Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements Of Cash Flows

v3.22.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (4,527) $ 13,521
Net income (loss) from discontinued operations   (33,743)
Income (loss) from continuing operations (4,527) (20,222)
Adjustments to reconcile net income (loss) to net cash provided by Operating activities:    
Depreciation and amortization, including related intangible assets 26,429 27,111
Amortization of directors deferred compensation stock units 110 72
Amortization of stock compensation 4,490 2,529
Amortization of deferred financing costs 1,177 907
Amortization of debt discount and mark-to-market   167
Equity in (earnings) loss of unconsolidated joint ventures 487 1,456
Distributions of cumulative earnings from unconsolidated joint ventures 13 114
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net (1,836)  
(Gain) on disposition of developable land (2,623)  
Land and other impairments, net 2,932 413
(Gain) Loss from extinguishment of debt 6,289  
Changes in operating assets and liabilities:    
Decrease (increase) in unbilled rents receivable, net 4,341 (964)
(Increase) decrease in deferred charges and other assets (5,776) 1,719
Decrease in accounts receivable, net 118 1,859
Increase (decrease) in accounts payable, accrued expenses and other liabilities 3,260 (3,760)
(Decrease) increase in rents received in advance and security deposits (2,114) 296
(Decrease) increase in accrued interest payable (578) 5,738
Net cash flows provided by operating activities - continuing operations 32,192 17,435
Net cash flows (used in) provided by operating activities - discontinued operations (691) 8,719
Net cash provided by operating activities 31,501 26,154
CASH FLOWS FROM INVESTING ACTIVITIES    
Rental property acquisitions and related intangibles (5,000)  
Rental property additions and improvements (8,163) (16,978)
Development of rental property and other related costs (33,582) (57,313)
Proceeds from the sales of rental property 236,864  
Repayment of notes receivable 709 167
Investment in unconsolidated joint ventures   (509)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 2,227 1,407
Net cash used in investing activities - continuing operations 193,055 (73,226)
Net cash provided by investing activities - discontinuing operations   263,196
Net cash provided by investing activities 193,055 189,970
CASH FLOW FROM FINANCING ACTIVITIES    
Borrowings from revolving credit facility 18,000 8,000
Repayment of revolving credit facility (88,000) (33,000)
Proceeds from mortgages and loans payable 16,479 44,150
Repayment of mortgages, loans payable and other obligations (150,122) (134)
Redemption of redeemable noncontrolling interests, net (12,000)  
Payment of early debt extinguishment costs (5,140)  
Common unit redemptions (1,442)  
Payment of financing costs   (450)
Contributions from noncontrolling interests 11 10
Distributions to redeemable noncontrolling interests (6,471) (6,471)
Payment of common dividends and distributions (35) (13)
Net cash (used in) provided by financing activities (228,720) 12,092
Net (decrease) increase in cash and cash equivalents (4,164) 228,216
Cash, cash equivalents and restricted cash, beginning of period [1] 51,455 52,302
Cash, cash equivalents and restricted cash, end of period [2] 47,291 280,518
VERIS RESIDENTIAL, L.P. [Member]    
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) (4,527) 13,521
Net income (loss) from discontinued operations   (33,743)
Income (loss) from continuing operations (4,527) (20,222)
Adjustments to reconcile net income (loss) to net cash provided by Operating activities:    
Depreciation and amortization, including related intangible assets 26,429 27,111
Amortization of directors deferred compensation stock units 110 72
Amortization of stock compensation 4,490 2,529
Amortization of deferred financing costs 1,177 907
Amortization of debt discount and mark-to-market   167
Equity in (earnings) loss of unconsolidated joint ventures 487 1,456
Distributions of cumulative earnings from unconsolidated joint ventures 13 114
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net (1,836)  
(Gain) on disposition of developable land (2,623)  
Land and other impairments, net 2,932 413
(Gain) Loss from extinguishment of debt 6,289  
Changes in operating assets and liabilities:    
Decrease (increase) in unbilled rents receivable, net 4,341 (964)
(Increase) decrease in deferred charges and other assets (5,776) 1,719
Decrease in accounts receivable, net 118 1,859
Increase (decrease) in accounts payable, accrued expenses and other liabilities 3,260 (3,760)
(Decrease) increase in rents received in advance and security deposits (2,114) 296
(Decrease) increase in accrued interest payable (578) 5,738
Net cash flows provided by operating activities - continuing operations 32,192 17,435
Net cash flows (used in) provided by operating activities - discontinued operations (691) 8,719
Net cash provided by operating activities 31,501 26,154
CASH FLOWS FROM INVESTING ACTIVITIES    
Rental property acquisitions and related intangibles (5,000)  
Rental property additions and improvements (8,163) (16,978)
Development of rental property and other related costs (33,582) (57,313)
Proceeds from the sales of rental property 236,864  
Repayment of notes receivable 709 167
Investment in unconsolidated joint ventures   (509)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 2,227 1,407
Net cash used in investing activities - continuing operations 193,055 (73,226)
Net cash provided by investing activities - discontinuing operations   263,196
Net cash provided by investing activities 193,055 189,970
CASH FLOW FROM FINANCING ACTIVITIES    
Borrowings from revolving credit facility 18,000 8,000
Repayment of revolving credit facility (88,000) (33,000)
Proceeds from mortgages and loans payable 16,479 44,150
Repayment of mortgages, loans payable and other obligations (150,122) (134)
Redemption of redeemable noncontrolling interests, net (12,000)  
Payment of early debt extinguishment costs (5,140)  
Common unit redemptions (1,442)  
Payment of financing costs   (450)
Contributions from noncontrolling interests 11 10
Distributions to redeemable noncontrolling interests (6,471) (6,471)
Payment of common dividends and distributions (35) (13)
Net cash (used in) provided by financing activities (228,720) 12,092
Net (decrease) increase in cash and cash equivalents (4,164) 228,216
Cash, cash equivalents and restricted cash, beginning of period [1] 51,455 52,302
Cash, cash equivalents and restricted cash, end of period [2] $ 47,291 $ 280,518
[1] Includes Restricted Cash of $19,701 and $14,207 as of December 31, 2021 and 2020, respectively.
[2] Includes Restricted Cash of $21,153 and $18,836 as of March 31, 2022 and 2021, respectively.