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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 June 30, 2023
or
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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareVRENew 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
Non-accelerated filer
Smaller reporting company
Emerging Growth Company
Veris Residential, L.P.:
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging Growth Company
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 July 24, 2023, there were 92,064,713 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.



EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2023 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 June 30, 2023, the General Partner owned an approximate 91.2 percent common unit interest in the Operating Partnership. The remaining approximate 8.8 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
2


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.
3


VERIS RESIDENTIAL, INC.
VERIS RESIDENTIAL, L.P.
FORM 10-Q
INDEX
Page
4


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 (loss), 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, 2022.
The results of operations for the three and six month periods ended June 30, 2023 are not necessarily indicative of the results to be expected for the entire fiscal year or any other period.
5


VERIS RESIDENTIAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited)
ASSETSJune 30,
2023
December 31,
2022
Rental property
Land and leasehold interests$483,195$492,204
Buildings and improvements2,845,1933,332,315
Tenant improvements40,809122,509
Furniture, fixtures and equipment100,80399,094
3,470,0004,046,122
Less – accumulated depreciation and amortization(438,113)(631,910)
3,031,8873,414,212
Real estate held for sale, net122,690193,933
Net investment in rental property3,154,5773,608,145
Cash and cash equivalents396,94026,782
Restricted cash27,61420,867
Investments in unconsolidated joint ventures122,435126,158
Unbilled rents receivable, net7,80839,734
Deferred charges and other assets, net58,96196,162
Accounts receivable4,4982,920
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 interests487,619
Dividends and distributions payable72110
Accounts payable, accrued expenses and other liabilities53,23972,041
Rents received in advance and security deposits15,71022,941
Accrued interest payable6,9637,131
Total liabilities2,384,5842,006,200
Commitments and contingencies
Redeemable noncontrolling interests40,231515,231
Equity:
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
918911
Additional paid-in capital2,540,3092,532,182
Dividends in excess of net earnings(1,348,792)(1,301,385)
Accumulated other comprehensive income4,5183,977
Total Veris Residential, Inc. stockholders’ equity1,196,9531,235,685
Noncontrolling interests in subsidiaries:
Operating Partnership115,307126,109
Consolidated joint ventures35,75837,543
Total noncontrolling interests in subsidiaries151,065163,652
Total equity1,348,0181,399,337
Total liabilities and equity$3,772,833$3,920,768
The accompanying notes are an integral part of these consolidated financial statements.
6


VERIS RESIDENTIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
REVENUES2023202220232022
Revenue from leases$61,909 $47,313 $121,747 $91,256 
Real estate services643 8961,554 1,807
Parking income4,796 4,1739,129 7,760
Other income1,381 1,4313,258 2,491
Total revenues68,729 53,813135,688 103,314
EXPENSES
Real estate taxes7,860 7,91118,980 16,201
Utilities2,379 1,8954,882 4,247
Operating services14,044 13,10026,307 25,964
Real estate services expenses4,389 2,9206,332 5,283
General and administrative9,582 11,52719,865 30,976
Transaction related costs3,319 1,3454,347 1,345
Depreciation and amortization23,684 21,01547,331 39,456
Land and other impairments, net 3,9003,396 6,832
Total expenses65,257 63,613131,440 130,304
OTHER (EXPENSE) INCOME
Interest expense(21,692)(14,741)(43,706)(26,348)
Interest cost of mandatorily redeemable noncontrolling interests(13,390) (13,390) 
Interest and other investment income 3,927 1894,043 347
Equity in earnings of unconsolidated joint ventures2,700 2,6382,633 2,151
Gain (loss) on disposition of developable land 55,125(22)57,748
Loss from extinguishment of debt, net(2,657)(129)(2,657)(129)
Other income, net853  2,851  
Total other (expense) income, net(30,259)43,082(50,248)33,769
(Loss) income from continuing operations(26,787)33,282 (46,000)6,779 
Discontinued operations:
(Loss) income from discontinued operations140 5,8082,344 25,948
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net(3,488)(4,440)(2,709)(2,604)
Total discontinued operations, net(3,348)1,368(365)23,344
Net (loss) income(30,135)34,650 (46,365)30,123 
Noncontrolling interests in consolidated joint ventures636 7841,223 1,758
Noncontrolling interests in Operating Partnership of income from continuing operations2,384 (2,568)4,696 305
Noncontrolling interests in Operating Partnership in discontinued operations298 (127)22 (2,102)
Redeemable noncontrolling interests(617)(6,366)(6,983)(12,803)
Net (loss) income available to common shareholders$(27,434)$26,373 $(47,407)$17,281 
Basic earnings per common share:
(Loss) income from continuing operations$(0.27)$0.24 $(0.56)$(0.11)
Discontinued operations(0.03)0.010.000.23 
Net (loss) income available to common shareholders$(0.30)$0.25 $(0.56)$0.12 
Diluted earnings per common share:
(Loss) income from continuing operations$(0.27)$0.24 $(0.56)$(0.11)
Discontinued operations(0.03)0.010.000.23 
Net (loss) income available to common shareholders$(0.30)$0.25 $(0.56)$0.12 
Basic weighted average shares outstanding91,873 91,027 91,551 90,989 
Diluted weighted average shares outstanding100,854 100,352 100,691 100,171 
The accompanying notes are an integral part of these consolidated financial statements.
7


VERIS RESIDENTIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) (unaudited)

Three Months Ended
June 30,
Six Months Ended
June 30,
2023202220232022
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 swaps1,536(60)5912,122
Comprehensive (loss) income $(28,599)$34,590$(45,774)$32,245
Comprehensive loss attributable to noncontrolling interests in consolidated joint ventures6367841,2231,758
Comprehensive income attributable to redeemable noncontrolling interests(617)(6,366)(6,983)(12,803)
Comprehensive loss (income) attributable to noncontrolling interests in Operating Partnership2,545(2,689)4,668(1,987)
Comprehensive (loss) income attributable to common shareholders$(26,035)$26,319$(46,866)$19,213
The accompanying notes are an integral part of these consolidated financial statements.
8


VERIS RESIDENTIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (in thousands) (unaudited)
 Common StockAdditional
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 June 30, 2023
SharesPar Value
Balance at April 1, 202391,620 915 $2,533,854 $(1,321,358)$3,119 $157,439 $1,373,969 
Net loss— — — (27,434)— (2,701)(30,135)
Redeemable noncontrolling interests— —  — — (617)(617)
Redemption of common units for common stock271 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 plan21 — 86 — — — 86 
Stock compensation144 — 3,381 — — 94 3,475 
Cancellation of restricted shares(15)— (219)— — — (219)
Other comprehensive income— — — — 1,399 137 1,536 
Rebalancing of ownership percentage between parent and subsidiaries— — (983)— — 983  
Balance at June 30, 2023
92,041 918 $2,540,309 $(1,348,792)$4,518 $151,065 $1,348,018 
Common StockAdditional
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 June 30, 2022
SharesPar Value
Balance at April 1, 202290,956 909 $2,531,188 $(1,258,411)$1,995 $165,120 $1,440,801 
Net income— — — 26,373 — 8,277 34,650 
Redeemable noncontrolling interests— — (3,524)— — (6,726)(10,250)
Change in noncontrolling interests in consolidated joint ventures— — — — — 7 7 
Redemption of common units for common stock11  161 — — (161) 
Redemption of common units— — — — — (359)(359)
Shares issued under Dividend Reinvestment and Stock Purchase Plan1 — 16 — — — 16 
Directors' deferred compensation plan— — 110 — — — 110 
Stock compensation136 2 2,507 — — 445 2,954 
Cancellation of common stock(41)— (696)— — — (696)
Other comprehensive loss— — — — (54)(6)(60)
Rebalancing of ownership percentage between parent and subsidiaries— — (4,296)— — 4,296  
Balance at June 30, 2022
91,063 911 $2,525,466 $(1,232,038)$1,941 $170,893 $1,467,173 
The accompanying notes are an integral part of these consolidated financial statements.





9


VERIS RESIDENTIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (in thousands) (unaudited)

Common StockAdditional
Paid-In
Capital
Dividends in
Excess of
Net Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
 in Subsidiaries
Total Equity
For the Six Months Ended June 30, 2023SharesPar Value
Balance at January 1, 202391,142 911 $2,532,182 $(1,301,385)$3,977 $163,652 $1,399,337 
Net (loss) income — — — (47,407)— 1,042 (46,365)
Redeemable noncontrolling interests— — (4,516)— — (7,444)(11,960)
Change in noncontrolling interests in consolidated joint ventures— — — — — (562)(562)
Redemption of common units for common stock650 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 plan21 — 196 — — — 196 
Stock compensation259  6,852 — — 487 7,339 
Cancellation of restricted shares(31)— (466)— — — (466)
Other comprehensive income— — — — 541 50 591 
Rebalancing of ownership percentage between parent and subsidiaries— — (2,985)— — 2,985  
Balance at June 30, 202392,041 918 $2,540,309 $(1,348,792)$4,518 $151,065 $1,348,018 
Common StockAdditional
Paid-In
Capital
Dividends in
Excess of
Net Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
in Subsidiaries
Total Equity
For the Six Months Ended June 30, 2022SharesPar Value
Balance at January 1, 202290,948 909 $2,530,383 $(1,249,319)$9 $167,436 $1,449,418 
Net income— — — 17,281 — 12,842 30,123 
Common unit distributions— — — — — 218 218 
Redeemable noncontrolling interests— — (6,466)— — (13,454)(19,920)
Change in noncontrolling interests in consolidated joint ventures— — — — — 18 18 
Redemption of common units for common stock11  161 — — (161) 
Redemption of common units— — — — — (1,801)(1,801)
Shares issued under Dividend Reinvestment and Stock Purchase Plan2 — 27 — — — 27 
Directors' deferred compensation plan— — 220 — — — 220 
Stock compensation143 2 4,464 — — 2,978 7,444 
Cancellation of restricted shares(41)— (696)— — — (696)
Other comprehensive income— — — — 1,932 190 2,122 
Rebalancing of ownership percentage between parent and subsidiaries— — (2,627)— — 2,627  
Balance at June 30, 202291,063 911 $2,525,466 $(1,232,038)$1,941 $170,893 $1,467,173 
The accompanying notes are an integral part of these consolidated financial statements.





10


VERIS RESIDENTIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
Six Months Ended June 30,
CASH FLOWS FROM OPERATING ACTIVITIES20232022
Net (loss) income$(46,365)$30,123 
Net loss (income) from discontinued operations365 (23,344)
Net (loss) income from continuing operations(46,000)6,779 
Adjustments to reconcile net income (loss) to net cash provided by
Operating activities:
Depreciation and amortization, including related intangible assets47,269 39,480 
Amortization of deferred compensation stock units196 220 
Amortization of stock compensation7,339 7,444 
Amortization of deferred financing costs1,808 2,358 
Equity in earnings of unconsolidated joint ventures(2,633)(2,151)
Distributions of cumulative earnings from unconsolidated joint ventures 13 
Loss (gain) on disposition of developable land22 (57,748)
Land and other impairments, net3,396 6,832 
Loss from extinguishment of debt2,657 129 
Gain on insurance proceeds(2,851) 
Interest cost of mandatorily redeemable noncontrolling interests13,390  
Changes in operating assets and liabilities:
Decrease in unbilled rents receivable, net1,695 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 deposits502 2,171 
Increase (decrease) in accrued interest payable158 (39)
Net cash flows provided by operating activities - continuing operations17,902 2,464 
Net cash flows provided by operating activities - discontinued operations6,462 43,246 
Net cash provided by operating activities$24,364 $45,710 
CASH FLOWS FROM INVESTING ACTIVITIES
Rental property acquisitions and related intangibles$ $(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 property6,528 28,596 
Repayment of notes receivable1,257 1,433 
Investment in unconsolidated joint ventures(98)(147)
Distributions in excess of cumulative earnings from unconsolidated joint ventures6,454 7,450 
Proceeds from insurance settlements3,239  
Net cash provided by (used in) investing activities - continuing operations5,986 (16,680)
Net cash provided by investing activities - discontinued operations445,648 171,754 
Net cash provided by investing activities$451,634 $155,074 
CASH FLOW FROM FINANCING ACTIVITIES
Borrowings from revolving credit facility$16,000 $43,000 
Repayment of revolving credit facility(16,000)(115,000)
Proceeds from mortgages and loans payable 149,068 
Repayment of mortgages, loans payable and other obligations(84,258)(240,270)
Redemption of redeemable noncontrolling interests, net (12,000)
Payment of early debt extinguishment costs(251)(5,140)
Common unit redemptions(94)(2,497)
Payment of financing costs(1,721)(3,025)
Contribution from noncontrolling interests 18 
Distributions to redeemable noncontrolling interests(12,731)(12,908)
Payment of common dividends and distributions(38)(56)
Net cash used in financing activities$(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.

The accompanying notes are an integral part of these consolidated financial statements.
11


VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (in thousands, except per unit amounts) (unaudited)

ASSETSJune 30,
2023
December 31,
2022
Rental property
Land and leasehold interests$483,195$492,204
Buildings and improvements2,845,1933,332,315
Tenant improvements40,809122,509
Furniture, fixtures and equipment100,80399,094
3,470,0004,046,122
Less – accumulated depreciation and amortization(438,113)(631,910)
3,031,8873,414,212
Real estate held for sale, net122,690193,933
Net investment in rental property3,154,5773,608,145
Cash and cash equivalents396,94026,782
Restricted cash27,61420,867
Investments in unconsolidated joint ventures122,435126,158
Unbilled rents receivable, net7,80839,734
Deferred charges and other assets, net58,96196,162
Accounts receivable4,4982,920
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 interests487,619
Distributions payable72110
Accounts payable, accrued expenses and other liabilities53,23972,041
Rents received in advance and security deposits15,71022,941
Accrued interest payable6,9637,131
Total liabilities2,384,5842,006,200
Commitments and contingencies
Redeemable noncontrolling interests40,231515,231
Partners’ Capital:
General Partner, 92,041,386 and 91,141,649 common units outstanding
1,127,6471,163,935
Limited partners, 8,666,675 and 9,301,521 common units/LTIPs outstanding
180,095193,882
Accumulated other comprehensive income4,5183,977
Total Veris Residential, L.P. partners’ capital1,312,2601,361,794
Noncontrolling interests in consolidated joint ventures35,75837,543
Total equity1,348,0181,399,337
Total liabilities and equity$3,772,833$3,920,768
The accompanying notes are an integral part of these consolidated financial statements.
12


VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
REVENUES2023202220232022
Revenue from leases$61,909 $47,313 $121,747 $91,256 
Real estate services643 896 1,554 1,807 
Parking income4,796 4,173 9,129 7,760 
Other income1,381 1,431 3,258 2,491 
Total revenues68,729 53,813 135,688 103,314 
EXPENSES
Real estate taxes7,860 7,911 18,980 16,201 
Utilities2,379 1,895 4,882 4,247 
Operating services14,044 13,100 26,307 25,964 
Real estate services expenses