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

Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting (Tables)

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2015

Schedule Of Segment Reporting Information, By Segment



		Real Estate
		Commercial				Multi-family			Corporate		Total
		& Other		Multi-family		Services			& Other (d)		Company
Total revenues:
Three months ended:
March 31, 2015	$	139,759	$	6,584	$	8,232	(e)	$	(860)	$	153,715
March 31, 2014		157,520		5,801		6,948	(f)		(673)		169,596

Total operating and
interest expenses (a):
Three months ended:
March 31, 2015	$	72,198	$	3,321	$	9,655		$	27,679	$	112,853
March 31, 2014		86,933		2,701		10,159			41,211		141,004

Equity in earnings (loss) of
unconsolidated joint ventures:
Three months ended:
March 31, 2015	$	(1,368)	$	(2,161)	$	-		$	-	$	(3,529)
March 31, 2014		988		(2,223)		-			-		(1,235)

Net operating income (loss) (b):
Three months ended:
March 31, 2015	$	66,193	$	1,102	$	(1,423)		$	(28,539)	$	37,333
March 31, 2014		71,575		877		(3,211)			(41,884)		27,357

Total assets:
March 31, 2015	$	3,627,443	$	515,643	$	11,154		$	44,614	$	4,198,854
December 31, 2014		3,636,126		492,362		11,158			52,601		4,192,247

Total long-lived assets (c):
March 31, 2015	$	3,336,340	$	321,295	$	3,811		$	3,004	$	3,664,450
December 31, 2014		3,344,840		318,524		3,858			3,482		3,670,704

Total investments in
unconsolidated joint ventures:
March 31, 2015	$	79,094	$	182,554	$	404		$	-	$	262,052
December 31, 2014		81,649		164,912		907			-		247,468

(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; direct construction costs; real estate services expenses; general and administrative and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.

(b)Net operating income represents total revenues less total operating and interest expenses (as defined in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period.

(c)Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill.

(d)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense, construction services revenue and direct construction costs) as well as intercompany eliminations necessary to reconcile to consolidated Company totals.

(e)Includes $1.3 million of fees earned for this period from the multi-family real estate segment, which are eliminated in consolidation.

(f)Includes $0.8 million of fees earned for this period from the multi-family real estate segment, which are eliminated in consolidation.

The following schedule reconciles net operating income to net income available to common shareholders: (dollars in thousands)



		Three Months Ended
		March 31,
		2015		2014
Net operating income	$	37,333	$	27,357
Add (deduct):
Depreciation and amortization		(40,802)		(44,985)
Realized gains on disposition of
rental property, net		144		-
Net loss		(3,325)		(17,628)
Noncontrolling interest in consolidated joint ventures		490		322
Noncontrolling interest in Operating Partnership		314		2,008
Net loss available to common shareholders	$	(2,521)	$	(15,298)

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details