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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 March 31, 2024
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 April 22, 2024, there were 92,583,859 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 March 31, 2024 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,” "Veris," “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 March 31, 2024, the General Partner owned an approximate 91.4 percent common unit interest in the Operating Partnership. The remaining approximate 8.6 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 13. Redeemable Noncontrolling Interests;
Note 14. Veris Residential, Inc.’s Stockholders’ Equity and Veris Residential, L.P.’s Partners’ Capital; and
Note 15. Noncontrolling Interests in Subsidiaries.
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, 2023.
The results of operations for the three-month periods ended March 31, 2024 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)
ASSETSMarch 31,
2024
December 31,
2023
Rental property
Land and leasehold interests$463,826$474,499
Buildings and improvements2,633,8492,782,468
Tenant improvements8,39130,908
Furniture, fixtures and equipment105,668103,613
3,211,7343,391,488
Less – accumulated depreciation and amortization(372,241)(443,781)
2,839,4932,947,707
Real estate held for sale, net66,97558,608
Net investment in rental property2,906,4683,006,315
Cash and cash equivalents112,70128,007
Restricted cash25,64926,572
Investments in unconsolidated joint ventures118,830117,954
Unbilled rents receivable, net1,5425,500
Deferred charges and other assets, net45,99953,956
Accounts receivable1,6712,742
Total assets$3,212,860$3,241,046
LIABILITIES AND EQUITY
Mortgages, loans payable and other obligations, net$1,853,149$1,853,897
Dividends and distributions payable5,6425,540
Accounts payable, accrued expenses and other liabilities53,83955,492
Rents received in advance and security deposits12,23414,985
Accrued interest payable6,4866,580
Total liabilities1,931,3501,936,494
Commitments and contingencies
Redeemable noncontrolling interests9,29424,999
Equity:
Veris Residential, Inc. stockholders’ equity:
Common stock, $0.01 par value, 190,000,000 shares authorized, 92,385,167 and 92,229,424 shares outstanding
924922
Additional paid-in capital2,555,7002,553,060
Dividends in excess of net earnings(1,427,199)(1,418,312)
Accumulated other comprehensive income2,8061,808
Total Veris Residential, Inc. stockholders’ equity1,132,2311,137,478
Noncontrolling interests in subsidiaries:
Operating Partnership106,544107,206
Consolidated joint ventures33,44134,869
Total noncontrolling interests in subsidiaries139,985142,075
Total equity1,272,2161,279,553
Total liabilities and equity$3,212,860$3,241,046
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
March 31,
REVENUES20242023
Revenue from leases$60,642 $56,097 
Real estate services922 911 
Parking income3,745 3,728 
Other income2,031 1,862 
Total revenues67,340 62,598 
EXPENSES
Real estate taxes9,177 9,559 
Utilities2,271 2,063 
Operating services12,570 11,383 
Real estate services expenses5,242 1,943 
General and administrative11,088 10,281 
Transaction related costs516 1,027 
Depreciation and amortization20,117 21,788 
Land and other impairments, net 3,396 
Total expenses60,981 61,440 
OTHER (EXPENSE) INCOME
Interest expense(21,500)(22,014)
Interest and other investment income 538 116 
Equity in earnings (losses) of unconsolidated joint ventures254 (68)
Gain (loss) on disposition of developable land784 (22)
Gain on sale of unconsolidated joint venture interests
7,100  
Other income (expense), net255 1,998 
Total other (expense) income, net(12,569)(19,990)
Loss from continuing operations before income tax expense(6,210)(18,832)
Provision for income taxes(59) 
Loss from continuing operations after income tax expense(6,269)(18,832)
Discontinued operations:
Income from discontinued operations252 1,822 
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net1,548 780 
Total discontinued operations, net1,800 2,602 
Net loss(4,469)(16,230)
Noncontrolling interests in consolidated joint ventures495 587 
Noncontrolling interests in Operating Partnership of income from continuing operations523 2,277 
Noncontrolling interests in Operating Partnership in discontinued operations(155)(241)
Redeemable noncontrolling interests(297)(6,366)
Net loss available to common shareholders$(3,903)$(19,973)
Basic earnings per common share:
Loss from continuing operations$(0.06)$(0.29)
Discontinued operations0.02 0.02 
Net loss available to common shareholders$(0.04)$(0.27)
Diluted earnings per common share:
Loss from continuing operations$(0.06)$(0.29)
Discontinued operations0.02 0.02 
Net loss available to common shareholders$(0.04)$(0.27)
Basic weighted average shares outstanding92,275 91,226 
Diluted weighted average shares outstanding100,968 100,526 
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
March 31,
20242023
Net loss$(4,469)$(16,230)
Other comprehensive income (loss):
Net unrealized (loss) gain on derivative instruments1,092(945)
Comprehensive loss$(3,377)$(17,175)
Comprehensive loss attributable to noncontrolling interests in consolidated joint ventures495587
Comprehensive income attributable to redeemable noncontrolling interests(297)(6,366)
Comprehensive loss attributable to noncontrolling interests in Operating Partnership2742,123
Comprehensive loss attributable to common shareholders$(2,905)$(20,831)
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 March 31, 2024
SharesPar Value
Balance at January 1, 202492,229 $922 $2,553,060 $(1,418,312)$1,808 $142,075 $1,279,553 
Net loss— — — (3,903)— (566)(4,469)
Shares issued under ATM Program, net— — (55)— — — (55)
Common stock dividends— — — (4,984)— — (4,984)
Unit distributions— — — — — (457)(457)
Redeemable noncontrolling interests— — — — — (297)(297)
Change in noncontrolling interests in consolidated joint ventures— — — — (933)(933)
Shares issued under Dividend Reinvestment and Stock Purchase Plan— — 1 — — — 1 
Directors' deferred compensation plan— — 99 — — — 99 
Stock compensation258 3 4,197 — — — 4,200 
Cancellation of restricted shares(102)(1)(1,533)— — — (1,534)
Other comprehensive income— — — — 998 94 1,092 
Rebalancing of ownership percentage between parent and subsidiaries— — (69)— — 69  
Balance at March 31, 2024
92,385 $924 $2,555,700 $(1,427,199)$2,806 $139,985 $1,272,216 
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 March 31, 2023
SharesPar Value
Balance at January 1, 202391,142 $911 $2,532,182 $(1,301,385)$3,977 $163,652 $1,399,337 
Net loss (income)— — — (19,973)— 3,743 (16,230)
Redeemable noncontrolling interests— — (4,516)— — (6,827)(11,343)
Change in noncontrolling interests in consolidated joint ventures— — — — — (562)(562)
Redemption of common units for common stock379 4 4,855 — — (4,859) 
Redemption of common units— — — — — (16)(16)
Shares issued under Dividend Reinvestment and Stock Purchase Plan— — 1 — — — 1 
Directors' deferred compensation plan— — 110 — — — 110 
Stock compensation115 — 3,471 — — 393 3,864 
Cancellation of restricted shares(16)— (247)— — — (247)
Other comprehensive loss— — — — (858)(87)(945)
Rebalancing of ownership percentage between parent and subsidiaries— — (2,002)— — 2,002  
Balance at March 31, 2023
91,620 $915 $2,533,854 $(1,321,358)$3,119 $157,439 $1,373,969 

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


9

VERIS RESIDENTIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
Three Months Ended March 31,
CASH FLOWS FROM OPERATING ACTIVITIES20242023
Net loss$(4,469)$(16,230)
Net income from discontinued operations(1,800)(2,602)
Net loss from continuing operations(6,269)(18,832)
Adjustments to reconcile net income (loss) to net cash provided by
Operating activities:
Depreciation and amortization, including related intangible assets20,109 21,758 
Amortization of deferred compensation stock units99 110 
Amortization of stock compensation4,200 3,864 
Amortization of deferred financing costs1,242 1,187 
Equity in earnings of unconsolidated joint ventures(254)68 
(Gain) loss on disposition of developable land(784)22 
Gain on sale of unconsolidated joint ventures(7,100) 
Land and other impairments, net 3,396 
Gain on insurance proceeds(255)(1,998)
Changes in operating assets and liabilities:
Decrease in unbilled rents receivable, net16 70 
Decrease in deferred charges and other assets3,909 2,634 
Increase in accounts receivable, net(131)(48)
(Increase) decrease in accounts payable, accrued expenses and other liabilities239 (6,698)
Increase in rents received in advance and security deposits383 731 
(Decrease) increase in accrued interest payable(94)281 
Net cash flows provided by operating activities - continuing operations15,310 6,545 
Net cash flows provided by operating activities - discontinued operations400 5,552 
Net cash provided by operating activities$15,710 $12,097 
CASH FLOWS FROM INVESTING ACTIVITIES
Rental property additions, improvements and other costs(3,228)(2,375)
Development of rental property and other related costs(2,329)(2,925)
Proceeds from the sales of rental property10,111 6,364 
Proceeds from sale of investments in joint ventures6,095  
Repayment of notes receivable24 769 
Investment in unconsolidated joint ventures(61)(43)
Distributions in excess of cumulative earnings from unconsolidated joint ventures1,702 1,915 
Proceeds from insurance settlements255 2,939 
Net cash provided by investing activities - continuing operations12,569 6,644 
Net cash provided by investing activities - discontinued operations81,204 82,592 
Net cash provided by investing activities$93,773 $89,236 
CASH FLOW FROM FINANCING ACTIVITIES
Borrowings from revolving credit facility$ $16,000 
Repayment of revolving credit facility (16,000)
Repayment of mortgages, loans payable and other obligations(1,760)(84,128)
Redemption of redeemable noncontrolling interests, net(15,700) 
Payment of financing costs(90)(1,359)
Distribution to noncontrolling interests(933) 
Distributions to redeemable noncontrolling interests(302)(6,366)
Payment of common dividends and distributions(5,339) 
Share issuance proceeds (costs), net(55) 
Other financing activities(1,533) 
Net cash used in financing activities$(25,712)$(91,853)
Net increase in cash and cash equivalents$83,771 $9,480 
Cash, cash equivalents and restricted cash, beginning of period (1)54,579 47,649 
Cash, cash equivalents and restricted cash, end of period (2)$138,350 $57,129 
(1)Includes Restricted Cash of $26,572 and $20,867 as of December 31, 2023 and 2022, respectively.
(2)Includes Restricted Cash of $25,649 and $19,642 as of March 31, 2024 and 2023, respectively.

The accompanying notes are an integral part of these consolidated financial statements.
10

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

ASSETSMarch 31,
2024
December 31,
2023
Rental property
Land and leasehold interests$463,826$474,499
Buildings and improvements2,633,8492,782,468
Tenant improvements8,39130,908
Furniture, fixtures and equipment105,668103,613
3,211,7343,391,488
Less – accumulated depreciation and amortization(372,241)(443,781)
2,839,4932,947,707
Real estate held for sale, net66,97558,608
Net investment in rental property2,906,4683,006,315
Cash and cash equivalents112,70128,007
Restricted cash25,64926,572
Investments in unconsolidated joint ventures118,830117,954
Unbilled rents receivable, net1,5425,500
Deferred charges and other assets, net45,99953,956
Accounts receivable1,6712,742
Total assets$3,212,860$3,241,046
LIABILITIES AND EQUITY
Mortgages, loans payable and other obligations, net1,853,1491,853,897
Distributions payable5,6425,540
Accounts payable, accrued expenses and other liabilities53,83955,492
Rents received in advance and security deposits12,23414,985
Accrued interest payable6,4866,580
Total liabilities1,931,3501,936,494
Commitments and contingencies
Redeemable noncontrolling interests9,29424,999
Partners’ Capital:
General Partner, 92,385,167 and 92,229,424 common units outstanding
1,065,7971,071,973
Limited partners, 8,693,503 and 8,692,561 common units/LTIPs outstanding
170,172170,903
Accumulated other comprehensive income2,8061,808
Total Veris Residential, L.P. partners’ capital1,238,7751,244,684
Noncontrolling interests in consolidated joint ventures33,44134,869
Total equity1,272,2161,279,553
Total liabilities and equity$3,212,860$3,241,046
The accompanying notes are an integral part of these consolidated financial statements.
11

VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per unit amounts) (unaudited)
Three Months Ended
March 31,
REVENUES20242023
Revenue from leases$60,642 $56,097 
Real estate services922 911 
Parking income3,745 3,728 
Other income2,031 1,862 
Total revenues67,340 62,598 
EXPENSES
Real estate taxes9,177 9,559 
Utilities2,271 2,063 
Operating services12,570 11,383 
Real estate services expenses5,242 1,943 
General and administrative11,088 10,281 
Transaction related costs516 1,027 
Depreciation and amortization20,117 21,788 
Land and other impairments, net 3,396 
Total expenses60,981 61,440 
OTHER (EXPENSE) INCOME
Interest expense(21,500)(22,014)
Interest and other investment income538 116 
Equity in earnings (losses) of unconsolidated joint ventures254 (68)
Gain (loss) on disposition of developable land784 (22)
Gain on sale of unconsolidated joint venture interests
7,100  
Other income (expense), net255 1,998 
Total other (expense) income, net(12,569)(19,990)
Loss from continuing operations before income tax expense(6,210)(18,832)
Provision for income taxes(59) 
Loss from continuing operations after income tax expense(6,269)(18,832)
Discontinued operations:
Income from discontinued operations252 1,822 
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net1,548 780 
Total discontinued operations, net1,800 2,602 
Net loss(4,469)(16,230)
Noncontrolling interests in consolidated joint ventures495 587 
Redeemable noncontrolling interests(297)(6,366)
Net loss available to common unitholders$(4,271)$(22,009)
Basic earnings per common unit:
Loss from continuing operations$(0.06)$(0.29)
Discontinued operations0.02 0.02 
Net loss available to common unitholders$(0.04)$(0.27)
Diluted earnings per common unit:
Loss from continuing operations$(0.06)$(0.29)
Discontinued operations0.02 0.02 
Net loss available to common unitholders$(0.04)$(0.27)
Basic weighted average units outstanding100,968 100,526 
Diluted weighted average units outstanding100,968 100,526 
The accompanying notes are an integral part of these consolidated financial statements.
12

VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) (unaudited)
Three Months Ended
March 31,
20242023
Net loss$(4,469)$(16,230)
Other comprehensive income (loss):
Net unrealized (loss) gain on derivative instruments1,092(945)
Comprehensive loss$(3,377)$(17,175)
Comprehensive loss attributable to noncontrolling interests in consolidated joint ventures495587
Comprehensive income attributable to redeemable noncontrolling interests(297)(6,366)
Comprehensive loss attributable to common unitholders$(3,179)$(22,954)
The accompanying notes are an integral part of these consolidated financial statements
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Table of Contents
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (in thousands) (unaudited)
For the Three Months Ended March 31, 2024General Partner
Common Units
Limited Partner
Common Units/
Vested LTIP Units
Common
Unitholders
Limited Partner
Common
Unitholders
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interest
in Consolidated
Joint Ventures
Total Equity
Balance at January 1, 202492,229 8,693 $1,071,973 $170,903 $1,808 $34,869 $1,279,553 
Net loss— — (3,903)(368)— (198)(4,469)
Shares issued under ATM Program, net— — (55)— — — (55)
Unit distributions— — (4,984)(457)— — (5,441)
Redeemable noncontrolling interests— — — — — (297)(297)
Change in noncontrolling interests in consolidated joint ventures— — — — — (933)(933)
Vested LTIP units— 1 — — — — — 
Shares issued under Dividend Reinvestment and Stock Purchase Plan— — 1 — — — 1 
Directors' deferred compensation plan— — 99 — — — 99 
Other comprehensive income— — — 94 998 — 1,092 
Stock compensation258 — 4,200 — — — 4,200 
Cancellation of restricted shares(102)— (1,534)— — — (1,534)
Balance at March 31, 202492,385 8,694 $1,065,797 $170,172 $2,806 $33,441 $1,272,216 
For the Three Months Ended March 31, 2023General Partner
Common Units
Limited Partner
Common Units/
Vested LTIP Units
Common
Unitholders
Limited Partner
Common
Unitholders
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interest
in Consolidated
Joint Ventures
Total Equity
Balance at January 1, 202391,142 9,301 $1,163,935 $193,882 $3,977 $37,543 $1,399,337 
Net (loss) income— — (19,973)(2,036)— 5,779 (16,230)
Redeemable noncontrolling interests— — (4,516)(461)— (6,366)(11,343)
Change in noncontrolling interests in consolidated joint ventures— — — — — (562)(562)
Vested LTIP units— 195 — — — — — 
Redemption of limited partners common units for shares of general partner common units379 (379)4,859 (4,859)— —  
Redemption of limited partners common units— (1)— (16)— — (16)
Shares issued under Dividend Reinvestment and Stock Purchase Plan— — 1 — — — 1 
Directors' deferred compensation plan— — 110 — — — 110 
Other comprehensive loss— — — (87)(858)— (945)
Stock compensation115 — 3,471 393 — — 3,864 
Cancellation of restricted shares(16)— (247)— — — (247)
Balance at March 31, 202391,620 9,116 $1,147,640 $186,816 $3,119 $36,394 $1,373,969 

The accompanying notes are an integral part of these consolidated financial statements.
14

Table of Contents
VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)


Three Months Ended March 31,
CASH FLOWS FROM OPERATING ACTIVITIES20242023
Net loss$(4,469)$(16,230)
Net income from discontinued operations(1,800)(2,602)
Net loss from continuing operations(6,269)(18,832)
Adjustments to reconcile net income (loss) to net cash provided by
Operating activities:
Depreciation and amortization, including related intangible assets20,109 21,758 
Amortization of deferred compensation stock units99 110 
Amortization of stock compensation4,200 3,864 
Amortization of deferred financing costs1,242 1,187 
Equity in earnings of unconsolidated joint ventures(254)68 
Gain (loss) on disposition of developable land(784)22 
Loss on sale of unconsolidated joint ventures(7,100) 
Land and other impairments, net 3,396 
Gain on insurance proceeds(255)(1,998)
Changes in operating assets and liabilities:
Decrease in unbilled rents receivable, net16 70 
Decrease in deferred charges and other assets3,909 2,634 
Increase in accounts receivable, net(131)(48)
(Increase) decrease in accounts payable, accrued expenses and other liabilities239 (6,698)
Increase in rents received in advance and security deposits383 731 
(Decrease) increase in accrued interest payable(94)281 
Net cash flows provided by operating activities - continuing operations15,310 6,545 
Net cash flows provided by operating activities - discontinued operations400 5,552 
Net cash provided by operating activities$15,710 $12,097 
CASH FLOWS FROM INVESTING ACTIVITIES
Rental property additions, improvements and other costs(3,228)(2,375)
Development of rental property and other related costs(2,329)(2,925)
Proceeds from the sales of rental property10,111 6,364 
Proceeds from sale of investments in joint ventures6,095  
Repayment of notes receivable24 769 
Investment in unconsolidated joint ventures(61)(43)
Distributions in excess of cumulative earnings from unconsolidated joint ventures1,702 1,915 
Proceeds from insurance settlements255 2,939 
Net cash provided by investing activities - continuing operations12,569 6,644 
Net cash provided by investing activities - discontinued operations81,204 82,592 
Net cash provided by investing activities$93,773 $89,236 
CASH FLOW FROM FINANCING ACTIVITIES
Borrowings from revolving credit facility$ $16,000 
Repayment of revolving credit facility (16,000)
Repayment of mortgages, loans payable and other obligations(1,760)(84,128)
Redemption of redeemable noncontrolling interests, net(15,700) 
Payment of financing costs(90)(1,359)
Contribution from noncontrolling interests(933) 
Distributions to redeemable noncontrolling interests(302)(6,366)
Payment of common dividends and distributions(5,339) 
Share issuance proceeds (costs), net(55) 
Other financing activities(1,533) 
Net cash used in financing activities$(25,712)$(91,853)
Net increase in cash and cash equivalents$83,771 $9,480 
Cash, cash equivalents and restricted cash, beginning of period (1)54,579 47,649 
Cash, cash equivalents and restricted cash, end of period (2)$138,350 $57,129 
(1)Includes Restricted Cash of $26,572 and $20,867 as of December 31, 2023 and 2022, respectively.
(2)Includes Restricted Cash of $25,649 and $19,642 as of March 31, 2024 and 2023, respectively.
The accompanying notes are an integral part of these consolidated financial statements.
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VERIS RESIDENTIAL, INC., VERIS RESIDENTIAL, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)


1.    ORGANIZATION AND BASIS OF PRESENTATION
ORGANIZATION
Veris Residential, Inc., a Maryland corporation, together with its subsidiaries (collectively, the “General Partner”) is a fully-integrated, self-administered, self-managed real estate investment trust (“REIT”). The General Partner controls Veris Residential, L.P., a Delaware limited partnership, together with its subsidiaries (collectively, the “Operating Partnership”), as its sole general partner and owned a 91.4 and 91.4 percent common unit interest in the Operating Partnership as of March 31, 2024 and December 31, 2023, respectively.
The Company owns, operates and develops multifamily rental properties located primarily in the Northeast, as well as a portfolio of non-strategic land and commercial assets. The Company is focused on conducting business in a socially, ethically, and environmentally responsible manner, while seeking to maximize value for all stakeholders. Veris Residential, Inc. was incorporated on May 24, 1994.
Unless stated otherwise or the context requires, the “Company” refers to the General Partner and its subsidiaries, including the Operating Partnership and its subsidiaries.
As of March 31, 2024, the Company owned or had interests in 23 multifamily rental properties, as well as non-core assets comprised of four parking/retail properties, plus developable land (collectively, the "Properties"). The Properties are comprised of: (a) 20 wholly-owned or Company-controlled properties comprised of 17 multifamily properties and three non-core assets, and (b) seven properties owned by unconsolidated joint ventures in which the Company has investment interests, including six multifamily properties and one non-core asset. The Properties are located in three states in the Northeast, plus the District of Columbia.
Upon completion of the sale of the last remaining non-strategic office asset in the first quarter of 2024, the Company reassessed its reportable segments as the business activities are managed and evaluated on a consolidated basis. The Company evaluates performance based upon net operating income from the combined properties and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with accounting principles generally accepted in the United States of America ("GAAP").
BASIS OF PRESENTATION
The accompanying consolidated financial statements reflect all accounts of the Company, including its controlled subsidiaries, which consist principally of the Operating Partnership and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. See Note 2 to the 2023 10-K: Significant Accounting Policies – Investments in Unconsolidated Joint Ventures, for the Company’s treatment of unconsolidated joint venture interests. Intercompany accounts and transactions have been eliminated.
The Company consolidates variable interest entities ("VIEs") in which it is considered to be the primary beneficiary. VIEs are entities in which the equity investors do not have sufficient equity at risk to finance their endeavors without additional financial support or that the holders of the equity investment at risk do not have a controlling financial interest. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance; and (2) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company continuously assesses its determination of the primary beneficiary for each entity and assesses reconsideration events that may cause a change in the original determinations. The Operating Partnership is considered a VIE of the parent company, Veris Residential, Inc. As the Operating Partnership is already consolidated in the balance sheets of Veris Residential, Inc., this has no impact on the consolidated financial statements of Veris Residential, Inc.
As of March 31, 2024 and December 31, 2023, the Company’s investments in consolidated real estate joint ventures, which are variable interest entities in which the Company is deemed to be the primary beneficiary, other than Veris Residential Partners, L.P., have total real estate assets of $447.8 million and $449.8 million, respectively, other assets of $7.2 million
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and $6.7 million, respectively, mortgages of $285.8 million and $285.2 million, respectively, and other liabilities of $16.0 million and $14.7 million, respectively.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain reclassifications have been made to prior period amounts in order to conform with current period presentation, primarily related to classification of certain properties as discontinued operations.
2.    SIGNIFICANT ACCOUNTING POLICIES
These financial statements should be read in conjunction with the Company’s audited Annual Report on Form 10-K for the year ended December 31, 2023, as certain disclosures in this Quarterly Report on Form 10-Q that would duplicate those included in the 10-K are not included in these financial statements.
Dividends and Distributions Payable
The Board of Directors considers a variety of factors when setting the Company's dividends including the Company’s earnings, income tax projections, cash flows, financial condition, capital requirements, debt maturities, the availability of debt and equity capital, applicable REIT and legal restrictions and the general overall economic conditions and other factors.

On February 27, 2024, the Company declared a $0.0525 dividend per common share, which was paid on April 16, 2024 to shareholders of record as of the close of business on April 3, 2024.

At March 31, 2024 and December 31, 2023, the balance of the distributions payable was $5.6 million and $5.5 million, respectively.
Impact of Recently-Issued Accounting Standards
In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The guidance requires incremental disclosures related to a public entity’s reportable segments. ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. There are aspects of this ASU that apply to entities with one reportable segment. The Company is currently evaluating the impact of adopting ASU 2023-07 will have on the Company's consolidated financial statements.
3.    INVESTMENTS IN RENTAL PROPERTIES
Dispositions of Rental Properties and Developable Land
The Company disposed of the following rental properties during the three months ended March 31, 2024 (dollars in thousands):
Disposition
Date
PropertyLocation# of
Bldgs.
Rentable
Square
Feet
Property
Type
Net
Sales
Proceeds
Net
Carrying
Value
Discontinued
Operations
Realized
Gains
(Losses)/
Unrealized
Losses, net
03/20/24Harborside 5Jersey City, New Jersey1977,225 Office$81,515 $81,228 $287 
Others (a)1,261 
Totals1977,225 $