vre-20220930

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-13274 Veris Residential, Inc.

Commission File Number: 333-57103 Veris Residential, L.P.

Veris Residential, Inc.

Veris Residential, L.P.

(Exact name of registrant as specified in its charter)


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


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

(732) 590-1010

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the Act:

Veris Residential, Inc.:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	VRE	New York Stock Exchange

Veris Residential, L.P.:

None

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


Veris Residential, Inc.			Yes No
Veris Residential, L.P.			Yes No

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


Veris Residential, Inc.			Yes No
Veris Residential, L.P.			Yes No

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

Veris Residential, Inc.:

Large accelerated filer

Accelerated filer o

Non-accelerated filer o

Smaller reporting company o

Emerging Growth Company o

Veris Residential, L.P.:

Large accelerated filer

Accelerated filer o

Non-accelerated filer o

Smaller reporting company o

Emerging Growth Company o

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

Veris Residential, Inc.

Veris Residential, L.P.

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


Veris Residential, Inc.			Yes No
Veris Residential, L.P.			Yes No

As of October 31, 2022, there were 91,083,543 shares of Veris Residential, Inc.’s Common Stock, par value $0.01 per share, outstanding.

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

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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2022 of Veris Residential, Inc. and Veris Residential, L.P. Unless stated otherwise or the context otherwise requires, references to the “Operating Partnership” mean Veris Residential, L.P., a Delaware limited partnership, and references to the “General Partner” mean Veris Residential, Inc., a Maryland corporation and real estate investment trust (“REIT”), and its subsidiaries, including the Operating Partnership. References to the “Company,” “we,” “us” and “our” mean collectively the General Partner, the Operating Partnership and those entities/subsidiaries consolidated by the General Partner.

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

As of September 30, 2022, the General Partner owned an approximate 90.7 percent common unit interest in the Operating Partnership. The remaining approximate 9.3 percent common unit interest is owned by limited partners. The limited partners of the Operating Partnership are (1) persons who contributed their interests in properties to the Operating Partnership in exchange for common units (each, a “Common Unit”) or preferred units of limited partnership interest in the Operating Partnership or (2) recipients of long term incentive plan units of the Operating Partnership pursuant to the General Partner’s executive compensation plans.

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

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

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

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

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

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

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significant business relationships other than transactions involving the securities of the General Partner. The Operating Partnership holds substantially all of the assets of the General Partner, including ownership interests in joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by the General Partner, which are contributed to the capital of the Operating Partnership in consideration of common or preferred units in the Operating Partnership, as applicable, the Operating Partnership generates all remaining capital required by the Company’s business. These sources include working capital, net cash provided by operating activities, borrowings under the Company’s revolving credit facility, the issuance of secured and unsecured debt and equity securities, and proceeds received from the disposition of properties and joint ventures.

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

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

•Item 1. Financial Statements (unaudited), which includes the following specific disclosures for Veris Residential, Inc. and Veris Residential, L.P.:

•Note 2. Significant Accounting Policies, where applicable;

•Note 14. Redeemable Noncontrolling Interests;

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

•Note 16. Noncontrolling Interests in Subsidiaries; and

•Note 17. Segment Reporting, where applicable.

•Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable.

This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of the General Partner and the Operating Partnership in order to establish that the requisite certifications have been made and that the General Partner and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

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VERIS RESIDENTIAL, INC.

VERIS RESIDENTIAL, L.P.

FORM 10-Q

INDEX


			Page
Part I	Financial Information
	Item 1.	Financial Statements (unaudited):
		Veris Residential, Inc.
		Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021	6
		Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021	7
		Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and 2021	8
		Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2022 and 2021	9
		Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021	11
		Veris Residential, L.P.
		Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021	13
		Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021	14
		Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2022 and 2021	15
		Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2022 and 2021	16
		Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021	18
		Veris Residential, Inc. and Veris Residential, L.P.
		Notes to Consolidated Financial Statements	20
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	55
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	69
	Item 4.	Controls and Procedures	70
Part II	Other Information
		Veris Residential, Inc. and Veris Residential, L.P.
	Item 1.	Legal Proceedings	71
	Item 1A.	Risk Factors	71
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	71
	Item 3.	Defaults Upon Senior Securities	71
	Item 4.	Mine Safety Disclosures	71
	Item 5.	Other Information	71
	Item 6.	Exhibits	71
Exhibit Index			72
Signatures			73

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VERIS RESIDENTIAL, INC.

VERIS RESIDENTIAL, L.P.

Part I – Financial Information

Item 1. Financial Statements

The accompanying unaudited consolidated balance sheets, statements of operations, of comprehensive income, of changes in equity, and of cash flows and related notes thereto, have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. The financial statements reflect all adjustments consisting only of normal, recurring adjustments, which are, in the opinion of management, necessary for a fair statement for the interim periods.

The aforementioned financial statements should be read in conjunction with the notes to the aforementioned financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto included in Veris Residential, Inc.’s and Veris Residential, L.P.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

The results of operations for the three and nine month periods ended September 30, 2022 are not necessarily indicative of the results to be expected for the entire fiscal year or any other period.

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VERIS RESIDENTIAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited)


ASSETS	September 30, 2022		December 31, 2021
Rental property
Land and leasehold interests	$	492,456	$	494,935
Buildings and improvements	3,341,381		3,375,266
Tenant improvements	112,071		106,654
Furniture, fixtures and equipment	96,882		100,011
	4,042,790		4,076,866
Less – accumulated depreciation and amortization	(611,759)		(583,416)
	3,431,031		3,493,450
Real estate held for sale, net	464,954		618,646
Net investment in rental property	3,895,985		4,112,096
Cash and cash equivalents	38,357		31,754
Restricted cash	25,702		19,701
Investments in unconsolidated joint ventures	129,575		137,772
Unbilled rents receivable, net	54,355		72,285
Deferred charges and other assets, net	109,781		151,347
Accounts receivable	2,337		2,363

Total assets	$	4,256,092	$	4,527,318
LIABILITIES AND EQUITY
Revolving credit facility and term loans	$	109,000	$	148,000
Mortgages, loans payable and other obligations, net	2,157,706		2,241,070
Dividends and distributions payable	110		384
Accounts payable, accrued expenses and other liabilities	80,618		134,977
Rents received in advance and security deposits	25,751		26,396
Accrued interest payable	5,931		5,760
Total liabilities	2,379,116		2,556,587

Commitments and contingencies

Redeemable noncontrolling interests	514,914		521,313

Equity:
Veris Residential, Inc. stockholders’ equity:
Common stock, $0.01 par value, 190,000,000 shares authorized, 91,083,837 and 90,948,008 shares outstanding	911		909
Additional paid-in capital	2,529,645		2,530,383
Dividends in excess of net earnings	(1,333,256)		(1,249,319)
Accumulated other comprehensive income (loss)	4,279		9
Total Veris Residential, Inc. stockholders’ equity	1,201,579		1,281,982

Noncontrolling interests in subsidiaries:
Operating Partnership	122,560		127,053
Consolidated joint ventures	37,923		40,383
Total noncontrolling interests in subsidiaries	160,483		167,436

Total equity	1,362,062		1,449,418

Total liabilities and equity	$	4,256,092	$	4,527,318

The accompanying notes are an integral part of these consolidated financial statements.

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VERIS RESIDENTIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
REVENUES	2022		2021		2022		2021
Revenue from leases	$	77,765	$	70,683	$	210,597	$	202,270
Real estate services	886		2,628		2,693		7,747
Parking income	4,873		3,950		13,804		10,520
Hotel income	4,489		3,018		10,442		6,785
Other income	3,343		1,905		31,279		9,082
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		—		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	—		—		57,748		111
Loss on sale of unconsolidated joint venture interests	—		(1,886)		—		(1,886)
Loss from extinguishment of debt, net	—		—		(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	—		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	$	(1.11)	$	(0.35)	$	(0.96)	$	(1.50)
Discontinued operations	0.01		0.02		(0.02)		0.42
Net income (loss) available to common shareholders	$	(1.10)	$	(0.33)	$	(0.98)	$	(1.08)

Diluted earnings per common share:
Income (loss) from continuing operations	$	(1.11)	$	(0.35)	$	(0.96)	$	(1.50)
Discontinued operations	0.01		0.02		(0.02)		0.42
Net income (loss) available to common shareholders	$	(1.10)	$	(0.33)	$	(0.98)	$	(1.08)

Basic weighted average shares outstanding	91,087		90,941		91,022		90,803

Diluted weighted average shares outstanding	100,378		99,975		100,215		99,870

The accompanying notes are an integral part of these consolidated financial statements.

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VERIS RESIDENTIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) (unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021

Net income (loss)	$	(105,902)	$	(25,792)	$	(75,779)	$	(86,302)
Other comprehensive income (loss):
Net unrealized gain (loss) on derivative instruments for interest rate swaps	2,577		—		4,699		$	—
Comprehensive (income) loss	$	(103,325)	$	(25,792)	$	(71,080)	$	(86,302)
Comprehensive (income) loss attributable to noncontrolling interests in consolidated joint ventures	726		1,137		2,484		3,670
Comprehensive (income) loss attributable to redeemable noncontrolling interests	(6,365)		(6,471)		(19,168)		(19,413)
Comprehensive (income) loss attributable to noncontrolling interests in Operating Partnership	10,084		2,812		8,097		9,275
Comprehensive income (loss) attributable to common shareholders	$	(98,880)	$	(28,314)	$	(79,667)	$	(92,770)

The accompanying notes are an integral part of these consolidated financial statements.

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VERIS RESIDENTIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (in thousands) (unaudited)


	Common Stock		Additional Paid-In Capital		Dividends in Excess of Net Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests in Subsidiaries		Total Equity
For the Three Months Ended September 30, 2022	Shares	Par Value
Balance at July 1, 2022	91,063	911	$	2,525,466	$	(1,232,038)	$	1,941	$	170,893	$	1,467,173
Net income (loss)	—	—	—		(101,218)		—		(4,684)		(105,902)


Redeemable noncontrolling interests	—	—	1,279		—		—		(6,234)		(4,955)
Change in noncontrolling interests in consolidated joint ventures	—	—	—		—		—		6		6


Shares issued under Dividend Reinvestment and Stock Purchase Plan	—	—	(4)		—		—		—		(4)
Directors' deferred compensation plan	—	—	110		—		—		—		110
Stock compensation	31	—	2,790		—		—		423		3,213
Cancellation of restricted shares	(10)	—	(156)		—		—		—		(156)
Other comprehensive income	—	—	—		—		2,338		239		2,577
Rebalancing of ownership percentage between parent and subsidiaries	—	—	160		—		—		(160)		—
Balance at September 30, 2022	91,084	911	$	2,529,645	$	(1,333,256)	$	4,279	$	160,483	$	1,362,062


	Common Stock		Additional Paid-In Capital		Dividends in Excess of Net Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests in Subsidiaries		Total Equity
For the Three Months Ended September 30, 2021	Shares	Par Value
Balance at July 1, 2021	90,947	909	$	2,529,050	$	(1,194,733)	$	—	$	175,107	$	1,510,333
Net income (loss)	—	—	—		(28,314)		—		2,522		(25,792)


Redeemable noncontrolling interests	—	—	(1,562)		—		—		(6,626)		(8,188)
Change in noncontrolling interests in consolidated joint ventures	—	—	—		—		—		12		12

Redemption of common units	—	—	—		—		—		(295)		(295)
Shares issued under Dividend Reinvestment and Stock Purchase Plan	—	—	4		—		—		—		4
Directors' deferred compensation plan	—	—	91		—		—		—		91
Stock compensation	—	—	1,632		—		—		1,275		2,907

Rebalancing of ownership percentage between parent and subsidiaries	—	—	948		—		—		(948)		—
Balance at September 30, 2021	90,947	909	$	2,530,163	$	(1,223,047)	$	—	$	171,047	$	1,479,072

The accompanying notes are an integral part of these consolidated financial statements.

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VERIS RESIDENTIAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (in thousands) (unaudited)


	Common Stock		Additional Paid-In Capital		Dividends in Excess of Net Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests in Subsidiaries		Total Equity
For the Nine Months Ended September 30, 2022	Shares	Par Value
Balance at January 1, 2022	90,948	909	$	2,530,383	$	(1,249,319)	$	9	$	167,436	$	1,449,418
Net income (loss)	—	—	—		(83,937)		—		8,158		(75,779)

Unit distributions	—	—	—		—		—		218		218
Redeemable noncontrolling interests	—	—	(5,187)		—		—		(19,688)		(24,875)
Change in noncontrolling interests in consolidated joint ventures	—	—	—		—		—		24		24
Redemption of common units for common stock	11	—	161		—		—		(161)		—
Redemption of common units	—	—	—		—		—		(1,801)		(1,801)
Shares issued under Dividend Reinvestment and Stock Purchase Plan	2	—	23		—		—		—		23
Directors' deferred compensation plan	—	—	330		—		—		—		330
Stock compensation	174	2	7,254		—		—		3,401		10,657
Cancellation of restricted shares	(51)	—	(852)		—		—		—		(852)
Other comprehensive income	—	—	—		—		4,270		429		4,699
Rebalancing of ownership percentage between parent and subsidiaries	—	—	(2,467)		—		—		2,467		—
Balance at September 30, 2022	91,084	911	$	2,529,645	$	(1,333,256)	$	4,279	$	160,483	$	1,362,062


	Common Stock		Additional Paid-In Capital		Dividends in Excess of Net Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests in Subsidiaries		Total Equity
For the Nine Months Ended September 30, 2021	Shares	Par Value
Balance at January 1, 2021	90,712	907	$	2,528,187	$	(1,130,277)	$	—	$	193,563	$	1,592,380
Net income (loss)	—	—	—		(92,770)		—		6,468		(86,302)

Unit distributions	—	—	—		—