Veris Residential, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Real Estate Transactions (Tables)

Real Estate Transactions (Tables)

9 Months Ended

Sep. 30, 2014



		Andover
		Place
Land	$	8,535
Buildings and improvements		27,609
Furniture, fixtures and equipment		459
In-place lease values (1)		1,118
		37,721

Less: Below market lease values (1)		(25)

Net cash paid at acquisition	$	37,696

(1)In-place lease values and below market lease values will be amortized over one year or less.

Schedule Of Property Sales


				Rentable		Net		Net
Sale			# of	Square		Sales		Book		Realized
Date	Property/Address	Location	Bldgs.	Feet		Proceeds		Value		Gain
04/23/14	22 Sylvan Way	Parsippany, New Jersey	1	249,409	$	94,897	$	60,244	$	34,653
06/23/14	30 Knightsbridge Road (a)	Piscataway, New Jersey	4	680,350		54,641		52,361		2,280
06/23/14	470 Chestnut Ridge Road (a) (b)	Woodcliff Lake, New Jersey	1	52,500		7,195		7,109		86
06/23/14	530 Chestnut Ridge Road (a) (b)	Woodcliff Lake, New Jersey	1	57,204		6,299		6,235		64
06/27/14	400 Rella Boulevard	Suffern, New York	1	180,000		27,539		10,938		16,601
06/30/14	412 Mount Kemble Avenue (a)	Morris Township, New Jersey	1	475,100		44,751		43,851		900
07/29/14	17-17 Route 208 North (a) (b)	Fair Lawn, New Jersey	1	143,000		11,835		11,731		104
08/20/14	555, 565, 570 Taxter Road (a)	Elmsford, New York	3	416,108		41,057		41,057		-
08/20/14	200, 220 White Plains Road (a)	Tarrytown, New York	2	178,000		12,619		12,619		-
08/20/14	1266 East Main Street (a) (b)	Stamford, Connecticut	1	179,260		18,406		18,246		160

Totals:			16	2,610,931	$	319,239	$	264,391	$	54,848

(a)The Company completed the sale of these properties for approximately $221 million, comprised of: $192.5 million in cash from a combination of affiliates of Keystone Property Group’s (“Keystone Entities”) senior and pari-passu equity and mortgage financing; Company subordinated equity interests in each of the properties sold with capital accounts aggregating $21.2 million; and Company pari-passu equity interests in five of the properties sold aggregating $7.3 million. Net sale proceeds from the sale aggregated $196.8 million which was comprised of the $221 million gross sales price less the subordinated equity interests of $21.2 million and $3 million in closing costs. The purchasers of these properties are unconsolidated joint ventures formed between the Company and the Keystone Entities. The senior and pari-passu equity will receive a 15 percent internal rate of return (“IRR”) after which the subordinated equity will receive a 10 percent IRR and then all distributable cash flow will be split equally between the Keystone Entities and the Company. See Note 4: Investments in Unconsolidated Joint Ventures. In connection with certain of these partial sale transactions, because the buyer received a preferential return on certain of the ventures for which the Company received subordinated equity interests, the Company only recognized profit to the extent that they received net proceeds in excess of their entire carrying value of the properties, effectively reflecting their retained subordinated equity interest at zero.

(b)The Company recorded an impairment charge of $20.7 million on these properties at December 31, 2013 as it estimated that the carrying value of the properties may not be recoverable over their anticipated holding periods.

Summary Of Income From Properties Sold



	Three Months Ended		Nine Months Ended
		September 30,	September 30,
		2013		2013
Total revenues	$	6,405	$	33,610
Operating and other expenses		(2,472)		(13,454)
Depreciation and amortization		(1,769)		(8,196)
Interest expense		-		(118)

Income from discontinued operations		2,164		11,842

Loss from early extinguishment of debt		-		(703)
Impairments (1)		-		(23,851)

Realized gains on disposition of rental property		47,321		84,930
Realized gains (losses) on disposition
of rental property and impairments, net		47,321		61,079

Total discontinued operations	$	49,485	$	72,218

(1)Represents impairment charges recorded on certain properties prior to their sale.

Properties Sold, Year To Date [Member]

Real Estate Properties [Line Items]

Summary Of Income From Properties Sold



		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
Total revenues	$	2,763	$	13,672	$	28,824	$	41,965
Operating and other expenses		(1,957)		(7,368)		(17,248)		(20,681)
Depreciation and amortization		(502)		(3,600)		(6,371)		(10,945)
Interest income		2		-		4		-

Income from properties sold	$	306	$	2,704	$	5,209	$	10,339

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References + Details