
REVENUES        
Total revenues 4,536 2,714 5,953 3,767
Other income        
REVENUES        
Total revenues $ 1,149 $ 3,520 $ 27,936 $ 7,177

Source