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)

6 Months Ended

Jun. 30, 2021

Segment Reporting Information [Line Items]

Schedule Of Selected Results Of Operations And Asset Information


		Commercial		Multi-family		Corporate		Total
		& Other Real Estate		Real Estate & Services (d)		& Other (e)		Company
Total revenues:
Three months ended:
June 30, 2021	$	41,446	$	40,279	$	(478)	$	81,247
June 30, 2020		36,307		38,234		(344)		74,197
Six months ended:
June 30, 2021		80,701		77,596		(957)		157,340
June 30, 2020		77,403		81,081		(683)		157,801

Total operating and
interest expenses (a):
Three months ended:
June 30, 2021	$	16,306	$	30,909	$	27,732	$	74,947
June 30, 2020		16,277		22,144		32,243		70,664
Six months ended:
June 30, 2021		35,973		53,065		52,182		141,220
June 30, 2020		36,473		44,917		60,914		142,304

Equity in earnings (loss) of
unconsolidated joint ventures:
Three months ended:
June 30, 2021	$	(14)	$	363	$	-	$	349
June 30, 2020		(377)		(569)		-		(946)
Six months ended:
June 30, 2021		(133)		(974)		-		(1,107)
June 30, 2020		(494)		(1,160)		-		(1,654)

Net operating income (loss) (b):
Three months ended:
June 30, 2021	$	25,126	$	9,733	$	(28,210)	$	6,649
June 30, 2020		19,653		15,521		(32,587)		2,587
Six months ended:
June 30, 2021		44,595		23,557		(53,139)		15,013
June 30, 2020		40,436		35,004		(61,597)		13,843

Total assets:
June 30, 2021	$	1,257,056	$	3,304,351	$	30,070	$	4,591,477
December 31, 2020		1,881,161		3,249,516		17,109		5,147,786

Total long-lived assets (c):
June 30, 2021	$	1,109,042	$	3,101,034	$	(1,642)	$	4,208,434
December 31, 2020		1,693,054		3,035,485		(1,411)		4,727,128

Total investments in
unconsolidated joint ventures:
June 30, 2021	$	3,610	$	151,304	$	-	$	154,914
December 31, 2020		5,555		156,827		-		162,382

(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs 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 and classified 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)Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018, and which also include

the Company’s consolidated hotel operations.

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

Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2021		2020		2021		2020
Net operating income	$	6,649	$	2,587	$	15,013	$	13,843
Add (deduct):
Depreciation and amortization		(28,893)		(27,440)		(57,066)		(61,335)
Land and other impairments		(7,519)		(16,846)		(7,932)		(22,109)
Property impairments		(6,041)		-		(6,041)		-
Gain on change of control of interests		-		-		-		-
Realized gains (losses) and unrealized losses on disposition of
rental property, net		3,521		-		3,521		(7,915)
Gain on disposition of developable land		111		-		111		4,813
Gain on sale from unconsolidated joint ventures		-		-		-		-
Loss from extinguishment of debt, net		(46,735)		-		(46,735)		-
Loss from continuing operations		(78,907)		(41,699)		(99,129)		(72,703)
Discontinued operations
Income from discontinued operations		2,796		20,694		13,758		41,600
Realized gains (losses) and unrealized gains (losses) on
disposition of rental property and impairments, net		2,080		(11,929)		24,861		(39,675)
Total discontinued operations, net		4,876		8,765		38,619		1,925
Net loss		(74,031)		(32,934)		(60,510)		(70,778)
Noncontrolling interests in consolidated joint ventures		1,198		829		2,533		1,005
Noncontrolling interests in Operating Partnership		7,669		4,527		9,974		8,089
Noncontrolling interest in discontinued operations		(444)		(838)		(3,511)		(185)
Redeemable noncontrolling interests		(6,471)		(6,471)		(12,942)		(12,942)
Net loss available to common shareholders	$	(72,079)	$	(34,887)	$	(64,456)	$	(74,811)

Mack-Cali Realty LP [Member]