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)

9 Months Ended

Sep. 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:
September 30, 2021	$	38,978	$	45,182		$	(416)	$	83,744
September 30, 2020		39,835		37,658			1,704		79,197
Nine months ended:
September 30, 2021		119,690		122,778			(1,384)		241,084
September 30, 2020		117,239		118,739			1,021		236,999

Total operating and
interest expenses (a):
Three months ended:
September 30, 2021	$	15,252	$	27,770		$	27,948	$	70,970
September 30, 2020		16,922		26,772			42,529		86,223
Nine months ended:
September 30, 2021		47,679		80,835			83,676		212,190
September 30, 2020		55,171		71,689			101,668		228,528

Equity in earnings (loss) of
unconsolidated joint ventures:
Three months ended:
September 30, 2021	$	22	$	(1,746)		$	-	$	(1,724)
September 30, 2020		493		880			-		1,373
Nine months ended:
September 30, 2021		(111)		(2,720)			-		(2,831)
September 30, 2020		(1)		(280)			-		(281)

Net operating income (loss) (b):
Three months ended:
September 30, 2021	$	23,748	$	15,666		$	(28,364)	$	11,050
September 30, 2020		23,406		11,766			(40,825)		(5,653)
Nine months ended:
September 30, 2021		71,900		39,223			(85,060)		26,063
September 30, 2020		62,067		46,770			(100,647)		8,190

Total assets:
September 30, 2021	$	1,237,667	$	3,317,079	3,317,079	$	12,421	$	4,567,167
December 31, 2020		1,881,161		3,249,516			17,109		5,147,786

Total long-lived assets (c):
September 30, 2021	$	1,101,074	$	3,112,054		$	(1,665)	$	4,211,463
December 31, 2020		1,693,054		3,035,485			(1,411)		4,727,128

Total investments in
unconsolidated joint ventures:
September 30, 2021	$	-	$	148,507		$	-	$	148,507
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				Nine Months Ended
		September 30,				September 30,
		2021		2020		2021		2020
Net operating income	$	11,050	$	(5,653)	$	26,063	$	8,190
Add (deduct):
Depreciation and amortization		(29,344)		(31,769)		(86,410)		(93,104)
Land and other impairments, net		(3,401)		(1,292)		(11,333)		(23,401)
Property impairments		-		(36,582)		(6,041)		(36,582)
Realized gains (losses) and unrealized losses on disposition of
rental property, net		(3,000)		-		521		(7,915)
Gain on disposition of developable land		-		-		111		4,813
Gain on sale from unconsolidated joint ventures		(1,886)		-		(1,886)		-
Loss from extinguishment of debt, net		-		-		(46,735)		-
Loss from continuing operations		(26,581)		(75,296)		(125,710)		(147,999)
Discontinued operations
Income from discontinued operations		180		18,403		13,939		60,004
Realized gains (losses) and unrealized gains (losses) on
disposition of rental property and impairments, net		609		15,775		25,469		(23,901)
Total discontinued operations, net		789		34,178		39,408		36,103
Net loss		(25,792)		(41,118)		(86,302)		(111,896)
Noncontrolling interests in consolidated joint ventures		1,137		895		3,670		1,900
Noncontrolling interests in Operating Partnership		2,884		7,769		12,858		15,859
Noncontrolling interest in discontinued operations		(72)		(3,283)		(3,583)		(3,469)
Redeemable noncontrolling interests		(6,471)		(6,471)		(19,413)		(19,413)
Net loss available to common shareholders	$	(28,314)	$	(42,208)	$	(92,770)	$	(117,019)

Mack-Cali Realty LP [Member]